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Sports News of Friday, 5 August 2011

Source: GFA

Financial report presented by Auditor General

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Congress has accepted the 2010 GFA Reports and Accounts by the Auditor General, announcing a positive result of excess income over expenditure for the period June 30 2010.

The Auditor-General's office presented the report to the Ordinary Session chaired by President Kwesi Nyantakyi on Thursday.

"In our opinion, proper books of accounts have been kept and the accounts which are in agreement therewith comply with international accounting standard and the Regulations of the Ghana Football Association and present fairly in all material respects, the financial position of the Ghana Football Association as at 30 June 2010 and of the result of operations for the year then ended," the Auditor General noted as their overview to the accounts of the GFA.

GFA obtained revenue of GHS 13,725,459.94 million, while the expenses amounted to GHS 12,950,643.76 million, leading to an overall result of GHS 774,816.18.

The accounts show a positive result, reflecting the financial success of the Ghana Football Association though lower than the overall result of GHS 1,240,686.04 in 2009.

The GFA Financial Report is produced in accordance the Financial Regulations of Ghana and the Regulations of the GFA.

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