Celebrating International Accounting Day

November 10 is set aside globally to celebrate the significant contributions of accountants worldwide, including in Nigeria.

It is undeniable that no economy can develop or progress meaningfully without the invaluable roles played by accountants. They function as bookkeepers, corporate reporters, financial accountants, financial reporters, tax advisers, tax regulators, cost accountants, performance managers, strategic financial managers, auditors, and assurance providers. The individual and collective actions of accountants significantly influence investment opportunities within their domain.

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Given the urgent need to attract Foreign Direct Investment (FDI), much is expected of accountants. Building trust and confidence in the minds of global investors is essential, especially as we celebrate the 2024 World Accounting Day. Accountants must strive to uphold their core values, adhere to their institute’s noble motto, and comply strictly with the ICAN Code of Conduct for members, which is adapted from the IFAC Code of Ethics for Accountants.

Pursuing professional certification
For ambitious professionals aiming to make a career in accounting or reach the zenith of professional accountancy education, certifications such as those offered by ICAN or ACCA represent some of the highest attainments in the field. These certifications are recognized globally alongside CIMA, ICAEW, and ICAG, to mention a few.

The Institute of Chartered Accountants of Nigeria (ICAN) and the Association of Chartered Certified Accountants (ACCA) are revered professional accountancy bodies built on rigorous training and expertise development. Both certifications grant successful candidates the title of either “professional accountant” or “chartered accountant,” as applicable.

The ICAN Act of 1965 empowers its members to regulate accounting practices in Nigeria and grants them the Associate Chartered Accountant (ACA) designation. On the other hand, ACCA, established in the United Kingdom in 1904, offers the designation of Associate Chartered Certified Accountant (ACCA).

The syllabuses of both ICAN and ACCA emphasise global standards such as International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), International Standards on Auditing (ISA), and International Public Sector Accounting Standards (IPSAS). These certifications equip members to render accounting, auditing, assurance, and advisory services. They involve stringent training and require candidates to gain practical experience before full membership. Both ICAN and ACCA are also foundational members of the International Federation of Accountants (IFAC), the global body regulating accounting education and practice.

Pursuing ICAN or ACCA demands hard work, perseverance, immense sacrifices, and dedication to the principles of the profession.

Regulatory framework and expectations

In Nigeria, the repeal of the Nigerian Accounting Standards Board (NASB) Act of 2003 and the promulgation of the Financial Reporting Council of Nigeria (FRCN) Act of 2011 introduced new requirements for the position of Chief Financial Officer (CFO). Candidates must possess qualifying certifications from either ICAN or the Association of National Accountants of Nigeria (ANAN).

Training institutions like Password Professional Tutors (PPT) Limited play a critical role in preparing candidates for professional certifications. These institutions have consistently produced skilled accountants who contribute significantly to economic growth.

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Conclusion
The expectations placed on accountants, and by extension professional accountants, are immense. Acting in the public interest is critical, especially as we commemorate the 2024 International Accounting Day. By doing so, we can significantly boost investor confidence.

The synergy between the government and accountants is essential for fostering an environment conducive to investment. This collaboration can attract FDI, create jobs, reduce unemployment, and boost government revenues, thereby revitalising the economy. Governments must provide investor-friendly policies and an enabling environment for these investments to thrive, while accountants uphold the highest ethical standards and professionalism.

Regulatory bodies and professional associations like FRCN, ICAN, and ANAN must collaborate to establish an efficient financial and corporate reporting framework. This will increase investor confidence and play a pivotal role in attracting FDI, further highlighting the global significance of accountants as we celebrate their contributions on November 10, 2024.

Kingsley Ndubueze Ayozie KJW, FCTI, FCA is a Public Affairs Analyst and Chartered Accountant.