The Institute of Chartered Accountants
of Nigeria (ICAN), has endorsed government’s adoption of International Public
Sector Accounting Standards (IPSAS), as basis for financial reporting in the
public sector.

This is contained in communiqué issued by ICAN at the end of
its 42nd Annual Accountants’ Conference
in Abuja on Monday.

It urged the government to ensure an enabling legislative
framework required for the adoption of IPSAS and employment of professionals to
drive the process.

The conference noted the prime role of the public sector in
creating an enabling environment for the private sector to thrive and create
value.

It stressed that the services provided by public sector
agencies must make economic sense and be value-driven irrespective of the
traits of their leadership.

To achieve this, the conference recommended that public
sector financial management systems must provide reliable information to
decision-makers for good governance and accountability.

The conference noted that the nation‘s uninspiring pace of
development, endemic corruption, political, economic and social uncertainties
were largely attributable to the absence of strong institutions.

It said that the country lacked institutions that could
clearly define and effectively sanction those who stepped outside acceptable
behavioural boundaries, irrespective of their social and economic statuses.

It noted with dismay that the nation was currently suffering
from decaying physical infrastructure built over forty years ago with little or
no maintenance.

The conference urged government to drastically reduce the
cost of governance, place emphasis on capital expenditure and maintain expenses
in the annual budgets and medium term plans.

It recommended that chartered accountants should begin to
play a more active role in governance.

The communiqué called for a paradigm shift from mere
celebration of transient achievements of individual leaders to the building of
enduring institutions for sustained development.