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BY
MALAMI MUHAMMAD MAISHANU PH.D
DEPARTMENT OF BUSINESS ADMINISTRATION,
USMANU DANFODIYO UNIVERSITY SOKOTO
2348035072718
AT THE
MANDATORY CONTINUING PROFESSIONAL TRAINING (MCPT) OF THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF NIGERIA (ICPAN)
1.1 INTRODUCTION
International Public Sector Accounting Standards (IPSAS) are actually designed for use in preparing general-purpose financial statements and they set uniform guidelines for accounting in public sector entities. The standards enable comparison of data across organizations and generally improve financial accounting transparency. Many countries have already introduced IPSAS or similar standards and more have plans to adopt IPSAS in the future.
The mission of the International Public Sector Accounting Standards Board (IPSASB) is: To serve the public interest by developing high-quality accounting standards for use by public sector entities around the world in the preparation of general purpose financial statements. Accomplishing this mission means enhancing the quality and transparency of public sector financial reporting and provision of better information for public sector financial management and decision-making. The adoption of IPSAS is therefore expected to lead to enhancement of good governance in public sector organizations.
This paper examines how the adoption of IPSAS can lead to the enhancement of accountability in governance in public organizations. In the current global revolution in government accounting, IPSAS are proposed for adoption by governments around the world in the preparation of financial statements.
This paper after this introduction provides clarifications of some important concepts in section two. Section three examines the objectives, assumptions and general overview of IPSAS. Section four draws conclusions by examining some benefits of IPSAS compliance.
1.2 CONCEPTUAL CLARIFICATIONS
1.2.1 ACCOUNTABILITY
It is important to discuss the concept of accountability as it relates to financial reporting. This is because accountability relates to the objectives of financial reportingthe base upon which all accounting practices must be founded.
The necessity for an accounting information system in the public sector stems from the need to ensure accountability and control. Irrespective of the form of government, a sound accounting information system is essential for effective financial management and accountability in the public sector. At the most elemental level, public officials as trustees have an obligation to be accountable for the state powers and resources entrusted to them.
Accountability is the current mantra both for non-profit organizations and for government organizations. What does this mean? There is a wide range of definitions. A few of the many definitions that can be found on the internet are:
Accountability has several meanings and is the subject of a broad debate in American governance. Some of the simpler definitions include: responsibility or capable of being held responsible for something; capable of being explained; being held to account, scrutinized, and being required to give an account or explanation. en.wikipedia.org/wiki/Accountability
The responsibility of program managers and staff to provide evidence to stakeholders and funding agencies that a program is effective and in conformance with its coverage, service, legal, and fiscal requirements. www.cdc.gov/tobacco/evaluation_manual/glossary.html
Accountability is the capacity to account for one's actions; or as a representative of one's organization, to account for either your actions or the actions of your organization. The term is usually used in the voluntary sector to refer to the responsibility a non-profit organization has to inform donors of the manner in which their gifts were used. envision.ca/templates/profile.asp
Accountability is being obliged to answer for one's actions, to an authority that may impose a penalty for failure. www.hc-sc.gc.ca/english/organandtissue/glossary/
Accountability is the principle that individuals, organizations and the community are responsible for their actions and may be required to explain them to others. www2.warwick.ac.uk/services/archive/rm/policies/rmpolicy/glossary/
The obligation to demonstrate and take responsibility for performance in light of agreed expectations. There is a difference between responsibility and accountability: responsibility is the obligation to act; accountability is the obligation to answer for an action. www.hrsdc.gc.ca/en/cs/fas/as/sds/appd_sds03.shtml
Although the context and wording of these definitions vary considerably, their overall sense is that managers and accountants are responsible for explaining their actions to outsiders, whether to funders, donors, clients, or the community at large.
1.2.2 ACCOUNTING STANDARDS
These areo HYPERLINK "http://www.businessdictionary.com/definition/definitive.html" definitive HYPERLINK "http://www.businessdictionary.com/definition/benchmark.html" benchmarks prescribed by a HYPERLINK "http://www.businessdictionary.com/definition/country.html" country's HYPERLINK "http://www.businessdictionary.com/definition/accounting-standards-board-ASB.html" Accounting Standards Board (as in the UK), HYPERLINK "http://www.businessdictionary.com/definition/financial-accounting-standards-board-FASB.html" Financial Accounting Standards Board (as in the US) or Nigerian Accounting Board etc. for reporting of HYPERLINK "http://www.businessdictionary.com/definition/accounting.html" accounting HYPERLINK "http://www.businessdictionary.com/definition/data.html" data in HYPERLINK "http://www.businessdictionary.com/definition/financial-statement.html" financial statements. These HYPERLINK "http://www.businessdictionary.com/definition/rule.html" rules must be applied to all HYPERLINK "http://www.investorwords.com/5572/financial.html" financial statements in order to HYPERLINK "http://www.businessdictionary.com/definition/provide.html" provide a true and fair view of the HYPERLINK "http://www.investorwords.com/1967/firm.html" firm's HYPERLINK "http://www.businessdictionary.com/definition/financial-position.html" financial position, and a standardized HYPERLINK "http://www.businessdictionary.com/definition/method.html" method of HYPERLINK "http://www.investorwords.com/994/comparison.html" comparison with financial statements of the other firms ( HYPERLINK "http://www.businessdictionary.com" www.businessdictionary.com, 2010). According to HYPERLINK "http://www.thefreedictionary.com" www.thefreedictionary.com (2010) standard is a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactions.
Other related terms include:
HYPERLINK "http://www.investorwords.com/2141/GAAP.html" GAAP. A widely accepted HYPERLINK "http://www.businessdictionary.com/definition/set.html" set of HYPERLINK "http://www.businessdictionary.com/definition/rule.html" rules, HYPERLINK "http://www.businessdictionary.com/definition/convention.html" conventions, HYPERLINK "http://www.investorwords.com/4693/standard.html" standards, and HYPERLINK "http://www.businessdictionary.com/definition/procedure.html" procedures for reporting HYPERLINK "http://www.investorwords.com/5572/financial.html" financial HYPERLINK "http://www.businessdictionary.com/definition/information.html" information, as established by the HYPERLINK "http://www.investorwords.com/1943/Financial_Accounting_Standards_Board.html" Financial Accounting Standards Board.
SFAS. A HYPERLINK "http://www.investorwords.com/4701/statement.html" statement released by the HYPERLINK "http://www.investorwords.com/1943/Financial_Accounting_Standards_Board.html" Financial Accounting Standards Board, to clarify or explain HYPERLINK "http://www.businessdictionary.com/definition/accounting-standards.html" accounting standards HYPERLINK "http://www.investorwords.com/3728/policy.html" policies. The policies explained and described in these statements, as well as any new instructions outlined in the SFASs, are to be followed by all HYPERLINK "http://www.investorwords.com/3940/publicly_traded.html" publicly traded HYPERLINK "http://www.investorwords.com/992/company.html" companies.
1.3 THE INTERNATIONAL PUBLIC SECTOR ACCOUNTABILITY STANDARDS
IPSAS is the centerpiece of the global revolution in government accounting (Heald, 2003) in response to calls for greater government financial accountability and transparency.
According to en.wikipedia.org (2009), IPSASare accounting standards for use by public sector entities around the world in the preparation of financial statements. They are standards for application by national governments, regional (e.g., state, provincial, territorial) governments, local (e.g., city, town) governments and related governmental entities (e.g., agencies, boards and commissions).
IPSAS refers to the recommendations made by the IPSAS Board under the auspices of the International Federation of Accountants. In other words, IPSAS are issued by IPSASB (International Public Sector Accounting Standards Board). The IPSASB adopts a due process for the development of IPSAS that provides the opportunity for comment by interested parties including auditors, preparers (including finance ministries), standard setters, and individuals.
Developing countries are urged to adopt IPSAS by international organizations which provide financial assistance to developing countries. Other countries, regardless of their political and economic systems, are also encouraged to harmonize their national standards with IPSAS. Thus, IPSAS have become de facto international benchmarks for evaluating government accounting practices worldwide. For these reasons, IPSAS deserves the attention of accounting policy-makers, practitioners and scholars alike.
IPSAS aims to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability.
IPSASB meetings to discuss the development and to approve the issuance of IPSAS or other papers are open to the public. Agenda papers, including the minutes of the meetings of the IPSASB, are published on the IPSASBs website: www.ipsasb.org. Observers on the IPSASB meetings include ADB, EU, IASB, IMF, INTOSAI, OECD, World Bank, UN and UNDP. Nigeria as a country is in the process of adopting the cash basis IPSAS, will then move to adopt accruals basis IPSAS.
IPSAS address issues on financial measurement and financial reporting to the public. Specifically, they define the form and content of the so-called general purpose financial statements and related financial disclosures in a governments annual report. These financial statements consist of a statement of financial position and a statement of financial performance produced by an accrual financial accounting system, as well as a statement of cash flows produced by a cash accounting system.
The following are the assumptions of IPSAS:
The first assumption is that there are so many common transactions in the private and public sectors that it is possible, and indeed preferable, to have one set of generally accepted accounting principles for both sectors. Most IPSAS can therefore be set by making modest changes to the standards promulgated by the International [Business] Accounting Standards Board (IASB).
The second assumption is that since business firms annually prepare consolidated financial statements under the accrual basis, governments should do the same. Consolidated financial statements cover a primary organization and its subsidiaries in which the primary organization has a majority ownership interest.
The third assumption is that accounting standards are more objective and of a higher quality if they are set by an expert group independent of the organizations obliged to follow the standards. For the public sector, independence can be achieved or at least enhanced by giving the task to a private-sector body, an advisory board, or increase the number of public (non-government) members.
Finally, accounting standards should be produced through a due process. Due process means that research and deliberation should precede decisions. Furthermore, adequate opportunities are provided for interested parties to provide inputs before standards are finalized.
On the basis of the above assumptions, the IPSAS Board and its predecessor have gone through two phases of standard setting. The first phase from 1996 to 2002 produced a score of standards by modifying the corresponding IFRS. Since 2002, the second phase has focused on public-sector specific issues. General standards are listed ahead of specific standards, and the public-sector specific standards are noted in italics. (Short titles are used as necessary.)
There are also Cash-basis and Accrual-basis Standards. The board issued one comprehensive cash basis standard, presumably for countries, such as many developing countries, that are not ready to adopt the accrual basis. All the other IPSAS adhere to the accrual basis. Accrual basis is a method of accounting (often called accrual accounting) whereby economic activities (rather than cash flow) of financial events are considered. There are 26 IPSAS under the accrual basis (see www.ifac.org), each of which is related to a specific topic. Each standard prescribe authoritative requirements that may require further adaptations to deal with the requirements of the organisation/institution in which they are implemented. Application of all standards is mandatory to be fully IPSAS compliant.
IPSAS Board has produced a small number of public-sector specific standards, but more is in progress. There are currently four IPSAS specific to the public sector. These are:
No. 21 on impairment of non-cash generating assets: These are fixed assets that do not produce commercial benefits. The standard requires the recognition of loss due to impairment, which is the decline in fair value beyond depreciation.
No. 22 on general government sector: This standard clarifies the differences in the reporting entities in financial reporting and statistical reporting. The General Government Sector (GGS) used in statistical reporting includes financial and non-financial public corporations. The standard calls for additional disclosures about GGS.
No. 23 on revenues from non-exchange transactions: This standard covers taxes and transfers, which refer to fines, donations and debt forgiveness. Revenues are increases in assets or decreases in liabilities. Revenue recognition depends on the taxable events that trigger potential resource inflows.
No. 24 on budget information disclosure: Disclosures are made outside of financial statements. This standard calls for the following disclosures: original and final budget with projected revenues and appropriations; actual amounts on the budgetary basis; an explanation of variances; as well as a reconciliation of accrual and budgetary bases.
Under IPSAS the structure of the financial statements will change in several ways:
More robust disclosure notes of financial liabilities, accounting policies and any information that will better assist general users of these statements to make a sound assessment about the financial position of the Organization.
Inclusion of a cash flow statement which is currently lacking from the set of financial statements. IPSAS requires a cash flow statement and a comparison of the budget and actual expenditures. A cash flow statement will enable users to assess the impact of the Organizations operations and to estimate future cash flows.
Presentation of budget information in addition to the basic financial statements will demonstrate compliance with the budget and allow for an assessment of the Organizations stewardship of its assets and distribution of resources.
Nigeria like some developing countries, already adopted the IPSAS cash basis standards and planning to adopt the accrual basis standards in the future.
1.4 CONCLUSIONS
IPSAS is an audacious enterprise in several respects and it is intended to transcend national jurisdictions. It either overlooks or ignores the national diversity in political and economic systems, as well as cultural and legal traditions. It elevates professional authoritativeness above governmental authority and it expects the Anglo-American model of government accounting to have global appeal.
The new international accounting standards will enhance accountability, transparency and good governance within the public sector in the management of public funds when applied properly. These standards will undoubtedly enhance the standing of a professional accountant and improve his accountability particularly because they insist on the following fundamental principles:
(a) Integrity to be straightforward and honest in all professional and business relationships.
(b) Objectivity to not allow bias, conflict of interest or undue influence of others to override professional or business judgments.
(c) Professional Competence and Due Care to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional services based on current developments in practice, legislation and techniques and act diligently and in accordance with applicable technical and professional standards.
(d) Confidentiality to respect the confidentiality of information acquired as a result of professional and business relationships and, therefore, not disclose any such information to third parties without proper and specific authority, unless there is a legal or professional right or duty to disclose, nor use the information for the personal advantage of the professional accountant or third parties.
(e) Professional Behavior to comply with relevant laws and regulations and avoid any action that discredits the profession.
As Nigeria already adopts the cash basis standards and planning to adopt the accrual basis standards in the future and when there is full compliance, it will stand to benefit in the following ways:
The alignment of the public sector with best accounting practices through the application of credible, independent, and internationally recognized accounting standards.
Improved internal controls stemming from a better understanding of the assets/liabilities and resources available to the public sector organizations.
More comprehensive financial information will provide for a more accurate asses s m e n t o f t h e f i n a n c i a l r e s i l i e n c e o f t h e s e o r g a n i z a t i o n s .
I n c r e a s e d t r a n s p a r e n c y r e s u l t i n g f r o m t h e a d o p t i o n o f I P S A S w i l l a l l o w f o r b e t t e r i n f o r m e d d e c i s i o n s a n d m a n a g e m e n t o f a s s e t s a n d s u p p o r t a r e s u l t s b a s e d m a n a g e m e n t f r a m e w o r k .
C o n s i s t e n c y a n d c o m p a rability of financial statements can better assist the public sector organisations in keeping its clients abreast of the latest financial developments within the Organization.
REFERENCES
Accountability. Wikipedia.
en.wikipedia.org/wiki/Accountability (collected December 11, 2007.)
Beechy, T. H., (2007) Does Full Accrual Accounting Enhance Accountability? The Innovation Journal: The Public Sector Innovation Journal, Volume 12(3), 2007, article 4.
Centers for Disease Control and Prevention. www.cdc.gov/tobacco/evaluation_manual/glossary.html (collected December 11, 2007.)
CICA Handbook, Section 4400, Financial statement presentation by not-for-profit organizations, paragraph 4400.30. Toronto: Canadian Institute of Chartered Accountants, continuously updated.
Chan, J.L., (2008) International Public Sector Accounting Standards: Conceptual and Institutional Issues presented at an IPSAS workshop at the University of Napoli Parthenope on June 25, 2008.
HYPERLINK "http://en.wikipedia.org/wiki/International_Public_Sector_Accounting_Standards" http://en.wikipedia.org/wiki/International_Public_Sector_Accounting_Standards.
Heald, D. The Global Revolution in Government Accounting, Public Money and
Management (January 2003), pp. 11-12.
Health Canada.
www.hc-sc.gc.ca/english/organandtissue/glossary/ (collected December 11, 2007.)
Human Resources and Social Development Canada (Glossary).
www.hrsdc.gc.ca/en/cs/fas/as/sds/appd_sds03.shtml (collected December 11, 2007.)
Mahdavi G. and Funnel W. (2003), Public Sector Accountability and Accounting Information Systems in the Islamic Republic of Iran, Iranian Journal of Information Science and Technology, Volume 1 Number 2
General Secretariat (GS/OAS) (2010), Introduction to International Public Sector Accounting Standards (IPSAS), www.oas.org
www2.warwick.ac.uk/services/archive/rm/policies/rmpolicy/glossary/ (collected December 11, 2007.)
Website: envision.ca/templates/profile.asp (collected December 11, 2007.)
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