By Katalina Siasau

In the Legislative Assembly today, 18 June, the Government financial statements for the year ending 23 June 2023 were passed down to be discussed in the Whole House Committee together with the budget estimates 2024/2025.

All MPs present in the House, voted in favour of the Government 2022/23 financial statements to be discussed along with the Budget Estimates 2024/2025 in the Whole House Committee.

The 103-page report prepared by the Ministry of Finance, who stated they were prepared under Cash Basis Accounting (IPSAS Cash), including accrual prepared with consideration for the respective accrual IPSAS standards as well as PFMA. It stated the Government is on a pathway towards adoption of accrual accounting in accordance with the international standard IPSAS.

"The Ministry of Finance is responsible for establishing and maintaining a system of internal control designed to provide reasonable assurance that the transactions recorded are complete and properly record the use of all public financial resources by the Government," Parliament's office stated.

The financial statements will be deliberated together with the Budget Estimates 2024/2025 in the Whole House Committee.