Title:Tanzania Financial Sector Support Project: Training on International Financial Reporting Standards (IFRS)
Budget:60,553 EUR
Country:Tanzania
Dates: March, 2013 - July, 2013
Partner: N/A
Funding:World Bank

Tanzania adopted the International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and International Standards on Auditing (ISA) with effect from 1st July 2004. The Bank of Tanzania through its Directorate of Banking Supervision (DBS) is expected to ensure that banking institutions comply with the IFRS requirements when preparing their Audited Financial Statements. Likewise, the Directorate of Finance (DF) and Directorate of Internal Audit (DIA) are expected to be conversant and comply with the IFRS in the execution of their duties including preparation of various financial and audit reports.

Challenges encountered during the application of IFRS by DBS, DIA and DF staff included keeping abreast and coping with regular changes and updates made on the IFRS. In this regard, the Bank was seeking a consultant to provide training on the application of the IFRS for the central bank staff performing bank examination, finance, accounting and auditing duties.