Business
CAC Attains IFRS Accounting Standard
The Corporate Affairs Commission (CAC) has become one of the first government agencies in the country to attain the successful conversion of her financial report to International Financial Reporting Standards (IFRS).
The Director of Public Affairs, CAC, Mr Williams Churchill made this known in a press statement made available to The Tide.
Churchill said the conversion was made possible through the help of a consulting firm, Optimum Support System Ltd which started the process since May 2012, adding that the consulting firm has formally handed over the project to CAC.
He noted that the agency engaged the consulting firm to pilot the process in order to ensure a smooth and stress free conversion.
The Chief Operating Officer of the consulting firm, Olufemi Olukayode applauded CAC for the seriousness it attached to the entire process, adding that the system also included intensive training in Nigeria and the UK.
The Registrar General of CAC, Mr Bello Mahmud who received the project report commended the consultant for a job well done, adding that the quest to have a common set of rules and standards, informed the implementation of the IFRS.
He added that achievement would engender “comparability and transparency of financial statements aimed at meeting the need of stakeholders.
IFRS is a set of international accounting standards that define how different types of transactions and other accounting events should be reported in financial statements.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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