USAID-Funded Fiscal Reform II & IASCA Hold a workshop on International Public Sector Accounting Standards

27 Nov 2013   30 Specialists and Professionals from Various Departments of the Ministry of Finance took part in the event
 
AMMAN---------November 27, 2013----------- The Fiscal Reform II Project (FRP II) funded by the U.S. Agency for International Development (USAID), in collaboration with the International Arab Society of Certified Public Accountants (IASCA) held a workshop entitled "International Public Sector Accounting Standards (IPSAS)".
 
The workshop aimed at increasing awareness of the need to adopt and apply these standards and their role in providing a consistent accounting reference and a financial disclosure form that is easily understood, read and dealt with. In addition, it also aimed at improving the quality of financial reports submitted by the public sector through the provision of reliable sources of information, which lead to better assessment decisions regarding the allocation of resources provided by governments, and thus; increasing transparency revolving around business issues and providing periodic comparisons .
 
At the opening of the workshop, Mr. Hussam Abu Ali, Assistant Secretary-General of the Ministry of Finance, welcomed the participants and emphasized the significance of this workshop as it addresses the international applicable standards. He also stressed on the importance and the many benefits that will be realized through the application of such standards.
 
He explained the objectives of implementing the International Accounting Standards in Public Sector and the importance of applying those standards to the Government accounting system in Jordan in preparing financial statements based on the international standards that show a fair and true reflection of the financial position. This has been preceded by implementing the international standards of financial control through instructions the Cabinet issued.
 
In his welcoming speech, Mr. Fadi Daoud, Deputy Chief of Party of the USAID - FRP II praised the continuing efforts with key partners in the MoF and the project's ongoing commitment to support the reform efforts of the Ministry. He stressed the importance of the application of these standards to support and promote the principles of governance in the public sector, and that the goal of this workshop is to bring together the practical experience of the relevant staff of the Ministry with the scientific and professional expertise from the IASCA in order to reach the recommendations that will constitute the cornerstone for initiating the application of the IPSAS in Jordan.
 
Furthermore, Dr. Jalal Deb'I, Director of the Public Accounts Directorate at the MoF addressed in a keynote speech the aspiration of the Ministry to apply the appropriate international standards based on the nature of governmental accounting practices, taking into account their privacy. He also pointed out the convergence to a large extent between what is actually applied currently in the Ministry and the stipulated international standards. Finally, he urged the participants to take advantage of the workshop and come out with a clear perception of international standards.
 
In continuation of the IASCA policy to support the finance cadres in the public sector, it presented the latest edition of the IPSAS to the participants. Mr. Salem Al-Ouri, IASCA Manager, indicated that IASCA under the presidency of HE Dr. Talal Abu-Ghazaleh will persistently work to organize and support such workshops and training sessions for the benefit of Jordan, and praised the joint collaboration with the USAID-funded FRP II and the MoF to achieve effective partnership between the public and private sectors.
 
The participant concluded with a set of recommendations, as follows:-
• Examining the situation of applying the standards in the Ministry in terms of the current application of these standards and what is actually applied, as well as the possibility of their application and the matters arising from such application.
• Realizing the importance and positive effects of the application of these standards on the short and long terms, in addition to their role in controlling expenses and reflecting credible and transparent financial statements.
• Forming a working group in MoF with the task of studying the above points and coordinating with USAID