By Ncaba Ntshakala
The Kingdom of Eswatini is on a mission to enhance transparency and accuracy in financial reporting for public funds.
This has been shared after a delegation from the Government of the United Republic of Tanzania paid a courtesy visit to Eswatini.
Led by the Government’s Accountant General, Leonard Mkude, the delegation intends to assist Eswatini’s Accountant General’s Office with the adoption of International Public Sector Accounting Standards (IPSASs).
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The Prime Minister Russell Dlamini shared insights into the purpose of the visit, emphasizing the importance of IPSASs in improving transparency and accountability in financial reporting. He noted that currently, Eswatini does not include Government assets in its financial statements, making the adoption of IPSASs a necessity for the country.
Tanzania, recognized as a leader in Africa in the adoption of IPSASs, brings invaluable expertise to the table. The delegation’s week-long visit will involve assessing Eswatini’s current reporting framework, drafting a roadmap, and providing guidance to the Accountant General’s Office in the adoption of IPSASs.
Prime Minister Russell Dlamini made emphasis on His Majesty’s Government’s full support for the project, highlighting the significance of collaboration with Tanzania.
He expressed gratitude to the Government of the Republic of Tanzania for their support and emphasized the commitment of Eswatini to ensuring the success of the initiative.
The adoption of IPSASs is expected to bring about significant improvements in the management of public funds in Eswatini, aligning the country’s financial reporting practices with international standards.
By enhancing transparency and accountability, the adoption of IPSASs will contribute to strengthening governance and fostering public trust in the management of public resources.
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The International Public Sector Accounting Standards (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.
These standards are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
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.
This objective is to be delivered by developing and maintaining IPSAS and other financial reporting guidance, and by raising awareness and adoption of accrual-based accounting in the public sector.
