(1) The accounting rules and standards for public accounts under section 74 of the Act are based on the International Accounting Standards.
(2) The Accountant General, in consultation with the Director of Audit, must prepare and adopt accounting standards consistent with International Accounting Standards.
(3) For the purposes of subregulation (1) and (2), the Accountant General shall ensure that—
(a) a transaction is supported by authentic and verifiable source documents;
(b) a correct chart of accounts for revenue and expenditure is recorded.
(4) A transaction under subregulation (3)(a) must be reported and accounted for on a gross basis.
(5) The Accountant General shall certify, as a part of the annual financial statement that the financial treatment and disclosure of revenues, expenditures, assets, and liabilities are in accordance with the International Accounting Standards.
(6) In satisfying the accounting standards adopted under subregulation (2), the annual financial statements to be tabled in Parliament—
(a) must include all assets, liabilities and contingent liabilities of the Government;
(b) in the case of a statutory body, must include a similar consolidated asset, liability and contingent statement as referred to under paragraph (a).