IPSAS soon the new accounting standard

Isaac Chikosi

Since 1999 Swakopmund Municipality has made use of the fund-based accounting system IMFO. The Institute of Municipal Finance Officers (IMFO) is the recognized professional body for finance, audit, risk management, performance management and related professionals in the public sector.

However, the IMFO reporting standards are no longer in compliance with any international recognised reporting frameworks. In this regard, Council seeks to adopt new reporting standards known as International Public Sec-tor Accounting Standards (IPSAS), which 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. Adverse audit opinion due non-compliance with the internationally recognized reporting frame-work over the past two years has prompted council to implement changes within the current accounting structure in phrases.