BY BABAJIDE KOMOLAFE

The much awaited trading academy on the newly adopted International Financial Reporting Standards, IFRS, will take off first quarter of next.

Chairman, Governing Council, Financial Reporting Council, FRC, Hajia Maryam Ibrahim disclosed this in Lagos at a press briefing.

It would be recalled that the implementation of IFRS commenced in Nigeria in 2012.

The IFRS Academy is part of measures to help companies build the capacity needed for effective implementation of International Financial Reporting.

Though expected to take off this year, Ibrahim said that it was delayed to ensure  basic structures were put in place. She said: “As much as possible there are structures to be put in place. You are all aware there are no shortcomings when it comes to infrastructure, we are ensuring that as much as possible within the first quarter of next year, we would be starting the IFRS Academy in Abuja.

“There are basic things that needed to be put in place, and we have done that. We have registered the IFRS as a company limited by guarantee, and with that we are going to put forward the board of trustees, and after that the academy will start.

Ibrahim also disclosed that work would soon be concluded on the proposed Hamonised Code of Corporate Governance for corporate bodies in the country, saying, “the steering committee put in place by the Minister of Trade and Investment has been working assiduously and trying to put finishing touches to the work.

“I want to assure this gathering that before December 31, the work would have been concluded. This would be followed by a presentation to stakeholders, and after this it would be submitted to the Federal Executive Council for approval. And then Nigeria would join the countries that have a single code of corporate governance,” she said.

Ibrahim pointed out that ensuring that financial statements are prepared and presented in compliance with international standards has become critical in view of the clamour for foreign investment in the country, adding that this is the focus of the work of the newly inaugurated board of the council.