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Accounting Standard Board tasks Public Sector on financial reporting

Stakeholders in the public sector     accounting have been implored to   brace up for the challenges of standardisation of financial reporting in the sector in order to maximise potentials of government spending in the sector.

Addressing newsmen in Lagos ahead of Zonal Retreats being jointly organised by the Nigerian Accounting Standards Board, NASB and  the office of Accountant-General across the country, the Executive Secretary of the NASB, Mr Godson Nnadi, stressed the need for the operators to acquire the latest information and know-how in preparing financial reports in accordance with relevant standards and regulation.

According to him, the retreats which will hold in Kano between June 24 and 25 and Enugu on July 1 and 2 would have in attendance the Accountant-General of the Federation, States Commissioners of Finance, Accountants-General and Auditors-General of states, Speakers of States Houses of Assembly among others.

“The passage of the Financial Reporting Council, FRC, Act will require preparers of financial statements from the public sector to adopt more rigorous, disciplined and uniform approach to financial reporting at the federal, state and local government levels”, he said.

The FRC which will replace the current NASB will bring public sector accounting in line with international standards which will require financial statements to be prepared according to laid down rules. The FRC Bill is currently before the Senate following passage by the House of Representatives.


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