Zimbabwe’s Ministry of Finance and Economic Development has released its national Implementation Strategy Plan for the adoption of the International Public Sector Accounting Standards (IPSAS).
This came out of the 3rd Zimbabwe IPSAS Working Group (ZIWG), which is meeting in Harare to discuss practical IPSAS implementation issues.
The 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.
Zimbabwe initially imitated at the shift to accrual accounting at the end of 2017.
With the governments across the world moving to IPSAS, the country is expediting its adoption of the public sector reporting standard by launching its national implementation strategy.
The country’s accountant general Daniel Muchemwa said they are looking to complete implementation by 2025.
“In terms of the Implementation Strategy Plan, the target is to implement the new public sector reporting standard for the entirety of Government by 2025.”
On March 1, 2019 the IPSAS Board launched its Strategy and Work Plan 2019-2023: Delivering Global Standards. Inspiring Implementation, which will shape its work and priorities over the next five years.
“Governments depend on the trust of their citizens and their national and international stakeholders in order to deliver their goals efficiently and effectively.
“The regular publication of high-quality accrual-based financial reports helps strengthen public financial management, and is a fundamental ingredient in maintaining that trust,” said IPSASB executive Ian Carruthers.
“IPSAS-based information provides a comprehensive and comparable picture of a public sector entity’s financial performance and position.
“IPSAS adoption and implementation therefore represent fundamental steps for governments to take, not only to increase transparency and accountability to their citizens and stakeholders, but also to inform effective decision making, so contributing to fiscal stability and sustainability.
“Our new Strategy and Work Plan is intended both to support and to help inspire governments and other public sector organizations making that journey.”