Liberia: Training of controllers and accountants of spending entities on the integration of IPSAS standards

Over the weekend, controllers and accountants from all spending entities culminated a two-day training on the new change in the integration of International Public Sector Accounting Standards (IPSAS) 2003 to 2017 in the port city of Buchanan, Grand Bassa County.

The day’s event took place in the port town of Buchanan, Grand Bassa County, and was themed: “Preparation of Financial Statements; Reference to Legal Basis”.

It was organized by the Department of Comptrollers and Accountants General, with the support of UNDP, AfDB, EU and SIDA.

The training aims to improve the efficiency of controllers and accountants on the new change from IPSAS 2003 to IPSAS 2017 for reliable financial reporting through the free balance platform of the Integrated Financial Management System (IFMIS) in all ministries and agencies.

Making remarks during the closing sections, the Director of the Tax Audit Unit, Steve Joe-Joe, an attorney on behalf of the Hon. Janka A. Kowo thanked and appreciated the Controllers and Accountants for their time and effort devoted to this exercise.

According to Joe-Joe, the comptrollers and accounting department remain strong to build financial reporting capacity in the counties. “We will continue to undertake this commitment to give you refresher training as financial reporting is an essential component of the accounting function,” he added.

The department will continue to train you and refresh your mind as capacity building is essential. “While we do our part, we hope you will visit your respective offices and continue to practice what you have learned,” says Joe-Joe.

When migrating from IPSAS 2003 to 2017, the reporting process remains the same as accounting standards will change over time. It is our job at the Ministry of Finance to take on and lead the accounting function by giving you the knowledge and skills required for standard reporting.

During the consultation process, we selected people in the offices who will lead various departmental activities in the development and implementation of what we offer today. “so that you can, as you go out, undertake and lead training in your respective ministries so that knowledge can be disseminated,” he added.

Reporting accountants James M. Barbu and Timale K. Zizivily explained in separate remarks how accountants and controllers of spending entities should focus on the new amendments to the 2003 to 2017 IPSASs.

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