By Stanley Opara

Monday, 29 Nov 2010

Global firm, IssuesCentral Incorporated, has said it will be providing needed guidelines for companies in the banking, insurance, telecommunications, oil and gas and manufacturing sectors of the Nigerian economy in their move to successfully adopt the International Financial Reporting Standards.

The firm which has its headquarters in Canada, said in a statement on Friday that it will, next week in Lagos, hold an executive briefing on IFRS transitioning as companies move to meet the deadline for compliance by January 1,2012.

According to it, the transition from local accounting standards to IFRS had posed a significant challenge to over 12,000 organisations around the world.

However, it added that there was the need to provide an optional solution session demonstrating how the IFRS partner product line could accelerate the transition from Nigerian General Accepted Accounting Principle to IFRS and then provide ongoing IFRS compliant financial reporting.

According to the statement, IssuesCentral in partnership with its local partner, ActiveEdge Technologies Limited, and the regulatory authorities in capital markets, banking and insurance sectors.

Source: Punch