KUCHING: Building financial skills, capability and capacity for the public sector is a key aspect of economic development and public accountability, says ACCA (the Association of Chartered Certified Accountants) as it launches the Certificate in International Public Sector Accounting Standards (Cert IPSAS).
According to a press release, the ACCA Cert IPSAS is specifically developed for public sector organisations to train their staff so they can meet the challenges of implementing IPSAS – the global accruals-based accounting standards used for the preparation of general purpose financial statements by governments and other public sector entities.
ACCA believes that given the pace of change and size of expenditure in the public sector, it is critical that finance professionals working in the sector are equipped with the right skills and competencies to deal with the challenges ahead.
David Chin, head of ACCA Malaysia, said, “This is particularly significant in Malaysia as the government has plans to implement the accrual accounting system in 2015, switching from the current cash-based accounting system in the public sector.
“Hence, the ACCA Cert IPSAS is timely for the Malaysian public sector to further up-skill themselves on this standard as well as to assess the competency of the people involved in the transformation to accrual accounting.”
The ACCA Certificate in IPSAS was developed to support and build strong financial reporting based on internationally recognised financial reporting standards for the public sector.
It was also created in response to high demand from the public sector to ensure that qualifications help to build the financial reporting capabilities of public sector organisations, transparency and accountability and ultimately value for money for public funds.
Gillian Fawcett, Head of Public Sector at ACCA, said, “Globally, the direction of travel is for governments and NGOs to move to IPSAS reporting, so this Certificate will mean that the skills gained are transferrable across public sector organisations and across countries.
“The IPSAS certificate will give finance professionals working in the sector, or wanting to work in the sector, stronger and more relevant financial reporting skills.
“Both individuals and their employers will benefit from having IPSAS financial reporting expertise, as it is a necessary component for improving the accountability and transparency of the public purse.”
ACCA is a strong advocate of public sector financial skills and public financial management policy development.