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21-Nov-2019 12:45
Also, the Bank paid US0,000 and US0,000 to the Bank’s five Board Members in 20 respectively, according to page # 48 of the Bank 2016 Financial Statements.The second problem of the Accounts Receivable is that by increasing the value of its Current Assets (i.e., Cash and Cash Equivalents), it deceived many stakeholders into believing that Liberia’s financial position was good for the country to borrow more money.Generally Accepted Accounting Principles and International Financial Reporting System advise preparers and users of financial statements to exclude long-term accounts receivable or questionable accounts receivable in calculating current assets or cash equivalents.The Guidelines of the International Monetary Fund state “Loans” (not readily available to meet a Balance of payment financing need) should not be included in the “Reserves Data Template.” Nonetheless, Bank Chief Executives, the International Monetary Fund, External Auditors, I guess, believe that the practice by the Bank to collect government revenue, which it used to finance the Bank’s operations, does indicate or support the idea that the value of the accounts receivable is Cash Equivalents or Current Assets.I gave an answer to the latter question at the Governance Commission Seminar held on December 15, 2017, and also stated that the Central Bank owes US million.Aside from the debt owed to the commercial banks, the Accounts Receivables between the Government and the Bank contributed to two separate problems not just for the Central Bank of Liberia but also for the nation.
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For instance, the Bank used government taxes to pay US million and US million as administrative expenses in 20 respectively.Many unsecured creditors do have cash flow problems because government is not liquidating its debts.
