By Ademola Alawiye

Wednesday, 24 Nov 2010

International consulting firm, PricewaterhouseCoopers, said on Tuesday, that it would hold series of industry specific seminars on International Financial Reporting Standard.

According to PwC, this is to raise awareness of the issues involved in first-time adoption from an industry perspective.

A statement signed by the PwC Partner and Head of IFRS in Nigeria, Mr. Gabriel Ukpeh, said the seminars were different because there were a number of issues peculiar to the various industries.

Ukpeh said, ”We are also conscious of the fact that all the seminars being held have been focused on the financial services sector. Therefore, we are engaging both the energy and manufacturing/services sector, which will also be affected by the impact of the adoption of IFRS.

”The seminars will start with the financial services sector on November 25, 2010 while the energy and manufacturing/services sectors will hold on December 2 and 9 respectively. The seminars are free of charge and targeted at the chief executive officers, chief financial officers and those who have responsibility for the implementation of IFRS.”

Ukpeh stated, ”PwC is committed to promoting transparency in the capital market and the move to IFRS is a step in that direction. PwC has helped companies around the world in their conversion to IFRS and we are aware that the move to IFRS is not just about external reporting but that it will involve significant changes to processes.”

PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 163,000 people in 151 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice.

Source: Punch