THE Legislative Assembly has today passed for the referral of the Government Financial Statements for the year ending 23 June 2023 to be discussed in the Whole House Committee.
All MPs present in the House voted in favour for these financial statements to be discussed along with the Budget Estimates 2024/2025 in the Whole House Committee.
The Ministry of Finance have prepared these financial statements for the specified period in accordance with the Public Finance Management Act (PFMA) and also with the International Public Sector Accounting Standard (IPSAS) for Financial Reporting Under the Cash Basis Accounting (IPSAS Cash).
The Government is on a pathway towards adoption of accrual accounting in accordance with IPSAS.
The 103-page report provides financial statements with supporting information including accrual prepared with consideration for the respective accrual IPSAS standards as well as PFMA).
The Ministry of Finance is responsible for establishing and maintaining a system of internal control designed to provide reasonable assurance that the transactions recorded are complete and properly record the use of all public financial resources by the Government.
Meanwhile these Financial Statements will be deliberated together with the Budget Estimates 2024/2025 which gets underway in the Whole House Committee.