Almot Maqolo, Staff Writer 
THE effective implementation of the International Public Sector Accounting Standards (IPSAS) project will be aided by the deployment of appropriate information and communication technology (ICT) infrastructure, minister of Finance, Mthuli Ncube has said.
The ongoing project for the migration to the accrual-based IPSAS framework by December 2025, is part of the government’s wider public finance management reforms aimed at enhancing transparency and accountability.
“Deployment of proper ICT infrastructure will act as a great force multiplier for the successful implementation of the IPSAS project,” Ncube told delegates at the launch of IPSAS last week.
“An ICT-based accounting system is the centre of gravity that will hold the various accounting elements and components together.”
The minister said the implementation of an IPSAS-compliant public finance management system is a key deliverable on the IPSAS implementation roadmap.
“Entities should dedicate adequate resources and commitment towards ICT infrastructure and solutions,” he said.
He added that there is a need for constant monitoring of progress and alignment of our implementation matrix and plan with the 2025 IPSAS-compliant financial statements deadline.
IPSAS is a set of accounting standards developed by the International Public Sector Accounting Standards Board (IPSASB) to guide public sector entities in preparing and presenting their financial statements.
The adoption of IPSAS is expected to enhance transparency and accountability in the management of public funds.
Experts say Zimbabwe’s decision to launch the IPSAS project is a positive step towards improving its financial management systems and promoting good governance.
The IPSAS implementation strategy, which was launched in 2019, brought about the publication of a manual for financial reporting in Zimbabwe.
The handbook is anticipated to serve as a roadmap for IPSAS implementation by outlining local interpretations and alternatives and ensuring that the different standards are consistently applied by reporting organisations.
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