Accounting Methodology & Compliance Unit
The Accounting Methodology & Compliance Unit is championing the introduction of Accrual Accounting throughout Government Ministries and line Departments, as a platform to provide more meaningful financial information, both for accountability and decision-making purposes. This is in line with the Government’s strategy to implement full accrual accounting based on International Public Sector Accounting Standards (IPSAS).
The Unit is currently responsible for collecting and checking accrual accounting returns submitted by Government Departments on a quarterly basis. These returns are submitted to the National Statistics Office (NSO) and are ultimately used in the compilation of the European System of Accounts (ESA) Government Statistics as required by Eurostat, the statistical office of the European Union.
The unit is involved in ongoing communication with Government Ministries and line Departments to identify challenges, and assist in paving the way forward towards the implementation of IPSAS which will also be accompanied by another major project, the change-over from the Departmental Accounting System (DAS) to a new Corporate Financial management Solution (CFMS).