Debt Exchange: There will be losses and should be accounted for – ICAG
Government has been charged to ensure that the International Financial Reporting Standards (IFRS) is complied with if it goes ahead to implement the Domestic Debt Exchange Programme.
According to the Institute of Accountants Ghana (ICAG), even though its effect on individuals and businesses cannot be ruled out, the programme must adhere to the London-based Accounting Standards Board (IASB) and address record keeping, account reporting, and other aspects of financial reporting.
“ICA Ghana has made submissions already in the process and some of the submissions are tilted to the fact that the debt restructuring will definitely have implications for financial reporting,” said the President of ICAG, Sena Dake spoke to Joy Business at the 40th Graduation and Admission Ceremony of the institute held in Accra.
She added, “What the ICAG stands by is to comply with the International Financial Reporting Standards because there will be losses and they should be accounted for.”
According to the ICAG President, if the said best accounting practices are adhered to in the Debt Exchange Programme, it will give confidence in the Public Financial Management System.
“They must be recognised in the financial statements and that is where we have to go because this is a global matter and the fact that we are complying with standards will give confidence in the Public Financial Management System. As well as any other financial statement that goes out because this will clearly show that we are applying high standards,” She said.
An alumnus of the University of Ghana, Richard Osafo Boadi emerged Overall Best Level 3 Candidate of the 40th CA Professional Exams.
In an interview with Joy Business, he admonished members of the ICAG to adhere to best accounting practices.
“You should know that whatever you say or do through your practices, you need to be very careful because if you do not abide by the set standards, basically you’re tarnishing the image of yourself, the businesses or your employer and the profession we are all a member of”, he said.
The 1st 2023 ICAG Graduation and Admission Ceremony coincided with the institute’s 60th-anniversary celebration.
Source: Ghana News
