ICAN urges FG to partner relevant bodies on IFRS

The Institute of Chartered Accountants of Nigeria (ICAN) has urged the Federal Government to partner with relevant professional bodies to train Nigerians on the International Financial Reporting Standards (IFRS). Mr Sunday Ajileye, Chairman of Amuwo Odofin District of ICAN, made the all in in Lagos.

Ajileye urged government to partner with the Chartered Institute of Taxation of Nigeria (CITN), Chartered Institute of Bankers of Nigeria (CIBN) and ICAN on the training.

“There is no way ICAN or other regulated bodies cannot control individual consultant’s fees on the training. It will be more effective if government can partner with the relevant bodies,” he said.

Ajileye said that the law exempted small-scale enterprises from adopting the IFRS but advised the Federal Government to bring these enterprises into the fold.

Ajileye said that this would allow for harmonisation of accounting laws and practice in the country. IFRS is to take effect in Nigeria  from January, 2012.