IFRSEF calls for Nigeria’s representation at IASB
A newly formed group of financial experts, IFRS Experts Forum (IFRSEF) Nigeria, has advocated for Nigeria’s representation at the International Accounting Standard Board (IASB), London.
The non-profit organisation, incorporated in Nigeria in February, 2020, asserts that the biggest market for IFRS in Africa is Nigeria but lamented that it is not well represented at the IASB.
The IASB, an independent group of experts with an appropriate mix of the latest practical experience in setting accounting standards, accounting education and standard preparation, auditing and utilisation of financial reports is a body responsible for the coordination of the international financial reporting standards (IFRS) which Nigeria has adopted.
IFRSEF expressed its worries over the poor financial reporting in Nigeria which has been the bane of private and public accountability in the country, hence the need for a better representation at IASB. It believes that creating awareness and promoting the adoption of international financial reporting standards would raise the bar on better governance of private and public entities in Nigeria.
IASB Board member, Darrel Scott and IFRS technical staff, Aishat Akinwale, made presentations relating to IASB on-going projects and actualisationof a participation that will bring Nigerian experience to IASB standard setting process.
Innocent Okwuosa, IFRSEF chairman, explained that the platform is purely a private sector initiative modelled after the Corporate Reporting Users Forum (CRUF), UK which has now become global.
According to him, CRUF a private sector led initiative exists in the UK with a regulator the UK FRC and both are represented in the IASB standard setting process.
He sees corroboration between IFRSEF and FRCN in the area of capacity building and input into the IASB Standard setting process.
Written by Kartia Velino