ICAN, AGF train public sector accountants on accrual basis IPSAS

Plans are underway by the Institute of Chartered Accountants of Nigeria (ICAN), Lagos Mainland and District Society, in collaboration with the Office of the Accountant-General of the Federation, to train accountants in the public sector on Accrual Basis International Public Sector Accounting Standards (IPSAS) implementation.

In 2016, approval was given by the Federal Executive Council (FEC), for the accounting format of the three tiers of government in Nigeria, to be migrated from Cash Basis International Public Sector Accounting Standards (IPSAS) to Accrual Basis IPSAS.

Consequently, these three tiers of government and their various MDAs have embarked on Accrual Basis IPSAS implementation.

Given that public sector accounting has been on cash basis for several years, it is understandable that there will be issues, challenges during, and post implementation phase, hence the need for capacity building.

The three-day training workshop will expose the participants to all possible issues and challenges that may arise during and post implementation stages of adopting Accrual Basis IPSAS in the country’s public sector.

Slated to hold in September, October and November, in three locations – Lagos, Kaduna, and Calabar – all public sector accountants are expected to attend.

During the workshop, participants would be exposed to migrate from Cash Basis IPSAS to Accrual Basis IPSAS, handle issues and challenges that may arise during and post implementation of Accrual Basis IPSAS and prepare financial statement using the new tool among others.