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The Treasury Department has two representatives on this Committee.

Background

The Accounting Policies Committee (APC) is an internal working committee that falls under the remit of the EPS Unit. The APC was established in 2007 with the mandate of reviewing and recommending changes to the accounting policies and procedures of the Public Sector.

The mandate of the APC is embodied in Part 2 General Accounting of the Accounting Policies for the Financial Statements of Government.

The accounting policies are based on generally accepted accounting practice as defined in the Public Management and Finance Law (2012 Revision) and the Financial Regulations (2010 Revision).

Purpose of the Committee:

To serve the interests of the Entire Public Sector by promoting the use of IPSAS, IAS & IFRS, To ensure that the accounting policies are continuously updated to be consistent with IPSAS, IAS & IFRS.

To Facilitate Continuing Professional Education and other related training needs and, Establish relations with IFAC and other like bodies.

The Committee will meet the above objectives by:

  • Promoting the acceptance and use of these standards,
  • Issuing changes to the accounting policies to be consistent with accounting standards,
  • Providing timely information to the EPS on any changes to the accounting policies,
  • Providing guidance in the application of these standards to ensure consistency of treatment and,
  • Formation of alliance with relevant accounting bodies.

The Committee comprises seven (7) members drawn from departments within Government. The committee members serve for a period of two (2) years.

Last Updated 2014-01-02