The University Council at its meeting in December during which it considered the audited financial statements of the University, submitted by the Finance and General purposes Committee, commended the Finance Directorate for the completion of the 2017 financial statements using the International Public Sector Accounting Standards (IPSAS). Council noted that the University of Ghana is currently the only public institution using IPSAS to prepare its accounts.
IPSAS, based on the International Financial Reporting Standards has many benefits, for example, an increased transparency which provides a better understanding of an organisation’s financial performance, greater accountability to make informed decisions about resource utilization, and improved financial information to support governance, management of assets and decision-making.
Congratulations to the Finance Directorate.
