Tanzania hailed for adopting IPSAS standards.

ACCRA: TANZANIA has been praised for being among the leading countries in Africa in adopting International Public Sector Accounting Standards (IPSAS), a move that has contributed to transparency and accountability in the management of public finances.

The commendations were made in Accra, Ghana by the Advisor on the use of international accounting standards from Zimbabwe, Amon Dhlimayo, while delivering a presentation on the use of these standards during the Third African Association of Accountants General Meeting (AAAG), which is being held in the country.

He said that Tanzania was the first country in Africa to use these international accounting standards, a step that contributed to the country having standardized and internationally accepted financial statements.

He urged other countries to follow the footsteps of Tanzania and some other African countries, using this public finance management system contributes to financial information reaching the citizens and thus contributing to the development of the country.

For his part, the Accountant General of the Tanzanian government, CPA Leonard Mkude, said that the use of IPSAS standards has been a great success since the management and control of public finances has been of a high standard, they are made public and discussed by various groups including Parliament and they stimulate policy impetus and the use of Inclusive Accounting for the Improvement of Asset Management and Debt.

The conference, which was themed “Tomorrow’s Africa: Strengthening Public Finance Management for Economic Prosperity”, brought together more than 2,000 participants from 55 African countries and aimed to develop joint strategies on how to manage the proper use of public funds.