Strengthening Capacity in Financial Reporting of SOEs.

Monrovia, September 21, 2017 (MFDP) - A three -day training workshop for State Owned Enterprises (SOEs) is scheduled to be held from September 25 to 27, 2018 at the port city of Buchanan, Grand Bassa County.

The training workshop is organized by the SOE Financial Reporting & Coordination Unit of the MFDP in collaboration with IMF-AFRITEC West 2 Technical Assistance and is intended to address issues of Strengthening Capacity in Financial Reporting of SOEs.

The workshop is part of government’s initiative to continue the implementation of the reforms necessary in the SOE sector.

Additionally, the workshop will provide a forum to discuss key challenges facing SOEs in the implementation of Sections 43 & 46 of the Public Financial Management Act of 2009, while providing the necessary tools for effective reporting as prescribed in the PFM Law which is essential for monitoring and evaluation of the sector.

The workshop will also outline through selected presentations by experts from the IMF mechanisms aimed at strengthening the government’s financial reporting framework, thereby enabling SOEs understanding of the principles of effective financial reporting.

Areas to be addressed at the upcoming Buchanan workshop relative to financial reporting gaps area:

  • Quality/Content of reports of SOEs
  • Non-compliance/timeliness of financial reports
  • Basis of presentation
  • Accounting Principles applied
  • Assure uniformity of financial reports from SOEs
  • Transition to a new government leading to current changes in reporting staff at SOEs.
  • Introduction to elements of the financial statements according to IFRS

The anticipated outcomes and deliverables from the workshop are as follows:
• Better prepared SOEs financial reporting staff to roll-out financial reports using standardized templates and procedures;
• Preparation for achieving key deliverable under IPFMPRP II - SOEs migration to IFRS;
• Ensure future compliance with existing laws and regulations of SOEs financial reporting;
• Enhancement in monitoring and assessing SOEs viability and sustainability through measurement of benchmarks from financial performance.

The workshop will bring together key stakeholders from the SOEs, Donor and Development Partners, the Ministry of Finance & Development Planning (MFDP), and other PFM Implementing Entities.