DECISION ON THE ADOPTION OF INTERNATIONAL PUBLIC
SECTOR ACCOUNTING STANDARDS (IPSAS)
Doc. PRCZRpt(XXV)
The Executive Council,
1. TAKES NOTE of the Report of the Permanent Representatives Committee (PRC) on International Public Standards Sector Accounting Standards (IPSAS);
2. RECALLS its previous Decision EX.CL/Dec.218(VII) adopted in Sirte, Libya in July 2005 requiring the presentation of Financial Reports of the African Union in line with International Standards;
3. DECIDES to approve the adoption of the International Public Sector Accounting Standards;
4. APPROVES the request for the Chairperson of the AU Commission to mobilize the resources from partners to begin implementation of the Standards and AUTHORIZES the PRC to approve the budget of the related expenditure;
5. FURTHER AUTHORIZES the Chairperson of the AU Commission and Accounting officer of the African Union to coordinate the Union-wide adoption of the Standards;
6. REQUESTS the Chairperson of the AU Commission to report annually on the status of implementation of the Standards;
7- CALLS UPON the PRC to liaise on regular basis with the Commission and other Organs in addressing challenges being faced in the implementation of the Decision.