OWING to the complexities of adoption of the International Financial Reporting Standard (IFRS), President of the Institute of Chartered Accountants of Nigeria (ICAN), Mr. Adedoyin Owolabi, has tasked district societies on the need to train members on the standard.
The president, while speaking at a members’ forum organised by ICAN Lagos District and Society, called on serving district society chairpersons to improve the intellectual capacity of their members, specifically with the recent adoption of the IFRS model in the accounting system.
He explained that ICAN attained enormous heights because local districts and societies developed their members, adding that past presidents have come from the various units.
“IFRS ensures a single set of high quality globally converged financial reporting standards. Further, it presents consistent, comparable, unbiased, transparent and relevant information wherever the location of the reporting entity is.
“The speed, with which IFRS had emerged as the leading financial reporting framework, is to say the least, telegraphic and wonderful. It is now the language of accounting in major capital markets. ” Owolabi stated.
He advised members of the accounting profession to educate themselves on IFRS if they wish to remain relevant in the scheme of things in the profession and in the business community.
Chairman of the Lagos and District Society, Patrick Akujobi, lauded the ICAN president for his enduring legacy and enviable track record of leadership.
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True because it needs training to working with Ifrs
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