Addis Ababa University engaged in Agency’s training and consultancy
Member of the Finance and Accounting Department of the Faculty of Business and Economics of the Addis Ababa University, Mintesnot Adnew, announced that the department is providing the Agency with capacity building trainings and consultancy service.
He stated that the two institutions are working together to implement International Finance Reporting Standard (IFRS) in the Agency.
Mintesnot further explained that the University has set up a team of IFRS consultants while the Agency has an implementation team in place, with the teams working on publishing the Agency’s financial report by December 9, 2019.
He noted that the IFRS report standard has been around since the beginning of the Gregorian millennium. Domestically, the Ethiopian Accounting and Audit Board was established to make sure that organizations follow a regular system of financial reporting.
Mintesnot also stated that the main objective of IFRS is to come up with a regularly structured financial report once a year.
He noted that accounting information is a huge input for national and international decisions.
He further remarked that there is a mandatory law passed by the House of People’s Representatives and the House of Federation that obliges the Ethiopian Pharmaceutical Supply Agency, state banks and insurance companies, Charity organizations, and Small and Medium Micro Finance Institutions to implement first, second and third level report standards.