Jordan became first country in the region to adopt IPSAS

Jordanian-Finance-Ministry-Secretary-General-Ezzeddine-Kanakrieh-Image-from-Petra
Jordanian Finance Ministry Secretary General Ezzeddine Kanakrieh (Image from Petra)
Jordanian Finance Ministry Secretary General Ezzeddine Kanakrieh (Image from Petra)

Amman, (IINA) – After Jordanian cabinet approved a law to implement the International Public Sector Accounting Standards (IPSAS), Jordan became the first country in the region that implements these standards, Petra reported citing a top financial official.

Jordanian Finance Ministry Secretary General Ezzeddine Kanakrieh noted that his ministry prepared a gradual action plan for applying IPSAS, which depends on the transformation from cash basis accounting into accrual basis accounting system.

Kanakrieh explained that reforming the financial system came to improve the quality of the financial reports, boost transparency of government financial accounts in addition to strengthen oversight, accountability and simplify the process of decision making in a timely manner within the optimal use of financial resources .

IPSAS 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. These standards are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

IPSAS aims to improve the quality of general purpose financial reporting by public sector entities, leading to better-informed assessments of the resource allocation decisions made by public entities, thereby increasing transparency and accountability.

Leave a Reply

Your email address will not be published. Required fields are marked *


About us

At www.maeeshat.in we intend to introduce and promote the businesses in the Minorities especially Muslim world who distinguish themselves with respect to Halaal and Haraam. From its very beginning this journal/website has convinced Muslim industrialists and businessmen to strengthen the Indian economy and make their relationships more flourishing with other corporate.


CONTACT US

CALL US ANYTIME


Disclaimer

Maeeshat Media Pvt Ltd and https://maeeshat.in is not responsible for views and claims expressed by contributors and for reports sourced by other media networks and news agencies. They do not necessarily represent or reflect the editorial policy of the publication.


Newsletter


    Categories