The Independent Public Sector Accounting Standard (IPSAS) has been identified as a vital tool that would improve accountability in government accounting, as it requires total disclosure while generating reports.
The Ogun State Accountant General and Permanent Secretary, State Treasury Office, Mr. Olayiwola Dosunmu, said this at a 5-day training programme organised for Accountants in the State on IPSAS Accrual Immersion, held at the MITROS Residence Hall, Abeokuta.
Dosunmu explained that accounting standard under the IPSAS Accrual requires recording of all transactions either in cash or assets, saying it would promotes transparency and accountability.
The Accountant General implored participants to take full advantage of the training to familiarise themselves with the contents of the new accounting system, emphasising on the need for a step-down training for the benefit of other members of staff.
One of the instructors from Integrated Software Services, Mr. Babatunde Arowolo, explained that the adoption of IPSAS would provide a unified approach to managing all funds, allow for benchmarking with similar institutions and forecasting future flow of all resources to the government.
Arowolo opined that adoption of IPSAS would increase the State’s eligibility to access economic benefits from donor agencies, private sector, financial institutions and official institutions.
Speaking on behalf of the participants, Mrs. Fatimah Aderoju, said the training would expose them to new accounting standard, which would assist them in preparing a more acceptable financial reports.