The Federal Government is working on a policy that will dovetail to publishing the nation’s yearly accounts as part of its efforts to fight corruption.

The Accountant-General of the Federation, Mr Ahmed Idris who spoke in Abuja on Thursday, said: “To satisfy public awareness, we have made it a point of duty to publish monthly allocation of funds to the three tiers of government from the federation accounts and the OAGF (Office of the Accountant General of the Federation) is working to make it a deliberate policy to make public, annual national accounts of the country.”

He said doing this would be in line with the current administration’s philosophy of accountability and transparency.

Idris spoke when he paid courtesy visit on the Secretary to the Government of the Federation (SGF), yesterday in Abuja.

To curb corruption, revamp the accounting and reporting of governments’ financial transactions and deepen transparency in the management of public funds, the Federal Government will also adopt International Public Sector Accounting Standards (IPSAS) accrual-based accounting standards by January next year.

IPSAS are a set of accounting standards issued by its Board for use by public sector entities globally for the preparation of financial statements. These standards are based on the dictates of the International Financial Reporting Standards (IFRS).

By adopting and implementing IPSAS, Nigeria will join the rest of the world in the preparation and presentation of accounts for public enterprises.

Ahmed said the first stage of IPSAS, which is the cash basis of accounting, was already being implemented with success and appealed to the SGF for support to make the IPSAS accrual-based accounting standards policy a success.

Ahmed told the SGF that he has “vigorously pursued the implementation of the TSA as part of Federal Government’s policy to have a firm grip on the financial position and efficient allocation and utilisation of resources.”

To determine the level of implementation of the Treasury Single Account (TSA), Idris said a technical support team had been commissioned to carry out diagnostic review of its implementation and performance.

In his response, the SGF, Mr Babachir Lawal said the Integrated Personnel and Payroll Information System (IPPIS) and the Government Integrated Financial Management Information System (GIFIMS) are central to the success of the current administration.

He said:“We believe that these are the best ways to block leakages in the public sector and ensure that funds are adequately accounted for so that government can have enough to meet its obligations.

“The government is also concerned about the people in charge of all this, because a system is only as good as its operators. That is why we are watching the accountants in all the MDAs closely.’’

http://dailyindependentnig.com/2015/10/federal-government-to-publish-yearly-national-accounts/

Good developments all around us... IPSAS accrual accounting, TSA, diagnostic review, zero-based budgeting, efficient allocation of resources (as opposed to "sharing the money" )... sound bites that indicate serious governance. I am loving this change.

Me

great

Great....

Beautiful