Breaking News

ICAN seeks partnership with NUC on IFRS

By Onozure Dania

Institute of Chartered Accountants of Nigeria has advocated a partnership with the Nigerian University Commission, NUC, for the inclusion of International Financial Reporting Standards, IFRS, in the national curriculum for accounting in Nigeria.

Speaking in Lagos, weekend, ahead of its forthcoming annual general meeting, scheduled to hold, July 15, 2011, Mr. Dayo Babatunde, Chairman, Lagos and District Society, ICAN, disclosed that this partnership becomes necessary going by the need to ensure a smooth transition and better understanding of the workings of the International Financial Reporting Standards, IFRS.

*From left, Chief Patrick Akujobi, Vice-Chairman, Lagos and District Society of Institute of Chartered Accountants of Nigeria ICAN, Mr. Dayo Babatunde, Chairman and Mr. Chidi Nwafor, Publicity Secretary at the Lagos and District Society’s Pre-Annual General Meeting press briefing in Lagos, weekend. Photo by Lamidi Bamidele

The outgoing chairman of the institute advised members of the accounting profession to educate themselves on IFRS if they wish to remain relevant in the scheme of things in the profession and in the business community.

“IFRS ensures a single set of high quality globally converged financial reporting standards,” he said, “Further, it presents consistent, comparable, unbiased, transparent and relevant information wherever the location of the reporting entity.

“The speed, with which IFRS had emerged as the leading financial reporting framework, is to say the least, telegraphic and fabulous. It is now the language of accounting in major capital markets.

“Please permit me to advise that all our members must as a matter of top priority, endeavour to be IFRS literate, if we want to remain relevant in our profession.

I equally advise our institute to collaborate effectively with the NUC, to enable us include IFRS in the national curriculum for accounting, as a subject in the university.”

“However massive a structure may be, if the foundation is defective, there is no structure, and that is why we would like to go in to the foundation that is incorporating it in to the curriculum, so that by the time they graduate from the university, they will be able to cope with the language of international standard.

“What we need to do is to blend them up on the application of this standard. But if we delay and we say we want to wait until they qualify before they start writing the ICAN exams, it is unique.

So that is why I am suggesting that it will better now in the interest of the economy, in the interest of the profession and in the interest of the entity involved, that is the future accountants.”

Speaking on the future of the organization, Babatunde said that the executive of the association embarked on a number of strategic initiatives to improve on its fortunes, especially in the continuous training and development of its members and in erecting a befitting structure for the institute.

He said, “We are looking at area of more visibility. As it is now, we believe that there is still room for improvement. We believe that we have to embark on strategies, that will make our members to be more involved in the activities of the institute and I know that there are still other areas we are considering to grow the Institute.

“Presently, there is an urgent need for us to relocate to a more befitting office. During my tenure, one of our plans is to relocate to a larger office, unfortunately, we could not achieve that. That is one of the things that am passing over to my successor. That is one of the key area and we hope to achieve that goal soonest.”

Babatunde harped on the need for members to be disciplined in the discharged of their duties, noting that one of the key goals of the Institute is to ensure sanity in the profession and that members abide by strictest ethical and professional standards.

“The institute has a lot of control, particularly as pertains to members,” he said. “We have a disciplinary tribunal where members are tried if they are reported to have gone contrary to the ethics of the profession.

“The tribunal has the legal status of law court and through the tribunal, we can discipline erring members. Their license can be withheld or withdrawn among others.”


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.