As the Economic Community of West African States, ECOWAS, Parliament deliberates on issues affecting its member states, both members of the Parliament and major stakeholders have identified lack of uniformity in the International Public Sector Accounting Standard, IPSAS, as one of the major problems confronting the bloc. The challenge is evident in the lack of implementation of the IPSAS, which has led to delays in preparing financial statements and proper audit of reports within the member states. The intention for the implementation and operationalization of the IPSAS, was to change government's accounting system from cash basis to accural basis. In his presentation on "Compliance with International Public Sector Accounting Standard", before the Parliament's Committee on Public Accounts, the Deputy Director, Centre for Entrepreneurship Studies, University of Abuja, Dr James Adefiranye, said, adopting the IPSAS would greatly help ECOWAS member states move forwa...
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