By ONOZURE DANIA
A tax expert, Mr.Kriz David, has called on the Federal Government to ensure that corporate organizations align with the globally accepted high quality accounting standards by fully converting the current national accounting standards to International Financial Reporting Standards (IFRS).

Speaking during his book launch of IFRS and tax and also the inauguration of Kriz David better life foundation, David, who has over 14 years professional experience in financial advisory, corporate strategy taxation, said though the federal government has already adopted IFRS, but it still needs to ensure that corporate bodies understand the dynamics and principles of taxation and IFRS which will greatly impact on accounting for taxes and tax computation.

Explaining the reason for the book, David said: “I wrote this book to help prepare those preparing for professional exams, like ICAN, CITN; to help professionals in writing tax; for those who want to become tax practitioners or tax administrators.

“It is no longer news that Nigeria is committed to the adoption of the IFRS, and the book covers a wide range of accounting standards that will be applicable to companies in various industries.”

Pointing out that the adoption of IFRS is more than changing the accounting rules or simply applying new accounting standards, David said “IFRS adoption will be one of the most fundamental changes that corporate entities will have to deal with over the transition period outlined by the Nigerian Accounting Standards Board (NASB).”

He urged businesses and their regulators to be prepared for the new responsibilities that will be posed by the change which will come with both risks and opportunities.

David noted that the book focuses on the tax implications of IFRS based on the current tax legislations in Nigeria,  provides case studies that reflects in the current business practice in Nigeria, and clarifies applications of tax laws in some areas of taxations where practitioners have divergent views, and it gives clues to the areas of tax laws that require amendment with IFRS, among others.