The Nigeria Accounting Standards Board (NASB) has said that the efforts at improving reliability of the financial reports produced in the country would yield better result if full convergence with international financial reporting standards is attained.
Executive Secretary of (NASB) Mr Godson Nnadi explained that the governing council of the boar had approved the inauguration of the roadmap committee on the adoption of (IFRS) in Nigeria in order to accelerate the attainment of full convergence which is aimed at accomplishing high result in financial reporting.
According to him, the anticipated achievement of this committee would not only enhance transparency and disclosure in financial report but would also bring Nigeria in line with the current global financial reporting and corporate governance and also stave off the prospect of isolation.
(NASB) chairman, Mr, Michaeal Popoola, who inaugurated the committee in his speech said financial reporting foster informed and efficient allocation of capital based on principles of transparency, consistency and comparability, as well as the score card that rational investors rely on, to make economic decision, and attract huge international capital flows.
He enumerated the responsibilities of the committee to include: identifying implementation challenges and steps to address them during the transition, determining if HRS for Nigeria should come as a quick fix or major overhaul, what effect would adoption of HRS have on private companies, what should be our national response to international accounting standards that are less rigorous to some peculiar accounting problems arising from our jurisdiction.
To ascertain whether Nigeria should seek to legislate that IASB be rated as a Nigerian GAAP setting body or define the authority of IASB’s pronouncements together, what impact the adoption of IFRS have on regulatory/statutory and tax reporting, how do we handle enforcements legal and technical issues and what would be the future role of the NASB, are also among their task.
The chairman, of the committee, Mr. Jim Obazee, in his acceptance speech pledged that diligence and patriotism should be the guiding spirit of the committee and he assured the board that the committee would not only come up with a convergence process that would protect the vulnerable but also would submit their report on schedule.
Mr. Abel Atalor, the chairman of the committee for development of accounting standard for electricity activities, which was also inaugurated the same day commended the initiative of the Nigerian Electricity Regulatory, Commission (NERC) in collaboration with NASB in developing accounting standard for electricity activities in the country as he preserves his acceptance speech.
Still speaking, he said that uniform accounting standard in the electricity sector would provide an accurate means of reporting cost and expenses which are required for tariff determination, a uniform means valuing assets within the Nigerian Electricity Supply Industry (NESI): it will allow fair comparison of performance of the regulated entities, and confidence to foreign investors interested in the NESI.
NSE Begins Week On Negative Note, Loses N19.49bn
The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.
… Introduces TIES To Boost Business Loan
The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.
CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions
The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.
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