Chris Wheatman - Financial Planner in the Lake District’s Post

Oman: 72 % average performance of Government entities in achieving digital transformation goalshttps://lnkd.in/gnYb7jcB, a nation known for its rich cultural heritage and strategic geographic location, is embarking on a transformative journey to modernize its economy through significant investments in digital transformation. This strategic shift aims to diversify the economy, enhance public services, and position Oman as a competitive player in the global digital landscape. The Omani government has taken a proactive stance in driving digital transformation. Key to this effort is the Oman Vision 2040, which outlines the strategic framework for economic diversification and technological advancement. Under this vision, the government has launched several initiatives to foster innovation, enhance digital infrastructure, and improve the digital literacy of its citizens. One of the cornerstone initiatives is the e.oman strategy, which focuses on developing a robust ICT infrastructure, promoting e-government services, and enhancing cybersecurity measures. The strategy is designed to facilitate the integration of digital technologies across various sectors, including healthcare, education, and commerce. The overall performance of the ‘Tahwaul’ government digital transformation programme reached 53% in 2023. Government Entities achieved an average performance of 72% in digital transformation during the same period. Additionally, the governorates attained an average performance of 54% out of 56 Government Entities, and the governorates participated in evaluating excellence in government digital transformation for 2023. The report elaborated that 48% of Government Entities achieved above-average performance out of the total number assessed for excellence in government digital transformation. The Entities that excelled in digital transformation performance include the Telecommunications Regulatory Authority, Muscat Governorate, Royal Oman Police, Public Authority for Special Economic Zones and Free Zones, Oman Vision 2040 Implementation Follow-up Unit, National Centre for Statistics and Information, General Authority for Social Insurance, Ministry of Finance, and Ministry of Labour. Furthermore, the government, in collaboration with private sector partners, is investing heavily in expanding the country’s telecommunications network, including the rollout of 5G technology. This advancement is expected to significantly enhance internet speed and reliability, providing a critical foundation for the deployment of advanced digital services. His Excellency Dr Ali bin Amer Al-Shidhani, Undersecretary of the Ministry of Transport, Communications, and Information Technology (for Communications and Information Technology) and Chairman of the Technical Committee for the Government Digital Transformation Programme 2021-2025, explained the significant fac

The objective of IPSAS 45 is to update principles drawn from IPSAS 17 Property, Plant and Equipment by adding new guidance for heritage assets, infrastructure assets, and measurement of property, plant and equipment. The Standard was published in May 2023 and is effective from 1 January 2025. In order to ensure a smooth adoption of the new standard, it is important for public sector entities to identify the impacts of IPSAS 45 and accordingly prepare for its implementation. #finance #accounting #financialstatements #internalaudit #externalaudit #charteredaccountants

The objective of IPSAS 46 is to improve measurement guidance across IPSAS by providing detailed guidance on implementation of commonly used measurement bases, and the circumstances under which they should be used. The Standard covers historical cost and current value models. Under the current value model, the techniques (market, income or cost approach) used to determine current operational value, cost of fulfillment, and fair value are discussed. The Standard was published in May 2023 and is effective from 1 January 2025. In order to ensure a smooth adoption of the new standard, it is important for government and other public sector entities to understand the principles of IPSAS 46 and accordingly prepare for its implementation. #finance #accounting #financialstatements #internalaudit #externalaudit #charteredaccountants

Transforming Public Finance in Central Asia: IPSAS Adoption and Its Challenges Central Asia is advancing towards IPSAS (International Public Sector Accounting Standards) to enhance financial transparency and accountability. However, the implementation journey comes with its set of challenges: 🔹 Lack of Technical Expertise: There’s a critical need for specialized knowledge in IPSAS. 🔹 Integration with Existing Systems: Aligning current systems with new standards is complex. 🔹 Regulatory Frameworks: National regulations may not align seamlessly with IPSAS. Solution Insight: Investing in targeted training programs and developing strategic partnerships with international experts can bridge the expertise gap. Aligning regulatory frameworks through phased reforms can streamline the integration process. Together, these steps will pave the way for robust financial management in Central Asia. #IPSAS #PublicFinance #PublicFinancialManagement

Understanding Subscription Based Information Technology Arrangements (SBITA) is crucial for proper financial reporting and management. Learn More: https://zurl.co/xTnl #BermanHopkins #CPAs #GovernmentGurus #SBITA

Understanding Subscription Based Information Technology Arrangements (SBITA) is crucial for proper financial reporting and management. Learn More: https://zurl.co/xTnl #BermanHopkins #CPAs #GovernmentGurus #SBITA

Understanding Subscription Based Information Technology Arrangements (SBITA) is crucial for proper financial reporting and management. Learn More: https://zurl.co/xTnl #BermanHopkins #CPAs #GovernmentGurus #SBITA

First time Adoption of accrual basis IPSAS: IPSAS 33 grants transition exemptions to entities adopting accrual basis for the first time. Understand IPSAS 33

The ASB concurrently issues the IPSASB’s Exposure Draft, Amendments to IPSAS as a Result of the Application of IPSAS 46 Measurement... The International Public Sector Accounting Standards Board (IPSASB) assessed the applicability of current operational value across IPSAS and proposed amendments to various IPSAS in Exposure Draft (ED) 90, Amendments to IPSAS as a Result of the Application of IPSAS 46 Measurement. Click the link to access the article:https://buff.ly/4dPLHYr #IPSASBfeedback #Publicsector #HaveYourSay

IECnet ranks 26th in the world according to the IAB World Survey! The International Accounting Bulletin (IAB) has published its 2024 World Survey and we are pleased to share that IECnet is ranked 26th in the global rankings based on revenue and headcount. Globally, we have recorded a revenue of US$230.4 million (up by 12.4% from prior year) and a headcount of 2,873 (up by 3% from prior year). A summary of IAB’s World Survey most important points can be seen in the following document: https://lnkd.in/e5Uaqahc