Accounting Systems operations

1. MINISTRY OF EDUCATION AND SCIENCE OF UKRAINE
TERNOPIL NATIONAL ECONOMIC UNIVERSITY
FACULTY OF ECONOMICS
TOPIC: Accounting system in sierra Leone
PRESENTED BY:Ishmael Bambay Lahai-sheriff
GROUP:AMET-31
SUPERVISOR:Natalya Melnyk
TERNOPIL 2017

2. History of accounting
 Common Law country
 Anglo-American model
 IAS in late xx century

3. Accounting Regulation
 Institute of Chartered Accountants of Sierra Leone
 The Institute of Chartered Accountants of Sierra Leone
(ICASL) was established by law in 1988 to oversee the
accountancy profession in Sierra Leone. The institute
works to ensure and maintain the quality of accounting
and audit practices in the country by building the
knowledge and skills of its members

4. Standard setting
 Council for Standards of Accounting, Auditing, Corporate
& Institutional Governance (CSAAG) Role of the
organization The CSAAG sets standards under delegated
authority from the Institute of Chartered Accountants of
Sierra Leone (ICASL), the Audit Service of Sierra Leone
(the public sector auditor), and the Ministry of Finance &
Economic Development of the Republic of Sierra Leone

5.  The aims of the Council for Standards of Accounting, Auditing,
and Corporate and Institutional Governance include the
establishment and improvement of standards of financial
accounting and reporting for the benefit of users, preparers, and
the auditors of financial information in all sectors of the Sierra
Leone economy. To this end, CSAAG issues or endorses
accounting standards based on the work of the International
Accounting Standards Board (IASB) that are primarily
applicable to general purpose financial statements. In particular
industries or sectors, further guidance may be required in order
to implement accounting standards efficiently and effectively.
This guidance is issued by CSAAG in the form of Composite
Financial Reporting Standards (CSs)

6. Association of Accountancy Bodies
in West Africa
 The Association of Accountancy Bodies in West Africa
(ABWA) inauguration in 1982 is the regional organization
for the Accountancy Profession in West Africa. Registered
as a corporate body in 1994, in Nigeria its corporate head
quarters is located in Abuja. It is a non-profit making,
non-governmental regional association and is one of the
six acknowledged accountancy groupings recognized by
international federation of accountants (IFAC)

7.  To develop and enhance accountancy profession in West
Africa, align its strategies with global best practices and
thereby improve governance, eliminating waste and
corruption, reduce poverty and enhance the standards of
living of the citizenry
• To provide for the development of professional ethics
and standards in member-bodies and act as the center for
dissemination of information on accounting standards and
development of accountancy practices in West Africa

8.  • To partner with national government through the
member institutes in the development of public financial
management systems
• To liaise and collaborate with economic community of
West Africa (ECOWAS) in the development of common
investment market in the sub region

9. IFRS implementation in Sierra
Leone
 Listed companies, banks, and insurance companies (and
statutorily recognized financial institutions in general) are
required to apply the full IFRS as issued by the IASB.
 On December 2009, the Council for Standards of Accounting,
Auditing, Corporate and Institutional Governance (CSAAG) of
Sierra Leone unanimously passed a Resolution adopting the
IFRS for SMEs for profit seeking entities that fall outside its
conditions for the application of full IFRSs. The IFRS for
SMEs is voluntary (that is, permitted) for reporting periods
commencing 1 January 2010 and is mandatory (required) for
reporting periods commencing 1 January 2011.
 CSAAG has also adopted a separate not-for-profit/public-
benefit-entity standard based on the UK SORP 2005 for
Charities.

10.  All entities in Sierra Leone are permitted to use the IFRS
for SMEs Standard if they are not required to use full
IFRS Standards or the (national) public benefit entity
standard (Composite Financial Reporting Standard for
Public and Private Not For Profit Entities, CS1)
 Entities not required to use full IFRS Standards or CS1 are
permitted to use either the IFRS for SMEs Standard or full
IFRS Standards.

11. Accounting profession in SL
 Candidates for ICASL membership are required to
complete a program of professional accountancy
education, have three years of practical experience, and
pass final examinations. According to a joint agreement
with the ICASL, the Association of Chartered Certified
Accountants is responsible for the delivery of the
accountancy education program and administering the
final examinations.

12.  Institute of Chartered Accountants of Sierra Leone is the
leading professional body and a member of the
International Federation of Accountants. Fourah Bay
College’s Institute of Public Administration &
Management (I.P.A.M.) offers nationally accredited
qualifications for the sector through the department of
Accountancy & Finance.

13.  Members of the Association of Chartered Certified
Accountants of the United Kingdom represent a significant
number of accounting professionals in Sierra Leone.
Accountancy students in Sierra Leone are eligible to enter the
Association of Chartered Certified Accountants (ACCA) and
the national accountancy body, the Institute of Chartered
Accountants of Sierra Leone, by means of ACCA’s Joint
Examination Schemes
 Under the ICASL Act, only firms and individuals who have
been licensed by the ICASL are authorized to conduct audits of
private entities that lead to the issuance of an external auditor’s
opinion