Federal
Government says it will adopt Full Cash basis of Accounting from
January 2014. The Minister of State for Education, Ezenwo Wike, who disclosed
this at the three-day training workshop on the International Public Sector
Accounting Standard, IPSAS, organised for Bursars of Unity Schools in Abuja
also said that the country would adopt Accrual basis in January, 2016.
Chief
Wike said that the country considered the importance of the new accounting
policy to be introduced that it organised the training workshop so as to
prepare the bursars in the schools for the take-off of the IPSAS.
He said,
“AS you are well aware, new initiatives and programmes fail and become
ineffective when operators are not effectively trained or provided the relevant
resources for implementation.
“When we
fail to plan, we plan to fail. We definitely desire to make this programme a
success in Nigeria. Therefore, failure is not an option and you will be
provided the required training and resources to make it a success to enhance
our national development and place of pride in the comity of nations.”
The
Minister reminded the participants that the International Federation of
Accountants, IFAC, and the World Bank emphasised the need to strengthen public
sector financial management of emerging economies as an integral part of good
governance and effective public service delivery.
Wike
said, “The best way to achieve this goal is to develop relevant competencies
which will enhance the management of public sector financial resources
effectively, efficiently and in line with international best practices.”
The
minister advised them to be very careful when handling tax payers’ money,
stressing that little mistake could have ‘expensive implications.’
He
explained that IPSAS represented the set of accounting standards governing
accounting functions for public sector organisations and that government all
over the world are established by the International Public Sector Accounting
Standards Board, IPSASB.
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