By ANDREW MUKOMA
THE Zambia Institute of Chartered Accountants (ZICA) has commended the Zambia Revenue Authority (ZRA) for being the first Zambian public sector organization to implement the International Public Sector Accounting Standards (IPSAS) which the country is earmarked to migrate to by 2024.
IPSAS are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements.
ZiCA President Cecilia Zimba said that as of 2019, the ZRA had already started implementing the accrual IPSAS project.
She was speaking during the opening of a two-day training workshop on IPSAS for accountants from the public sector held at Chrismar Hotel in Livingstone yesterday.
Ms Zimba said that Government with the help of ZiCA plans to move to accrual based IPSAS by the year 2024.
“As you may be aware, the Institute issued an accounting notice to give guidance on the applicability of the accrual basis International Public Sector Accounting Standards (IPSAS) in Zambia in 2018.
This entails that effective 1st January 2024, all government ministries, provinces and spending agencies will be required to prepare financial statements under the accrual IPSAS framework, though early adoption is encouraged.
She said that the coverage includes central government, grants assisted entities, local authorities and related government agencies such as agencies, groups, commissions and not for profit organizations.
“At this point, allow me to comment the Zambia Revenue Authority through the acting finance officer commissioner finance Bridget Muyenga for early adoption of IPSAS. As of 2019, the ZRA adopted IPSAS,” she said.
Ms Zimba said that the 2021 IPSAS training workshop had been specifically designed to equip participants with the required knowledge to earn the transition and application of the accrual based International Public Sector Accounting Standards (IPSAS) implementation project.
She said this will ensure that participants present at the conference are able to apply the knowledge gained by making informed decisions about resource utilization and improved information to support governance.
Eelier, ZICA chief executive officer Bona Kashinga said that has taken a position to promote the implementation of accrual International Public Sector Accounting Standards (IPSAS) in Zambia. She said this implies that all accountants in public sector institutions must be fully conversant with the IPSAS Reporting Framework.
