01-11-2018, Nairobi (Kenya): The Intergovernmental Authority on Development (IGAD) yesterday closed a training workshop for the Technical Committee members in charge of the implementation of the International Public Sector Accounting Standards (IPSAS) across the regional organisation.
The participating IPSAS Technical Committee members are team leaders and key role players within seven work-streams which had been identified as essential elements to the IPSAS implementation process.
The training focused on the seven areas the seven work-streams are to work on during the next four months to come so as to complete a satisfactory level of IPSAS compliance. The work-streams are:
- Income, in-kind assets/services, budget information and presentation in FS;
- Fixed Assets and inventory;
- Employee Benefits, provisions and contingent liabilities;
- Foreign exchange & Information Technology;
- Manuals & Policy framework; and
- Change Management.
It should be recalled that IGAD officially launched implementation of IPSAS in May 2018 after completion of the first phase which started early 2017 and which included a gap analysis. The gap analysis assessed the current status of IGAD in terms of management processes, identified what is required from IGAD to be IPSAS compliant, and developed a roadmap to IPSAS compliance.
IPSAS compliance is timely and a necessity considering the growth of IGAD in size and the fact that other organizations of similar magnitude have adopted it. It will allow the organization to put in place consistent ways of submitting reports and having consistent financial processes.
The Technical Committee is to provide technical assistance to management, to spearhead implementation of the process, and form the anchor committee for the consulting firm providing support in the process.
IGAD is aiming at 100% compliance by 2020 while committed to come to a minimum of 75% compliance levelby first quarter of 2019.