Published On: Tue, Feb 28th, 2017

Nigeria strives for global standards in accounting

global standards in accountingABUJA, (CAJ News) – NIGERIA’S accounts will effective immediately be International Public Sector Accounting Standards (IPSAS)-compliant, in line with global practices.
Accountant General, Ahmed Idris, disclosed the move after an audience with the United Kingdom National Audit Mission team who visited the Treasury for the assessment of the International Public Sector Accounting Standards (IPSAS) Accrual accounting policy.
Idris said this was among a number of public financial management reform initiatives the Treasury had had embarked on to enhance services.
“Auuditors must brace up and deliver the dividends of 2016 IPSAS accrual-based accounting reform initiative,” he said.
The team from UK expressed appreciation for the prompt attention the team received from the Treasury office courtesy of the AGF.
IPSAS are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements.
These standards are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
CAJ News

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