1. The Common Market for Eastern and Southern Africa (COMESA) received a grant from the World Bank towards the implementation of the Regional Infrastructure Finance Facility project and intends to apply a portion of the proceeds for consulting services.

The  consulting  services  include  training  and provision of technical support to COMESA Secretariat, COMESA Institutions and COMESA Court of Justice in transitioning their financial management and reporting systems and structures from International financial reporting standards (IFRS) to International Public sector accounting standards (IPSAS) framework.

2. The Division of Budget and Finance derives its mandate from Articles 166 to 170 of the COMESA Treaty. These articles guide on the Budget, Contributions from Member States, Common Market Levy and other Resources, accounts of the Secretariat and External Auditors and Financial Regulations. The Division is responsible for provision of financial, accounting and advisory services to COMESA Secretariat and other stakeholders that include Member States, Cooperating partners, COMESA Institutions and Agencies as well as service providers. The Division is also responsible for proper custody, management, accounting and reporting of COMESA financial resources in an appropriately controlled financial environment. In this regard, the Division develops, reviews and implement finance policies and procedures which meet COMESA’s operational needs in line with its values and international standards, for the achievement of its operational and strategic goals and objectives. It safeguards COMESA’s financial resources and assets ensuring they are accounted for in accordance with the Secretariat’s accounting framework (IFRS), and donor requirements.

COMESA uses International Financial Reporting Standards (IFRS) as its accounting framework which is in line with COMESA Financial Rules and Regulations 2014. However, in recent years, many of its stakeholders have recommended that COMESA considers moving to the International Public Sector Accounting Standards (IPSAS). IPSAS are sets of international accounting standards which have been developed by the International Accounting Standard Board aimed at improving public sector financial reporting worldwide. Benefits of adopting IPSAS include greater accountability and transparency, better decision making, improved efficiency, data consistency and application as well as sound financial management.  As part of this consideration, COMESA and its Institutions would like a structured implementation of IPSAS. According to a study that was undertaken by RIGO, IPSAS seems to be the more suitable accounting framework for COMESA, based on the organization’s objectives, structure, and operations. Consultancy services are being sought to support the Secretariat and its institutions to transition from IFRS to IPSAS accounting framework.