The Federal Government, Tuesday, directed all ministries, departments and agencies (MDA) across the three tiers of government to transit from cash-basis accounting to accrual-basis accounting in view of International Public Sector Accounting Standards (IPSAS) compliance by 2016.
Speaking at the launch of the ‘Accrual Accounting Manual IPSAS-Compliant’ in Abuja, Vice President Mohammed Sambo, also called for budgetary provisions to be made to aid in the process of identification and valuation of all government assets in line with concepts of the accrual method.
Sambo, who was represented by Mr. Bashir Yuguda, Minister of State for Finance, stated that the adoption of the Accrual Accounting method is part of the Federal Government’s initiative aimed at promoting transparency and accountability in the public sector.
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