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Alba Iulia
Tuesday, June 2, 2020

International public accounting standards to help improve transparency

Economy International public accounting standards to help improve transparency

Zambia Institute of Chartered Accountants (ZICA) Chief Executive Officer (CEO) has said Zambia’s adoption of the International Public Sector Accounting Standards (IPSAS) will help to improve transparency and accountability in the use of public resources.

ZICA CEO Bonna Kashinga said the institution is highly expectant that the Ministry of Finance will implement IPSAS programme within the stipulated period of 2022.

Mr Kashinga noted that officials in the public sector should be aware of the IPSAS programme so that they note the challenges and report back to the team of experts working on it before its implementation.

He disclosed that the most accountants in the public sector are familiar with the international accounting standards and the workshop they are attending on IPSAS will equip them to have a better understanding.

Public Finance Management Consultant George Higgins said Tanzania and South Africa has already adopted the IPSAS programme and its working well.

Mr Higgins said some countries in Europe, South East Asia have also adopted it including Peru to improve their budgeting, the use of resources as intended, and developing a high quality sector financial reporting standards.

He disclosed that IPSAS adaptation will help stakeholders and citizens to know how their governments are spending the public resources, the debt the country has and which institutions are owed and how it can be paid.

Several accountants from government institutions, Local Authorities, quasi-government institutions, are attending the ZICA workshop in Siavonga at Fresh view hotel to equip themselves with the knowledge on IPSAS before its implementation in 2022.

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