The Executive Secretary of the Nigerian Accounting Standards Board (NASB), Mr Jim Obazee, has called for accelerated action on the passage of the Financial Reporting Council (FRC) Bill currently before the National Assembly.

Speaking during the presentation of two new accounting standards and a draft accounting standard in Lagos, Obazee enumerated the gains that the country stands to make from the passage and execution of the provisions of the FRC to include standardisation of public sector accounting, increased direct foreign investments and increased collaboration between the Nigerian jurisdiction and the European and American financial reporting regulators.

The FRC Bill which was passed by the House of Representatives in November 2008 is awaiting concurrence of the Senate and it is one of the Bills currently listed for consideration by the senate when it resumes from recess later in the month.

According to Obazee, the proposed FRC which would replace the current NASB would bring together all the regulators in the accounting and financial sector, thereby solving the problem of multiplicity of contradictory regulation. He also disclosed the readiness of the NASB to continue to research new accounting topics which require standardisation giving adequate consideration to the peculiarities of our local environment.

The Statements of Accounting Standards (SAS) presented at the occasion included Statement of Accounting Standard on Intangible Assets (SAS 31), Statement of Recommended Practice on Employees’ Retirement and Termination Benefits for Public Sector Entities (SORP 1) and Exposure Draft on Accounting By Not-For-Profit Organisations (ED 32).

The Director-General of the National Pension Commission (PENCOM),   Mallam Mohammed Kabir Ahmad, in a goodwill message delivered on his behalf by Technical Commissioner of PENCOM, Mrs Eyamba Henshaw,  said the SORP on Retirement and Termination Benefits for Public Sector Entities would remove ambiguities which currently exist in the treatment of pension issues.

The Chairman of the Governing Council of the NASB, Mr Michael Popoola, said the NASB would, in spite of the fact that Nigeria is adopting IFRS continue to issue and develop local Statements of Accounting Standards.  He, however, assured that the Board would continue to ensure that the standards accord substantially with IFRS.