Mon - Fri: 9:00 - 17:00
Sat-Sun Closed
Broad & Mechlin Street

GoL to implement updated IPSAS Cash Basis of Accounting for all Agencies


Monrovia, Liberia - The Government of Liberia through the Ministry of Finance and Development Planning (Comptroller and Accountant General’s Department) and in consultation with the Auditor General of Liberia will begin using the November 8, 2017, updated version of the International Public Sector Accounting Standards (IPSAS) Cash Basis of Accounting for the preparation of the government financial statements.

This implementation which takes effect July 1, 2021, of the 2020/2021 fiscal year, advises ministries, agencies and commissions that are reporting using the IPSAS Cash Basis of Accounting to prepare financial statements using the updated version of IPSAS CASH BASIS – 2017.

The government's instruction is in compliance with the Amended and Restated Public Financial Management Act of Oct 22, 2019, Section 47.2, which states “ The Minister in consultation with the Auditor General, shall be responsible for establishing the accounting rules and standards for central government. These will be set out in accounting regulations, established under this Act, and further detailed in instructions and guidelines issued by the Minister”.

The implementation of the updated or modernized IPSAS Cash Basis of Accounting for all agencies is in recognition of recent updates to several standards by IPSAS Board in 2017, and their impacts on Cash Basis IPSAS as adopted by the Government of Liberia in 2009 for preparation of GOL financial statements.

Accordingly, a period of ninety days have been given to ministries, agencies and commissions as of the July 1, 2021 timeline to prepare the financial statements through the updated version.

For additional information and Guidance, Ministries, Agencies, Commissions and All Reporting on Government of Liberia Expenditures are requested to contact the Department of the Comptroller and Accountant General at the Ministry of Finance and Development Planning.


Latest Press Release

30 May 2023
Press Release
The Government of Liberia and the African Development Bank on Thursday May 19, 2023, signed a grant agreement in the amount of US$ 3.9 million for the upgrade of the Central Bank of Liberia payment infrastructure system to strengthen its primary data...
05 April 2023
Press Release
Monrovia, Liberia - Liberia Finance and Development Planning Minister, Hon. Samuel D. Tweah Jr. says Liberia is making significant progress in other areas of Development, but there are still infrastructure constraints that need to be addressed and so...


Wait a minute, while we are rendering the calendar

P. O. Box 10 - 9016
Broad & Mechlin Street
1000 Monrovia


Get updates and important events straight to your inbox. We don't spam

© Copyright 2023 | Ministry of Finance and Development Planning | . All Rights Reserved.