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ICAN intensifies training of accountants in IFRS reporting

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The Institute of Chartered Accountants of Nigeria (ICAN) has intensified efforts in the training of accountants that specialise in handling financial reporting using the International Financial Reporting Standards (IFRS).

Kabir Alkali Mohammed, 49th president of ICAN, who made this known in Lagos recently, said that the Institute has trained over 2,000 members with the theoretical and practical knowledge of IFRS reporting.

Mohammed, who noted that Nigerians look on chartered accountants to bring their expertise to bear in the implementation of IFRS, stated that the Institute is committed to helping the nation to redefine its values and promote compliance to the international standards.

The ICAN boss, who said that the adoption of common high quality global accounting and financial reporting standards will facilitate investment and other economic activities across borders, confirmed that Nigeria has since adopted the IFRS reporting guidelines, which has become imperative in the financial reporting system in both public and private sector of economy.

According to him, “all the listed companies and significant public interest entities in Nigeria adopted IFRS on January 1, 2012 while all the public interest entities were expected to have adopted IFRS on January 1, 2013.

He disclosed that Small and Medium Scale Enterprises (SMEs) were mandated to key into the initiative on January 1, 2014, which according to him, means that all SMEs will statutorily issue IFRS based financial statements for the year ending December 31, 2014.

“Entities that do not meet the IFRS criteria for SMEs, shall prepare and issue their financial reports using SMEs guidelines on accounting that was issued by the Geneva-based United Nations Conference on Trade and Development (UNCTAD),” he added.

The ICAN boss further disclosed that the public sector will in addition to the IFRS reporting adopt the International Public Sector Accounting Standards (IPSAS) on January 1, 2015.