Mmegi Online :: BICA helps govít improve accounting standards
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Friday 20 April 2018, 13:36 pm.
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BICA helps govít improve accounting standards

The Ministry of Finance and Economic Development (MFED) has signed a Memorandum of Understanding (MoU) with the Botswana Institute of Chartered Accountants (BICA) to facilitate the institute to help government improve accounting standards.
By Pauline Dikuelo Fri 11 Aug 2017, 15:24 pm (GMT +2)
Mmegi Online :: BICA helps govít improve accounting standards








Through the MoU, BICA will assist the accountant general migrate from cash accounting to International Public Sector Accounting Standards (IPSAS).

The transition to IPSAS by government is scheduled to start in the 2019/2020 financial year. There are currently 40 IPSAS standards to be implemented and the ministry will be relying more on BICA members to assist.

Speaking during the signing ceremony yesterday, BICA chief executiver officer Verily Molatedi said that by using IPASAS, the government will be able to have a high quality accounting and financial reporting standards, which will result in better management of resources and decision-making.

“This MoU will enable us to work closely with the Accountant General to realise this vision of migrating to IPSAS and some of the key projects that will work together on are the development of the profession,” she said.

In addition, Molatedi said they will also maintain and increase skills and knowledge of members by providing the relevant public sector with continuous development programmes, adding that they will also advice on short and long-term programmes that could be beneficial.

Further she said they will give advice on where some quick wins can be achieved as part of the migration from cash to accruals basis of accounting.

“As an institute,

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this partnership will also put us in good stead to continue monitoring compliance with the code of ethics by accountants in the public sector which will ultimately lead to public interest protection,” she said.

On her part, the Accountant General Emma Peloetletse said it was through the Botswana Excellence Strategy that recommended the feasibility study for government to migrate from cash to accrual based accounting that they agreed on the adoption of the IPSAS.

“We started by conducting an in-depth study assisted by some of our development partners, the result of which was a roadmap which detailed the government readiness, resource requirements as well as the time it will take to transition,” she said.

Peloetletse also noted that the roadmap had indicated the need for government to enhance capacity of Public Accountants and Auditors. She said the government has attracted fewer professional accountants in the public sector hence the reason why the ministry decided to vigorously pursue recruitment of professional accountants in the public sector. “This MoU is basically to formalise collaboration and cooperation between BICA and MFED through the Office of the Accountant General on how we will exchange and share thoughts around the implementation of the IPSAS standards,” she said.

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