By Ikeoye Oyetoro

Stakeholders in corporate financial reporting have been enjoined to collaborate in order to facilitate the adoption of International Financial Reporting Standards (IFRS) by companies in the country.

This call was made during a meeting between the management of the Nigerian Accounting Standards Board (NASB) led by the new NASB Executive Secretary, Mr Jim Obazee and the leadership of the Nigerian Stock Exchange (NSE) in Lagos.

Recalling the enormous cost involved in the implementation of the IFRS, the two bodies recommended co-operation among regulators and companies to bridge knowledge gap that may be encountered and address technical matters.

The Interim Administrator of the NSE, Mr Emmanuel Ikhazoboh, while speaking during the meeting, challenged the NASB to spearhead more sensitisation programmes on the operation of the IFRS as many of the companies claiming adoption do not know what IFRS entails.
He also lauded the NASB for its efforts at standardising financial reporting in the country, saying the capital market is reliant on accurate and reliable information

In the same vein, the new NASB Executive Secretary, Mr Jim Obazee while highlighting the significance of IFRS noted that  IFRS is an essential item in attracting more investment as it gives organisations opportunity for a fresh look at their processes and policies and also gives room for one basis of accounting.

“The benefits of IFRS adoption are numerous as it may lead to standardisation of practices across countries and also gives room for comparability of results from different markets and entities”

Obazee who was making his first official visit to the NSE since his appointment also implored the NSE to add its moral voice to the quest to ensure the passage of the Financial Reporting Council (FRC) Bill which is currently before the Senate.

According to him,this will help in addressing current institutional weaknesses in regulation, compliance and enforcement of standards, and the development of robust arrangements for monitoring and enforcing compliance with financial reporting standards.

He also sought the assistance of the NSE in collecting its annual dues from companies listed on the Exchange by making it mandatory for those companies to produce evidence of up_to_date payment of Statutory Annual dues paid to the Nigerian Accounting Standards Board while transacting business at the Exchange.