All State Owned entities preparing financial reports must comply with the International Financial Reporting Standards annually beginning from last year and onwards.
Acting Deputy Secretary Public Enterprises, Ana Naivakasoro said the IFRS requirement reflects the global move to benefit users which may include investors, suppliers, shareholders and stakeholders.
Naivakasoro said this new framework requires all state owned entities to review and reformat their financial statements to meet the standard.
Meanwhile in ensuring a smooth adoption and conversion process, Ministry of Public Enterprises with the Auditor General's office has organize a 3 day workshop which kicks off on Monday.
State owned entities to review, reformat financial statements
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