By Agency Reporter

Thursday, 25 Nov 2010

The Institute of Chartered Accountants of Nigeria has said the adoption of the International Financial Reporting Standard is now indispensible. This, it said, followed increasing global convergence towards the best reporting standards.

The President, ICAN, Major Gen. Sebastian Owuama (retd), said this in an interview with our correspondent after the inauguration of ICAN Ikorodu District Society and the investiture of Mr. Samson Disu as the first chairman of the society in Lagos.

He said the adoption of the IFRS would ensure that there was honesty, integrity, openness and accountability in the standard of reporting.

He said, ”Nigeria has said that all quoted companies in the stock exchange should adopt the IFRS by January 2012. There are road maps for other business entities to join the bandwagon. This will create credibility and acceptability in our financial statements and encourage direct foreign investment into our economy.”

”For us at the institute, for a long time now, we have been holding seminars, workshops and conferences aimed at sensitising our members on the importance and relevance of the IFRS in the scheme of things in the economy of nations today.”

Commenting on the way forward for the economy, he said ICAN would continue to sensitise the Nigerian people on the need to pay their taxes regularly to the government.

”This is a public service we are doing. We believe that we should not always concentrate on oil as a source of revenue.

 

Source: Punch