NASB to make disclosure on IFRS adoption

By EDITOR   |   05 May 2010   |   10:00 pm  
NIGERIAN Accounting Standards Board (NASB) has declared that the body would soon make a definite pronouncement on the adoption of International Financial Reporting Standards (IFRS) in Nigeria.
Addressing a delegation of the Institute of Chartered Accountants of Nigeria (ICAN) led by its president, Mrs. Elizabeth Adegite, during a visit to the Board in Lagos, the NASB Chairman, Mr. Michael Popoola, disclosed that work had already been concluded on the roadmap for the adoption of IFRS, which would make accounting standards in the country to converge with IFRS.
He, however, attributed the delay in making public the report of the roadmap committee to the political situation in the country, stressing that with the coming on board of new ministers in the supervising Ministry of Commerce and Industry, the necessary green light for adoption would be given.
He also gave assurance that new accounting standards would soon be released, saying work had already been concluded on a number of draft standards, which would become standards by third quarter of the year.
The Executive Secretary of the NASB, Mr. Godson Nnadi, sought the co-operation of ICAN and other regulators in sensitising users and preparers of statements of account to the operation of IFRS.
Commenting on the value of the IFRS, the ICAN president said the adoption of the international standards would lead to financial comparability of Nigerian companies and boost direct foreign investments.

She, however, implored the NASB to expedite action on the adoption of the IFRS, stating that the whole world is waiting for Nigeria.
The NASB had late last year set up a Roadmap Committee headed by the Board’s Technical Director, Mr. Jim Obazee, to chart a course of action on the adoption of IFRS.



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