PAACO-PCL CONSORTIUM POWERS IPSAS IMPLEMENTATION IN KWARA STATE

Kwara State Governor AbdulRahman AbdulRazaq, yesterday, said his administration was making deliberate efforts to further open government books using standard institutional frameworks for transparency and accountability.

The governor said this in Ilorin while declaring open the sensitisation workshop on International Public Sector Accounting Standard (IPSAS) GO-LIVE Organized by PAACO-PCL Consortium for the Ministry of Finance

“Today, we are taking another bold step to strengthen institutional frameworks to promote transparency and accountability. This is meant to standardise the financial reporting of the government. It is a system that brings public expenditure under closer scrutiny.

“It covers all sectors of accounting, starting from budgeting, auditing and financial reporting at both national and sub-national levels. Importantly, this step admits Kwara into the comity of Nigerian states that have moved away from cash basis of financial reporting to the IPSAS’ accrual basis,” the governor, who was represented by Secretary to the State Government, Prof. Mamman Saba Jibril, stated.

The workshop had in attendance dignitaries from the three arms of government in the state.

AbdulRazaq noted that the action is the new global standard, which he said, had deepened quality financial reporting, improved decision-making and made the government more accountable to the people.

He commended the technical partners and supervisory Ministry of Finance for a job well done, appealing to all stakeholders in attendance to recommit themselves to information sharing in an honest and efficient way.

“To make this process a success, I appeal to all stakeholders to recommit themselves to information sharing in an honest and efficient way. This will guide the government in making better decisions anchored on facts,” he added.

Olasumbo, in her welcome address, said the state is moving from a cash-basis accounting system to an accrual basis, a shift she noted, made revenue and expenses to be recognised immediately in any transaction.

She implored officials who have been trained on the IPSAS accounting system to put what they learnt to good use for the maximum benefit of the state.

Also, a Director in the office of Accountant-General of the Federation, Alhaji Salau Zubairu, expressed
delight at Kwara being consistently ranked top for a transparent accounting system in Nigeria, urging the governor to keep it up.

The event was Organized by PAACO- PCL Consortium, a leading Firm in IPSAS implementation and Public Financial Management Advisory in Nigeria.