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Council’s Financial Reports Fail Compliance Test: CEO

  Financial reports from the National Substances Abuse Advisory Council have failed to comply with international financial reporting standards (IFRS), it was revealed yesterday. Council chief executive officer, Manoa Senikarawa,
16 Feb 2017 11:00
Council’s Financial Reports Fail Compliance Test: CEO
National Substance Abuse Advisory Council Chief Executive Manoa Senikarawa with Ministry of Education and National Substance Abuse Advisory Council Pritesh Kumar during submissions at Parliament yesterday.Photo:Vilimoni Vaganalau.

 

Financial reports from the National Substances Abuse Advisory Council have failed to comply with international financial reporting standards (IFRS), it was revealed yesterday.

Council chief executive officer, Manoa Senikarawa, made the disclosure during the Public Accounts Committee meeting in Parliament.

But Mr Senikarawa said they were working towards implementing IFRS for medium-sized enterprises (SMEs).

He said the council had installed a new accounting software.

Mr Senikarawa added the council’s secretariat had begun transiting from cash basis accounting to accrual basis accounting to give a fair picture of the council’s accounts.

Opposition MP Aseri Radrodro said issues from the Office of the Auditor-General stated that the reporting standards were not adopted by the council.

He added whether the council had complied with audit standards.

Office of the Auditor-General official, Finau Nagera, said the latest audit for the council was completed mid last year and their audits were up to date.

She added the council’s latest audit was on December 31, 2015 and that it was still on cash basis.

Ms Nagera said the council was expected to submit its financial statements for the year end 2016 on IFRS for SMEs.

“We have been given assurance that they will be transiting from cash basis to accrual basis so the council should be in the process of doing so, as of 31st December 2015 they were still on cash basis of accounts,” she said.

Ms Nagera said the latest audited accounts for 2015 stated the council received a grant of nearly a million dollars from Government.

Mr Senikarawa said there was a reduction in capital expenditure from $14,987 in 2008 to $4769 in 2009.

He said there was an increase in capital expenditure for the council in 2008 because they had undertaken two projects where the secretariat bought new equipment.

In 2009, Mr Senikarawa said there was a decrease in expenditure because no equipment was bought in that year.

Mr Senikarawa said in 2010, the council’s secretariat received a sum of $250,000 as operating funds with the total accumulated of $75,000 from 2009.

He said they managed to clear expenditure of $324,168 in 2010 compared to $294,686 in 2009.

Mr Senikarawa said the council meeting was not held in 2010 due to the unavailability of the council’s chair.

He said the members were updated through monthly updates.

Edited by Ranoba Baoa

Feedback:  arieta.vakasukawaqa@fijisun.com.fj

 

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