ExpressBook PSA Executive Summary
Here is the summary of some of the unparalleled features of ExpressBook PSA IPSAS-compliant accounting software solution for public sector entities…
The Federal Executive Council (FEC) gave its approval to Nigeria’s adoption of both the International Financial Reporting Standards (IFRS) and International Public-Sector Accounting Standards (IPSAS) on July 28, 2010. In response to that development, the Federal Account Allocation Committee (FAAC) on June 13, 2011, set up a subcommittee to sensitise the stakeholders and provide a roadmap for the take-off of IPSAS in all three tiers of government in Nigeria (Federal, State, and Local Governments). Based on the roadmap, Nigeria commenced the implementation of the Cash-based IPSAS in 2013, while the Accrual Standards commenced in 2016. This means all the budgets and financials of all three tiers of government are supposed to be IPSAS-compliant from 2016 to date. But are they?
As of today, IPSAS is the de facto and mandatory accounting standard for all public sector entities in Nigeria.
The implication of IPSAS adoption is that each Ministry, Department, and Agency (MDA) at both the Federal and State levels is expected to prepare and present its financial statements, along with budget reports, outside the consolidated reports prepared by the office of the Accountant-General of the Federation. Each Local government is also expected to prepare and implement its budget, with full reports, based on the standard templates provided by the OAGF.
To enable effective and uniform implementation of IPSAS nationwide, and in line with the IPSAS requirement of uniform reporting, the Office of the Accountant-General of the Federation (OAGF) released the National IPSAS Chart of Accounts in 2015 (updated in 2020) and the template for the General-Purpose Financial Statements (GPFS) for all three tiers of government. The chart of accounts captures all the activities in the three tiers of government. Also provided are the standard templates for both the financial statements and budget reporting.
Why the Need for IPSAS?
By adopting the International Public Sector Accounting Standards (IPSAS), Nigeria has subscribed to a set of high-quality global standards for the accounting treatment and presentation of financial information in the public sector, to serve the interest of the public. The primary objective and benefits of IPSAS include:
ExpressBook PSA is a bespoke IPSAS-compliant accounting solution, customised to meet the international requirements of IPSAS and the local requirements of Nigeria’s public sectors, as prescribed by the Office of the Accountant-General of the Federation (OAGF).
- Enabling a high level of accountability and transparency in public finance management that aligns with the global best practices.
- Uniformity in accounting policies that enable entity-wise comparability of financial information in the Public Sector.
- Uniformity and consistency in the classification, measurement, and reporting of financial information.
- A uniform Chart of Accounts, prepared by the Office of the Accountant-General for all public sector entities at all levels, means cost-saving in developing a separate chart of accounts and an accounting manual for each public sector entity.
However, the successful implementation of IPSAS in Nigeria requires incorporating all the local elements of IPSAS, based on the IPSAS Domestication Policy by the Office of the Accountant-General of the Federation. That is why you can’t implement IPSAS in Nigeria using any general off-the-shelf accounting software. The task requires a bespoke software solution, customised for Nigeria’s public sector. ExpressBook PSA is that solution.
ExpressBook PSA is a bespoke IPSAS-compliant accounting solution, customised to meet the international requirements of IPSAS and the local IPSAS domestication requirements of Nigeria’s public sectors, as prescribed by the Office of the Accountant-General of the Federation (OAGF).
CORE BENEFITS AND UNPARALLELED ADVANTAGES OF EXPRESSBOOK PSA
The question is not about the benefits of accounting to the public sector because any entity, whether public or private, that operates without accounting is like driving a car with a darkened windshield. The question is, “What are the benefits of using ExpressBook PSA to implement IPSAS accounting for public sectors in Nigeria?”
Below are some of the reasons and features that have positioned ExpressBook PSA as the de facto accounting software for public sector accounting in Nigeria:
- ExpressBook PSA was developed locally, in liaison with the FAAC Sub-committee on IPSAS. We took part in the debugging and updating of the National Chart of Accounts, and we are the only IT firm that played that role.
- ExpressBook PSA was presented and approved by the FAAC Sub-committee on IPSAS as far back as 2015, and we have been updating the system every year.
- ExpressBook PSA has been customised to work seamlessly with the National Chart of Accounts and comes preloaded with the National Chart of Accounts for all three tiers of government. That means you do not need to pay anybody to prepare the Chart of Accounts for you. ExpressBook PSA is the only software with this all-important feature.
- ExpressBook PSA comes with a special toolkit (IPSAS Transition Toolkit) to manage your migration from your previous accounting system to the new IPSAS-compliant environment with the National Chart of Accounts.
- ExpressBook PSA will help you to generate General-Purpose Financial Statements (GPFS) and Notes, as well as Segment reports, based on the format prescribed by the Office of the Accountant-General of the Federation.
- Automated computation and accrual accounting for Value-Added Tax (VAT), Withholding Tax, and Stamp Duty, that takes cognisance of the Treasury Single Account (TSA).
- Custom Payroll Journal to enable accrual accounting for Salary and Wages.
- ExpressBook PSA is locally developed to meet the peculiar requirements and needs of the Nigerian environment in many ways. You are sure of full customisation to accommodate your special requirements, as well as prompt support.
- ExpressBook PSA is built to work seamlessly with Nigeria’s Accrual IPSAS National Chart of Accounts, eliminating all your reconciliations, conversion headaches, and more.
- Dual data input interface that allows importation of data from Microsoft Excel, in addition to direct data entry.
- Dual Transaction Management Modes that allow for Real-time data update and Batch-mode data update after approval.
- Custom Data Import Utility to import financial and budget data from Excel into the system.
- ExpressBook PSA’s intuitive and user-friendly interface is designed to lower the learning curve for everyone.
- ExpressBook PSA comes with a detailed printed and online User’s Guide.
- Provision for further customisation to meet entity-wise special requirements.
- Finally, ExpressBook PSA is an indigenous software, designed, developed, implemented, and supported by Nigerians for IPSAS based on Nigeria’s IPSAS domestication policies and requirements. Therefore, using ExpressBook PSA will align your organisation with the Federal Government’s local content policy for all federal procurements. No other software in Nigeria for IPSAS implementation and public sector accounting compares with ExpressBook PSA.
ExpressBook PSA is available for immediate deployment within days… You can call any of the following phone numbers for immediate attention:
Lagos (Ovie O. Ogude): 08034022659 Abuja (Etim O. Uso): 09132312209