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Jordan makes first steps towards IPSAS implementation

The Jordanian Ministry of Finance (MOF) has set up work teams to identify the requirements and mechanism of transition from cash-basis accounting to accrual-based accounting in the country's public finances.

This follows last November's decision by the Jordanian Cabinet of adopting and implementing the International Public Sector Accounting Standards (IPSAS).

The International Arab Society of Certified Accountants (IASCA) will take part in the working groups which will look at each standard in order to prepare data and documents on implementation requirements.

The working group will focus their recommendations on: financial legislations, forms used for each standard, records used for these standards, the extend of appropriateness of the government financial information system to implement these standards.

In the past two years, IASCA played a key role in Jordan's adoption of IPSAS, holding various meeting with the MoF and cooperating with USAID on the Fiscal Reform Project II (FRP II).

FRP II is a five year project started in 2009 with a $38.5m budget. It aims at improving the Jordanian MoF's public financial management and fiscal policy in order to achieve macroeconomic stability and economic growth.

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