Nigeria to adopt IFRS by 2012




Nigeria may soon join the elite list of countries using the International Financial Reporting Standards (IFRS) by 2012, following the adoption of the Nigerian Accounting Standards Board (NASB) Roadmap on the IFRS by the Federal Executive Council.


Addressing members of the Governing Council while the outgoing Executive Secretary of the NASB, Mr. Godson Nnadi was handing over to the Acting Executive Secretary, Mr. Jim, Obazee, in Lagos, the Chairman of the NASB, Mr. Michael Popoola, disclosed that companies and other corporate bodies in the country would be preparing their accounts in accordance with the IFRS from January 2012.


Admitting that the adoption would pose some challenges, Popoola said the NASB would be collaborating with auditing firms, companies and institutions of learning to bridge the knowledge gap that may arise.Popoola also said though the NASB sanctions companies and auditing firms for non compliance with accounting standards, the ultimate objective is to ensure compliance by the preparers of financial reports in the country in order to restore investors’ confidence in the economy.


The outgoing Chief Executive, Mr. Godson Nnadi, was full of gratitude to the Council and the management. He also expressed his delight at the adoption of the NASB Roadmap on the adoption of the IFRS.He said the framework of accounting in the country must be one that promote efficiency, accommodate globalisation and ensure professionalism.


He also expressed implicit confidence in the ability of the management team led by Obazee to midwife the necessary reforms.Obazee pledged the commitment of the team to realising the goals of the organisation, stating that it would work vigorously towards the transformation of the NASB to Financial Reporting Council (FRC).





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