Federal, states and local governments have begun implementation of a process designed to lead to full disclosure of their financial transactions and enhance transparency and accountability in public finance.



Federal, states and local governments have begun implementation of a process designed to lead to full disclosure of their financial transactions and enhance transparency and accountability in public finance.
The process is known as the International Public Sector Accounting Standards (IPSAS).
IPSAS was intended to improve the quality of general purpose reporting by public sector entities, lead to better informed resource allocation decisions by government and increase level of transparency and accountability.
To ensure successful implementation of the IPSAS, the federal, states and local governments public finance managers converged on Abuja for a two-day national workshop organised by the Federation Accounts Allocation Committee (FAAC) sub-committee on IPSAS implementation.
Delivering her keynote address at the workshop, the Minister of Finance, Mrs. Kemi Adeosun, said: “When IPSAS is implemented effectively, it will increase disclosure in accounting reports, thus, increase accountability. It will increase transparency emanating from full disclosure of government financial transactions and provide the executive and legislature the basis for their decisions on allocating resources and improve credibility and compliance with international best practices.”
Speaking at the workshop, the Accountant-General of the Federation/Chairman, FAAC Sub-committee on IPSAS Implementation, Ahmed Idris, said that the workshop with the theme: “Implantation of IPSAS accrual basis of accounting in Nigeria: A tool to promote transparency and accountability,” was designed to compel managers of the economy to be more efficient in management of resources.

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