As published in the Punch newspaper on July 18, 2016, the Association of Chartered Certified Accountants (ACCA) called on its members to take the lead in the current reforms being carried out by the Federal Government in the management of public finances.
The Current Government Financial Reforms in Nigeria are;
Automated accounting transaction recording and reporting system
Integrated payroll and personnel information system
Government integrated financial management information system (GIFMIS)
Treasury single account (TSA)
New classification system and public accountability – National Chart of Account
Adoption of International Public Sector Accounting Standards (IPSAS)
The main objective on the above-listed is to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability.
In addition to Manji Kalar (Head, Public Sector, ACCA)’s comment; “We intend to find out what kind of finance skills is needed to drive change and what skills does the finance professionals working in government and in state enterprises need.”, Effective Utilization of an Automated Accounting System would complement the changes.
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