By Mariama Njie
Five Days training on Public Sector of Financial Reporting on International Public Sector Accounting Standards (IPSAS) concluded Saturday at Kairaba Beach Hotel.
The aim of the seminar is to provide participants with an overview and in depth requirements for preparing general purpose financial statements and disclosure under the IPSAS.
Mr. Benjamin Ozirgbo, Facilitator of the Program said the learning objectives and outcome for these five days seminar would equip and help participant’s skills and knowledge in IPSAS.
He noted that to understand accrual Based IPSAS requirements, accounting politics and disclosure, plan for issues that arise when transitioning from the cash basis to the accrual basis of accounting.
According to him, the purpose of financial statements are; providing information about the sources, allocation and uses of financial resources, providing information about how the entity financed its activities and met its cash requirements.
“ This standard shall be applied to all general purpose financial statements prepared and presented under the accrual basis of accounting in accordance with IPSASs”, he added.
Mr. Ozirgbo stated that as statement of financial position, an entity shall present current and non- current liabilities, as separate classifications on the face of its statement of financial position.
He pointed out that a critical success factors for IPSAS resources are; an approved budget for IPSAS implementation, dedicated staff and detailed project, communication and training plan.
