Monrovia – Senior officials of the Liberia Maritime Authority (LMA) have admitted to several financial irregularities revealed by the audit report of the General Auditing Commission (GAC) on the Authority for the Fiscal Years ended June 30, 2013 to June 30, 2015. “LMA Management incurred high interest charges of US$1.334M on the loan. “The Fixed Asset Register and the financial statements did not reconcile and there were substantial differences noted between the trial balance. PFM ImplicationUnder the “Scope and Applicability of Standard” Section of the Cash Basis IPSAS standard as adopted by the Government of Liberia, all Government Business Enterprises are required to apply International Financial Reporting Standards (IFRS) in the preparation and presentation of their financial statements. The Preface to International Financial Reporting Standards issued by the International Accounting Standards Board (IASB) explains that IFRS are designed to apply to the general purpose financial statements of all profit oriented entities.

Source: Front Page Africa March 06, 2018 03:33 UTC