Office of the Accountant General of the Federation has issued new guidelines to ensure that Public Sector Entities (PSE) use Government Integrated Financial Management Information System (GIFMIS) for the preparation of General Purpose Financial Statements (GPFS) henceforth, as well as Consolidated GPFS by the Treasury. The information was contained in a circular with Ref: No TRY A6 & B6/ 2018 – OAGF/CAD/026/V.111/184 dated 15th May, 2018.
PSEs are mandated to ensure that all receipts and payments are properly classified, using the National Chart of Accounts (NCOA) codes as issued in a previous circular that was issued on 11th December, 2017. The classification should be in respect of Administrative, Funds and Economic Codes under classification of receipts and payments IN and OUT of Sub-TSA, the new circular said.
The circular that was signed by Accountant-General of the Federation, Ahmed Idris and addressed to various heads of government agencies and obtained by our correspondent, also requests all the Public Entities to prepare cumulative Trial Balance for the period ended 31st December, 2017, in respect of the Sub-TSA Accounts maintained. “The Trial Balance shall disclose the Administrative, Funds and Economic Codes,” Mr Idris said.
All the PSEs were directed to upload cumulative of their Trial Balances into the GIFMIS platform, using the Journal Entry Functionality. “In the event of non-compliance, PSE on GIFMIS platform shall be blocked from accessing their Funds at the expiration of the deadline,” the AGF said, adding that “for non-GIFMIS PSE, funds shall not be released to the Entity until full compliance.” The circular gave “on or before 5th June, 2018” as the last date of compliance to the new guidelines. Our correspondent was not able to immediately confirm the number that has complied.
Meanwhile, in entrenching the provisions of International Public Sector Accounting Standards (IPSAS) in the curriculum of Tertiary Institutions, a stakeholders meeting with the Tertiary Institutions Regulatory Agencies and the Federal Ministry of Education is being scheduled.
In a related development, LEADERSHIP findings also showed that for efficient management and accounting for loans and special funds, the Minister of Finance, Kemi Adeosun has set up an Inter-Ministerial Committee to come up with the modalities for handling of the nation’s loans.
It was also learnt that the Head of Civil Service of the Federation has approved a new organogram reorganizing the Finance and Accounts Department of all Public Sector Bodies in tandem with accrual basis of accounting to ensure uniformity in the operations of Finance and Accounts function across government agencies.
In the new organogram, the Finance and Accounts Department is to have four divisions. “Treasury circular shall soon be issued in this regard,” Danladi Shuiabu of the Sub-Treasury of the Federation simply said.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP Nigeria Newspapers. Contact: [email protected]
- BUSINESS24 hours ago
JUST IN: CBN, NDIC Revokes Skye Bank’s Licence, Changes Name To Polaris Bank
- NEWS23 hours ago
Why PDP Lost In 2015 – Kwankwaso
- SPONSORED13 hours ago
How To Last For 25 Minutes Longer In Bed, Permanently End Pain And Embarrassment Of Weak Erection
- NEWS24 hours ago
Customs Intercepts 11 Trucks Load Of Smuggled Rice
- NEWS17 hours ago
PDP Set To Offer Presidency For Sale, BCO Alleges
- CRIME23 hours ago
Caretaker Stab Tenant To Death Over Use of Bathroom In Benin
- NEWS24 hours ago
Borno Guber Aspirant Commend PMB For Degrading Boko Haram
- NEWS24 hours ago
I Will Run Inclusive Govt, Address Post-insurgency Challenges – Durkwa