Expert advises government on accounting

THE Government has been encouraged to switch from cash based accounting to accrual based accounting, says International Federation of Accountants (IFAC) president In-Ki Joo.
Joo told The National during 24th Certified Practicing Accountants (CPA) PNG and CPA Australia (PNG) branch annual conference in Port Moresby on Friday.
Joo, who visited the country for the first time, also announced CPAPNG as a member of the IFAC.
He said PNG needed to seriously think about international public sector accounting principles in producing financial information for the public.
“PNG Government should think of adapting and implementing the international accountable principles.”
He said principles such as switching from cash based accounting to accrual based accounting would be a good step forward.
“Many government across the world try to change from cash basis accounting to accrual basis accounting.
“Accrual based accounting is important.
Joo urged the government to utilise professional accountants.