Helen Brand (OBE), the global Chief Executive of Association of Chartered Certified Accountants (ACCA), revealed that the organisation would collaborate with PwC Nigeria on key initiatives such as capacity building in International Financial Reporting Standards (IFRS), which are currently being adopted in Nigeria.
Mrs Brand, who is on a visit to PricewaterhouseCoopers (PwC) Nigeria as part of a week-long event in Nigeria, said that both ACCA and PwC are partnering to address the capacity deficit in the country’s accounting industry and to improve the quality of corporate reporting.
“Both ACCA and PwC share common professional values, global presence, ethics and governance,” she said. “This perhaps explains the desire to collaborate on key initiatives such as capacity building in IFRSwhich are currently being adopted in Nigeria. Both firms plan to jointly organise a series of events on IFRS for SMEs in collaboration with the International Accounting Standards Board (IASB).”
Responding on behalf of PwC Nigeria, Taiwo Oyedele, a member of the ACCA Global Governing Council and Partner in charge of Tax and Corporate Advisory Services at PwC Nigeria, said that an effective and full adoption of IFRS in Nigeria would increase investment inflow into the country; adding that it was therefore vital that both global firms partner on creating much needed capacity building in that regard.
“In addition to removing some of the subjectivity from financial reporting, IFRS provides more consistent platform for recognition, measurement and disclosure of transactions and events in financial statements, leading to greater transparency,” he said. “This in turn, will lead to increased investment in Nigeria. IFRS is not just about reporting; it is also about measuring business performance. It therefore means that investors and business managers must understand it as well as the accountants who will report it.”
Oyedele observed that many quoted companies in Nigeria are struggling in recent times to meet the deadline for their submission of IFRS-complaint financial records for the year ended 2012 as mandated by the Financial Reporting Council and harped on the need for increased capacity in the accounting practice in Nigeria.
ACCA is the global body for professional accountants offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
PwC is the leading global professional services firm providing advisory, audit and assurance and tax services. PwC is structured as a network of member firms, owned and operating locally in more than158 countries and 776 locations around the world with over 180,000 staff and partners connected to share knowledge, skills and resources.