Work on implementing IFRS is nearly completed
The Ethiopian Electric Power (EEP) is finalizing its work to implement International Financial Reporting Standard.
Asset valuation and IFRS Director Mr. Yirgu Hailu said the institute has entered into an agreement with two companies, FairFax and PWC to implement the international financial reporting system.
Currently, the work of collecting and compiling inventory data and reviewing the cost estimates is completed.
He said 24 power plants, 129 substations, 36,210 towers, 9,048 vehicles and machineries, 48,000 household and office furniture and 3,232 buildings have been valued.
Tthe assets of the institution have reached 382 billion ETB, he added.
According to the official, the asset valuation was conducted in the properties and facilities existed in 2016 and before, which did not include the Genale Dawa III, the Repi waste to energy power plant and the mega projects under construction.
Meanwhile, it has been able to prepared a financial report for 2016 to 2019 EFY, and the financial report from 2016 to 2018 EFY is submitted to the Accounting and Auditing Board Corporation. According to the director, after the audit service board completes its investigation, the institution will be implemented in an International Financial Reporting System.