Public sector gets new accounting standard

The Nigerian government has launched the Accrual Accounting Manual on the implementation of International Public Sector Accounting Standards (IPSAS).

At a ceremony, the Accrual Accounting Manual, the Minister of State for Finance, Ambassador Bashir Yuguda, who represented the Vice President, Namadi Sambo, said the government had adopted the manual to promote transparency and accountability in the public sector.

Mr Yuguda believes the adoption of Accrual-Basis of accounting will present a complete, true and fair view of accounting and promote transparency and accountability in financial reporting for public sector entities.

With the launch of the manual, government has directed that all public sector entities must fully comply with its provisions while the other tiers of government are expected to comply starting January 1, 2016.

Source: channelstv – Nigeria

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