The  Accountant General of the federation,Dr.Oluwatoyin Madein has emphasized on the implementation of the International Public Sector Accounting Standards (IPSAS) in Nigeria, and the strategic role of Legacy Assets in the first-Time adoption of IPSAS

Dr.Oluwatoyin made this crucial point at the sensitization Retreat with DFAS and DIAs in Abuja with the the theme:  National Assets Register & the Strategic Importance of Legacy Asset Rendition in the Implementation of IPSAS Accrual basis Accounting in Nigeria.

According to the AGF,Dr.Oluwatoyin, the nation is facing tough economic situation marked  by rising inflation and significant external debts, there is need to seek  a holistic approach to fiscal management that  ensures transparency and accountability in financial reporting.

She further noted that Nigeria adopted IPSAS accrual accounting with effect from 1™ January 2016 however till date many legacy assets are yet to be recognized, measured and uploaded.

And it has led to a   huge negative net assets in 2021 consolidated financial statements which stood at 39 Trillion naira

Dr.Maiden however  noted  that the AGF’s office will initiate measures to enforce compliance as sanctions will be applied to non- complying MDAs that continue to delay these critical renditions. By adhering to these directives