By Jonah Nwokpoku

Vice President, Arc. Namadi Sambo, has called on all stakeholders in the pubic sector to comply with the adoption of the International Public Sector Accounting Standards which implementation will come into effect by January 1, 2016.

Sambo stated this while speaking at the launch of the IPSAS Accrual Accounting Manual in Abuja.

Represented by the Minister of State, Finance, Amb. Bashir Yuguda, Sambo described the development of an Accrual Accounting Manual as a pivotal milestone and deliverable towards the implementation of IPSAS in Nigeria.

“The Manual has been developed as a comprehensive guideline for the practice of IPSAS compliant Accrual – Accounting in public sector entities across the federation and it provides the policies, processes and procedures to adhere to and comply with in the recognition, recording and reporting of financial transactions of the public sector entities,” he said.

On his part, the Accountant General of the Federation, Mr. Jonah Ogunniyi Otunla, while appreciating all the stakeholders for their  commitment in making both the manual and the launch of it a success, noted that accountants and auditors should be trained and retrained for  efficient deployment of the accrual manual.