The Ministry of Finance, in partnership with the State and Resilience Building Contract (SRBC) Project supported by the European Union, launched a three-day capacity-building workshop on the International Public Sector Accounting Standards (IPSAS) Accrual System on Tuesday, 1 September 2026. Held at the Country Lodge Hotel in Freetown, the event brought together senior public sector accountants, auditors, and other finance officials to deepen their understanding of accrual accounting and support Sierra Leone’s wider public financial management reforms.
Key Expert Facilitator, EU-SRBC: “We want to practically equip finance professionals with the expertise and abilities they need to transition from the traditional cash-based system to accrual-based IPSAS reporting through this workshop,” said Cyprian Kamaray. He said adopting IPSAS is not simply a technical compliance exercise but a pillar of good governance that improves fiscal transparency, strengthens accountability, and enhances public confidence in the stewardship of state resources. “The sessions will focus on core standards like Cash Flow Statements and Property, Plant and Equipment, but will also discuss implementation challenges that public entities encounter,” Kamaray said.
Organisers noted that the program is a strengthened partnership between the Ministry of Finance and the Institute of Chartered Accountants of Sierra Leone (ICASL). This collaboration will build the technical capacity of finance staff across government to prepare IPSAS-compliant financial statements, overcome implementation obstacles, and improve the credibility of government reporting to international donors and oversight bodies.
The Assistant Accountant General, Ms Sheila Max Macarthy, presented a PowerPoint presentation on the progress made so far and the roadmap for the transition to the IPSAS Accrual System.
Macarthy said the roadmap would be tabled before the Minister of Finance for consideration and then forwarded to Cabinet for approval and implementation. She addressed a wide range of issues regarding a standardised IPSAS, such as Investment Properties, Segment Reporting, Contingent Liabilities, Inventories, Hyperinflation, Budget Information and Related Party Disclosures – all of which are important in the production of transparent and complete financial reports in the public sector.
Participants were urged to actively participate in the workshop, share practical experience, and offer recommendations on the operational aspects of introducing accrual accounting. The interactive sessions provided a forum to discuss country-specific challenges and possible solutions, and allowed officials to define priority actions needed to support a gradual and sustainable transition.
The training is part of the Ministry’s ongoing efforts to improve public financial management, improve the quality and transparency of government accounts and bring greater accountability to the use of public resources. The Ministry and its partners are investing in the technical skills of accountants and auditors to lay the foundation for more reliable financial reporting in line with international standards and to support informed decision-making by government, parliament, and development partners.
