​​Do You Want to ​Implement IPSAS in Your Organisation to Enable Better Public Financial Management?

​Background

​The reporting objectives of municipalities and public entities is to ensure that financial statement yield useful information. Therefore, for financial statement to be useful they should possess certain qualitative characteristics. However, several stakeholders have expressed significant concern regarding the usefulness of financial reports of some public institutions, thus, undermining transparency and accountability; the foundation upon which democracy is build.

​​There has been increasing pressure for governments around the world to be more accountable for their public budgets and to produce accurate, meaningful and transparent financial statements. In keeping with this global drive towards a new era in government accounting and reporting, many governments have adopted or are in the process of adopting International Public Sector Accounting Standards (IPSAS). To date, African countries that have adopted IPSAS include Ghana, Liberia, Nigeria, Rwanda, Tanzania, Uganda and Zambia. South Africa technically uses GRAP, but nonetheless it is an accounting framework that is embedded in IPSAS.

​As at March 2017, nearly three-quarters of OECD countries have adopted accrual accounting for their year-end financial reports and more than a quarter now prepare their annual budgets on an accrual basis.

Developments in Namibia

In line with this global development, there is a strong drive in Namibia, to be more accountable for their public budgets and to produce accurate, meaningful and transparent financial statements. Thus, the adoption of IPSAS by the Government of Namibia is a giant step towards achieving transparency and accountability in the public sector. Hence, the implementation of IPSAS will enable public sector organisations to show clear accrual accounting & demonstrate results-based monitoring and reporting.

It is important to note that public sector accounting in Namibia does not only demand full adherence and compliance with applicable legislation like the State Finance Act, Procurement Act etc, but also requires the preparer of financial statements to be cognisant of IPSAS standards in the recognition, measurement, presentation and disclosure of GPFR. Auditors must determine that the accounting and reporting practices of public sector entities have been carried out in accordance with the requirements stated in the pertinent standards. Therefore, professionals in accounting and finance must have the required knowledge and skills to implement accrual accounting according to IPSAS, and to be able to understand how this transition affects the entity’s reporting, and what it means moving forward. A 2015 PwC Survey identified that lack of trained staff ranked 55% of the times in the top three challenges facing many governments in IPSAS implementation.

Benefits of Attending

​The acquisition of competence against the course will add value to one's job. This workshop will also add value to public officials who are seeking to develop a career pathway towards becoming an accomplished public finance management and administration specialist. Over and above fostering transparency and providing industry guidelines and benchmarks, the use of accounting standards facilitates ethics compliance and improves International Investment

​Who should attend

​Participants attending this workshop will be working within a Public Sector environment, specialising in Public Accounting and Finance Management or playing an oversight role in the implementation and reporting of State Finance: