The Lagos State Government said it would be the first to comply with the International Public Sector Accounting Standards (IPSAS) Accrual by presenting its IPSAS Accrual Financial Statements in March 2017.
The Accountant-General and Permanent Secretary, State Treasury Office, Mrs. Abimbola Umar disclosed this during a courtesy visit by a delegation from the Rivers State Government to her Office in Alausa.
Umar, who received the delegation on behalf of Governor Akinwunmi Ambode, gave background information on the enactment of the Public Finance Management Law in the State, adding that the enumeration of all fixed assets and inventory had commenced, likewise the review of the State’s contractual agreement and pensions liabilities which form an integral part of the Accrual Accounting.
The Accountant-General took the delegation through the State’s financial road map which started with the implementation of Lagos State Integrated Financial Management Information System, the Oracle Application in year 2000 and emphasised her optimism about the steps taken by the State Government in the preparation of IPSAS Financial statements.
She advised the delegates on the need for comprehensive and continuous capacity building for best results, stressing that training of personnel must be extended to other non-professional officers whose contributions are key to the successful implementation of the initiative.
Mrs. Umar commended the Lagos State’s Administration and Human Resources staff who handle the Human Resource Module of the Application, but added that officers to be engaged must be motivated in order to encourage them to be dedicated and diligent in carrying out their official responsibilities.
The Director, Financial and Intelligence Research in STO, Mr. Olujimi Ige also made a presentation on Law and Regulations for the Implementation of Integrated Financial Information System in Lagos State.
The highlights of the presentation included the explanation of Financial Modules, Financial Authority, Financial Legislation and Laws affecting Financial Reporting in the State.
In her remarks, Leader of the visiting delegation, Mrs. Florence Fiberesima, who is the Solicitor-General/Permanent Secretary, Rivers State Ministry of Justice remarked that “we came to Lagos State to learn how the Public Finance Management Law (PFML) of the State was working through knowledge sharing with Lagos State Ministry of Justice
and the State Treasury Office ahead of the enactment of the same Law in Rivers State.”
While commending the State Government for building on its achievements to remain the Centre of Excellence through diverse people-oriented projects, Fiberesima said her team comprised of representatives of the
Accountant General, Ministry of Finance and Auditor-General for State and Local Governments.
She said the delegation would visit from time to time as the process of the enactment of the law progresses.
