[bsa_pro_ad_space id=1]

FinanceGeneralLiberia news

GoL to implement updated IPSAS cash basis of accounting for all agencies

The Government of Liberia through the Ministry of Finance and Development Planning (Comptroller and Accountant General’s Department) and in consultation with the Auditor General of Liberia will begin using the November 8, 2017, updated version of the International Public Sector Accounting Standards or IPSAS Cash Basis of Accounting for the preparation of the government financial statements.

The implementation is expected to take effect July 1, 2021, of the 2020/2021 fiscal year, advises ministries, agencies, and commissions that are reporting using the IPSAS Cash Basis of Accounting to prepare financial statements using the updated version of IPSAS CASH BASIS – 2017.

The government’s instruction is in compliance with the Amended and Restated Public Financial Management Act of Oct 22, 2019, Section 47.2, which states “ The Minister in consultation with the Auditor General, shall be responsible for establishing the accounting rules and standards for central government. These will be set out in accounting regulations, established under this Act, and further detailed in instructions and guidelines issued by the Minister”.

The implementation of the updated or modernized IPSAS Cash Basis of Accounting for all agencies is in recognition of recent updates to several standards by IPSAS Board in 2017, and their impacts on Cash Basis IPSAS as adopted by the Government of Liberia in 2009 for preparation of GOL financial statements.

Accordingly, a period of ninety days have been given to ministries, agencies and commissions as of the July 1, 2021 timeline to prepare the financial statements through the updated version.

For additional information and Guidance, Ministries, Agencies, Commissions, and All Reporting on Government of Liberia Expenditure are requested to contact the Department of the Comptroller and Accountant General at the Ministry of Finance and Development Planning.

[bsa_pro_ad_space id=1] [bsa_pro_ad_space id=2] [bsa_pro_ad_space id=3] [bsa_pro_ad_space id=4] [bsa_pro_ad_space id=5] [bsa_pro_ad_space id=6]

NewDawn

The New Dawn is Liberia’s Truly Independent Newspaper Published by Searchlight Communications Inc. Established on November 16, 2009, with its first hard copy publication on January 22, 2010. The office is located on UN Drive in Monrovia Liberia. The New Dawn is bilingual (both English & French).
Back to top button