The Government of Ghana, through the State Enterprises Commission (SEC), has signed a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants, Ghana (ICAG).
Dr Camynta Baezie, Executive Chairman, SEC and Prof. Kwame Boasiako Omane-Antwi, President, ICAG, signed for their respective institutions. The objective of the MoU is to create a formal basis for co-operation and collaboration in strengthening the capacity of State-Owned Enterprises (SoEs). Under the MoU, ICAG will review and advise Government on the state of implementation of International Financial Reporting Standards (IFRS) in State-Owned Enterprises (SoEs).
The MoU will allow SEC to set up an IFRS Assessment Framework to review compliance by SoEs, conduct IFRS training to enhance capacity and, more importantly, pass on the requisite knowledge to ensure compliance, with respect to the preparation of their financial statements and follow up on SoEs which do not comply fully to ensure that IFRS compliance is upheld in their preparation of financial statements.