According to Ayine, IPSAS is a requirement for accounting by internal auditors of Ministries, Departments and Agencies (MDAS).
The AGF spoke at the opening of a one-day retreat organised by the Office of the Accountant-General of the Federation (OAGF) in collaboration with the Office of AuGF in Abuja on Thursday.
The theme of the retreat was “First year of IPSAS Accrual Basis Implementation in Nigeria: Issues and Prospects.”
Ayine said it had been observed that the internal auditors had not been complying with the accounting standard.
He said non-compliance hindered accountants from sending their reports to the AuGF and the AGF) in the required format.
According to him, the hallmark of IPSAS is transparency and disclosure.
Ayine said it was observed in the 2016 review that it was not enough for figures to be on a financial statement but there should be adequate disclosures to add meaning to the figures.
He advised participants to take the opportunity seriously, adding that they would be better for it and Nigeria would be in a position to compete favourably globally.
The AGF, Mr Ahmed Idris, in his address, said while many showed great concern on government’s ability to implement IPSAS Accrual Basis, some doubted it, while others thought it was impossible.
Idris, who was represented by Dr Bakari Wadinga, the Director, Revenue and Investment, said the implementation was made possible by leveraging on the provision for first time users to make it easier.
He said the Federation Accounts Allocation (FAAC) Sub-Committee on IPSAS implementation in Nigeria had provided a roadmap for IPSAS implementation in the three tiers of government.
Idris said the transiting to IPSAS required a lot of capacity building and commitment by process owners, as there were deficiencies in the first year of implementation.
IPSAS is a global accounting standard issued by the International Public Sector Accounting Standards Board (IPSASB) for application by public sector entities in the preparation of financial statements.
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