Buchanan, Grand Bassa - The Government of Liberia through the Office of the Comptroller and Accountant General of the Republic of Liberia with support from the African Development Bank (AFDB) has conducted a three-day workshop aimed at improving the preparation of IPSAS compliant financial reporting for all spending entities.
In Grand Bassa County, sixty seven (67) participants including Comptrollers and Accountants from across spending entities were given the opportunity to learn and have hands-on training in the preparation of International Public Sector Accounting Standards (IPSAS) financial reports from July 13- 15 under the theme “Enhancing Transparency Through financial reporting’’.
Additionally, the purpose of the three-day workshop was to prescribe and guide the accounting treatment for all government’s financial transactions in consonance with IPSAS.
Speaking during the Workshop, the Comptroller and Accountant General of the Republic of Liberia, Hon. Janga A. Kowo said that the three days training was meant to sharpen the scales of Accountants and Comptroller across spending entities on the International Public Sector Accounting Standards (IPSAS) reporting system.
He added, “As Comptroller and Accountants, we have noticed over the years that there has been series of challenges in putting together financial reports for the government, therefore underscoring the need for us to make sure to capture all issues and concepts of the IPSAS reporting system that will enhance timely reporting of government transactions requisite capacity.”
Hon. Kowo also disclosed the training was necessary owing to the recognition of his office’s responsibility of ensuring that all Ministries and Agencies of government are in compliance as it relates to standardizing reporting in conformity with IPSAS and resolving or mitigating the existing concerns raised by the General Auditing Commission (GAC) and the International Monetary Fund Mission (IMF).
He said further said that it was expected that at the end of the workshop, Comptrollers and financial officers would have understood what IPSAS is and why the Government of Liberia adopted IPSAS, as well as to enable them to adequately compile and analyze quarterly and annual financial data of their respective entities, prepare IPSAS compliant financial statements, understand the legal implementation for not preparing and submitting quarterly and annual financial as required by the PFM Act and its accompanied regulations and lastly use the knowledge acquired to build the capacities of other staff within their entities.
For his part, the Deputy Auditor General of the General Auditing Commission (GAC), Hon. Winsley S. Nanka lauded the Ministry of Finance and Development Planning specifically the Comptroller and Accountant General’s Office for such initiative and urged Comptrollers and Accountants from across spending entities to utilize the three days hand on training.
‘’ For us to do financial reporting in the right way, it is very important for us to pay attention and ask questions that are necessary because at the end of the three days we will go back with new knowledge that will change our reporting system’’ he encouraged the gathering.
It can be recalled that the Government of Liberia began to implement a wide range of Public Financial Management Reforms in 2006 with the aim of improving the effectiveness of the budget process through better preparation, execution, reporting and auditing. A key component of that reform agenda was the adoption of the International Public Sector Accounting Standards (IPSAS) to prescribe and guide the accounting treatment of all government financial transactions.
The three days’ workshop was attended by comptrollers and accountants from Liberia Airport Authority, Ministry of Education, Ministry of Labor, Center for National Document Records and Archive, National Commission on Higher Education, Ministry of Agriculture, Ministry of Public Works among others.