The Accountant-General of the Federation, Mr Jonah Niyi Otunla has called on every state government in Nigeria to ensure that they urgently comply with the provisions of the International Public Sector Accounting Standards (IPSAS) as this would soon be used as yardstick before they are granted further local or foreign loans.

He gave this directive at the end of a 3-day retreat of the Forum of Accountants-General in Nigeria held at Tinapa Business Resort, which had "Towards a Better Public Sector Financial Reporting and Transparency" as its theme.

The accountant-general of the federation stated that IPSAS is now a global new accounting reporting standard which must now be adopted by all governments and big firms.

He said that the Federal allocation Accounting Committee (FAAC) has already began measures for states to comply in keeping with Federal Executive Council directive.

"The FAAC sub-Committee on the roadmap for the adoption of IPSAS has come up with a framework that will ensure uniformity in Public Financial Management and Accounting among the three tiers of government", the former Oyo State Accountant-General said.

He disclosed FAAC will harmonise Financial regulations of the federal government, the financial instructions of state government and financial memoranda of local government councils into one financial and treasury document. The AGF said that all state governments should endeavour to adopt IPSAS wih effect from 2014 financial year.

"By adoption of this international standard will place Nigeria on international map in Public Sector Financial Management", he stressed. Towards this new requirement he also informed that FAAC-sub Committee will soon embark on state-by-state training of all accountants-General, their staff and those involved with government financial reporting.

"Even though Financial Reporting Council of Nigeria (FRCN) is aware of this new standard, we will also ensure that efforts are made to involve the Governors' Forum for them to understand this new imperative", he said. But immediate past chairman of the Accountants-General Forum, and former Kwara State AG, Alhaji Tunde Abdulkareem in his papers insistedon political will to ensure full compliance and training of stakeholders.

Earlier in his welcome address, the current chairman of the AG Forum and AG of Akwa Ibom State, Mr Udo Hilary Isobari, while AGs can no longer be complacent over the matter yet they would need to understand all the rudiments and IPSAS requirements.

Isobari however believed that the new standard will bring about transparency in government financial reporting and international community will know how states and how beneficiaries of their loans apply such.