IPSAS & IFRS Training Delivered to EOC – Children & Family Affairs Organization

Published On - January 26, 2023

Admin International Accounting Standard

The Ethiopian Orthodox Tewahdo Church-Child and Family Affairs Organization (EOTC-CFAO) is a faith based indigenous not for profit Non-Governmental Organization (NGO) established under the auspices of the EOC with a major objectives of providing care and support as well as education to Orphan and other Vulnerable Children (OVC) and empowering their  caretakers / parents.

EOTC-CFAO accounting system was based on the local GAAP. Its subsidiary, called Gibresenay Hospital, is operating as a business unit. The managment decided to adopt IPSAS to the CFAO while IFRS to the hospital. Target Business Consultants (Target Accountancy) has been commissioned by CFAO for the implementation of IPSAS and IFRS. As part of the conversion process, training was provided to the relevant staff of the organizations.

The training was interactive. The trainees will have further opportunities to learn from the conversion process. It was an excellent experience for the Target team due to the complexity of certain grants.

Improve your Financial Management Performance:

If you are not yet implemented IFRS, we have a lot to support your business in enhancing your accounting and reporting practices.

We develop or revise financial management policy and procedure as part of International Accounting Standard implementation. This is an opportunity for a our clients to critically look into their internal control procedures, management accounting practices so that it can revisit and update their policy and procedures to support their strategic objectives.

Every organization is unique. It is very important to get a customized consulting services where a lasting impact would be achieved

Best thing to do before deciding conversion to International Accounting Standard?

Establish a steering committee (or team) composed of Finance, HR, Operation (Production), Property Administration, Internal Audit and any other departments as applicable. Ensure commitments from the top.Accounting is no longer the sole responsibility of your finance team, but everybody’s business in the organization

Ensure that knowledge is retained by your staff members from the process

Knowledge transfer is key from the application of International accounting standard. Staff members should get the necessary training and involvement in the course of implementation. They are the one to do it alone in the next financial reporting period

Documenting adopted standards and policies

Manuals are very important to sustain practices. Manuals will be used as a guide and sources of knowledge for the existing and incoming staff memebers.