Adoption of International Public Sector Accounting Standards

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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