The International Public Sector Accounting Standards Board (IPSASB) held its meeting
for the first time in Sub-Sahara Africa from March 20 to 23, 2007 in Accra and
one of the issues that arose was the nation’s preparedness to take advantage
of such opportunities to fast track its attempt at keeping pace with International
financial reporting
On January 27, 2007 Ghana successfully launched the International Financial
Reporting Standards (IFRS) --- a major event heralded by all as one of the greatest
attempts at international accounting standards to conform to the ever increasing
demands in the corporate reporting world. It requires that all Public interest
entity companies (i.e. banks, listed companies, insurance companies etc) publish their financial statements
for the periods covering on or after 1 January 2007 in accordance with IFRS.
Despite the views raised by some opponents to the fact that the Institute rushed
the process without further consultation, some still believe it is a step in
the right direction as some put it, “it is not a matter of convenience
but of convergence and therefore the more we delay … the world continues
to move.”
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