African Union adopts Ipsas
By Judith Ugwumadu | 08 November 2013
The African Union this week adopted International Public Sector Accounting Standards and began a programme of training for senior managers and finance officers.
The training, which kicked off in Mombasa, Kenya, on November 5, is expected to equip participants with an understanding of the strategic and operational impact of Ipsas, its principles and practicalities, and inform them about best practice.
Initial training is being targeted at AU staff working in northern and eastern areas as well as offices in Europe and the US. More training is expected to follow in Cape Town for western and southern Africa, and Addis Ababa for headquarters staff.
Thomas Asare, the AU’s director of programming, budgeting, finance and accounting, said the adoption of Ipsas would get the AU in line with internationally acceptable standards adopted in similar institutions. He added that adoption of Ipsas would boost confidence among member states and partners who would be aware that resources are being managed according to international standards.
The AU said: ‘Ipsas compliance will ensure complete, transparent and accurate accounting and reportng on an annual basis.’
It added that benefits would include: improved accountability; a complete and accurate view of the AU’s business and performance; greater transparency over the use of resources given by donors; greater credibility; improved programme management; and harmonisation of financial reporting across the AU.