The Ministry of Finance holds It’s Second Workshop to Implement the International Accounting Standards in the Public Sector, making Jordan the First Country That Implements these Standards within the Region.
Kanakreyyeh: The Ministry of Finance holds It’s Second Workshop to Implement the International Accounting Standards in the Public Sector, making Jordan the First Country That Implements these Standards within the Region.
His Excellency the ministry of finance secretary general, Dr. Izz Al Deen Kanakreyyeh, said during the workshop which was held last week with the coordination of Jordan Fiscal Reform – USAID, that MOF’s efforts which were employed to prepare an action plan to implement the international accounting standards in public sector, came to improve the quality of the financial reports and the transparency of government financial accounts in addition to strengthening oversight, accountability and simplifying the process of decision making in a timely manner within the optimal use of financial resources, as it will depend on the transformation from the accounting basis into accrual basis.
He Added that the concept of the “Relaunch” which has been released by His Majesty, King Abdullah II, aims to boost our motivation toward making the necessary efforts to improve the current and future general performance in all areas, reaffirming that Jordan is considered to be the first country in the region which prepares for the implementation of the international accounting standards in public sector.
Furthermore, his Excellency emphasized the importance of the early preparation of applying the international accounting standards in public sector in order to keep pace with the international developments, giving an example “If horses aren’t exercised and enabled for racing some time ago, then it will be difficult for them to run”. Such Example complies with the MOF’s vision represented by an excellent fiscal management at the regional level and contributes in enhancing the financial and economic stability and achieving the well-being of the citizens.
Moreover, his Excellency pointed out that during the workshop, the working groups which were prepared for the gradual transformation of applying the international accounting standards discussed the significance of transforming into the international standards and the preparation of action plans that can help in transforming from the applicable cash basis accounting system into the accrual basis accounting system and determine the challenges and the essential requirements necessary for implementing the prepared plan, in addition to learn how to apply the international standards through government financial management information system (GFMIS) which is currently operated in budget institutions.
He also stated that the ministry will continue to include all ministries and government departments in the general budget and the GFMIS, which the latter is operated on an accrual basis as a preliminary step, coinciding with the preparations required to keep pace with the latest international developments that occur in the gradual transformation, in order to work within the same system based on the international accounting standards prevailing in the public sector.
He showed that since the beginning of preparing such project, the ministry made sure to include the experts and seniors in the public sector, who participated in all steering and technical committees and workshops. This keenness derives from the government approach of the real partnership with the private sector and the ongoing consultation, stating that the private sector representatives are active members in the steering and technical committees relevant to project implementation. The chief of party of Jordan Fiscal Reform, Funded by USAID, and experts from the International Arab Society of Certified Accountants (IASCA) have participated in the workshop in addition to the leads and staff of the concerned directorates in MOF