Sudanese Ministry of Finance Implements International Accounting Standards

Port Sudan – Sudanhorizon
The Minister of State at the Ministry of Finance, Mohamed Nour Abdel-Daim, has affirmed that the application of International Accounting Standards facilitates the comparison of financial performance internationally, contributes to determining the value of fixed assets to identify future financial obligations, and enables the government to issue highly reliable financial reports.
The minister made those remarks during the first meeting of the committee for adopting the International Public Sector Accounting Standards (IPSAS) project at the Ministries Complex in Port Sudan on Monday. The project is being implemented by the National Audit Office.
The Minister of State explained that the application of IPSAS is part of the government public finance reform program implemented by the Ministry of Finance to enhance transparency and good governance.
He revealed that the strategic objective of this step is to transition from cash-basis accounting to accrual-basis accounting. He pointed out that the project aims to align government policies with international standards to enhance transparency and attract foreign investment.
For his part, the Director General of the National Audit Office and Chairman of the Committee for Adopting International Accounting Standards in the Public Sector, Al-Tayeb Al-Sadiq, explained that the committee was formed by the Minister of State with the participation of relevant bodies, including the Accounting and Audit Regulatory Council, university professors, state audit offices, and representatives from institutions and companies in all sectors concerned with financial and accounting matters.
He pointed out to the importance of applying international accounting standards, which contributes to issuing highly reliable financial reports in a timely manner. This enhances credibility and accuracy in presenting financial data, improves the country’s financial ranking, enables comparison with other countries, facilitates access to credit, reduces waste, improves the utilization of state financial resources, and provides accurate data that contributes to strengthening the state’s strategic plans.
For his part, Professor Al-Hadi Adam explained the importance of the committee in developing the accounting profession and implementing International Accounting Standards in the public and private sectors. He noted that it forms an extension of the Accounting Profession Regulation Council and is crucial in reducing financial and administrative corruption and streamlining financial operations in Sudan. He added that it also plays a key role in evaluating the performance of governmental and private institutions using objective criteria in accordance with International Accounting Standards.
He indicated that the meeting concluded with an stress on the need for developing a roadmap for implementing these standards in Sudan. He described the Minister of State’s efforts as a genuine contribution to financial reform.

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