Acc. Standard Sett & Fin. Reporting
The Accounting Standard Setting and Financial Reporting unit [previously known as Accounting Methodology & Compliance Unit] is championing the introduction of Accrual Accounting throughout central 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).
Lately, this Unit embarked on a major project; the change over from the Departmental Accounting System (DAS) to a new Corporate Financial management Solution (CFMS) which is an accrual-based accounting system. The first set of pilot sites went live as from 01/01/2020 and the rest of the central government department and ministries went live as from 01/04/2021.
Through the years, accrual accounting circulars have been issued for the central government departments to adhere to. These can be accessed via this link.
The Unit currently collects and checks 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 accrual accounting in line with the IPSAS. Together with the Ministry for Finance, this unit is working on the IPSAS project, Accounting Standards and Guidelines are being compiled based on those published by the IPSAS Board.
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