BY PROVIDENCE OBUH

There will be no exemption for Microfinance Banks (MfBs) and the Small and Medium Enterprises (SMEs) from adoption of the set of accounting standards – International Financial Reporting Standards (IFRS).

IFRS is a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide global framework for how public companies prepare and disclose their financial statements and also provide general guidance for the preparation of financial statements.

Out-gone President of the Institute of Chartered Accountants of Nigeria ICAN, Mr. Adedoyin Owolabi said this in Lagos, stating that it has requested for more information to be disclosed.

According to him, “IFRS will help those nations that have really embraced it in terms of comparability, in terms of transparency and in terms of accuracy.

“No business formation will be exempted from IFRS, even those they feel will be exempted are being packaged to what we call micro  GAAP, Generally Accepted Accounting Principle in line with what is going on internationally.

“The last group of businesses must key in by 2014 and they are learning from what is going on right now, their auditors and consultants are learning.  By 2014, the whole nation would have cut in, because at the end of the day any country that is left behind, would be left standing in terms of business activities,” he stated.