Business
FG Tasks ICAN On Financial Reporting
The Federal Government has called on the Institute of Chartered Accountants of Nigeria (ICAN) to ensure effective public sector financial reporting to help stabilise the economy.
President Goodluck Jonathan at the 40th Annual Accountants Conference on Tuesday in Abuja noted that financial reporting was critical to economic development.
“The area which your institute is set to discuss in this conference is International Financial Reporting Standard (IFRS) which is fast becoming the global standard for preparation of public company statements.
“As professional accountants, you have very pertinent roles to play in driving the national economy.
“Public sector financial reporting remains as critical as it is complicated,’’ he said.
According to him, government has been investing in reforming public resources management.
Represented by Hajiya Yabawa Wabi, Minister of State for Finance, Jonathan noted that the nation needed the expertise and wealth of experience of accountants as “it strives to ensure sustainable economic development.
“While you deliberate on IFRS which I believe is private sector based, your institute is also charged to initiate action on the area of public sector accounting and collaborate with government to make public sector reporting meet international best practices,’’ he said
Mr Sebastian Owuama, the ICAN President, explained that the topic of the conference was chosen to create a platform for participants to appraise the achievement of the nation in the past 50 years.
He said that the nation had witnessed various forms of development in the past 50 years which needed to be evaluated to help bring about more developments.
“In our 50 years as a nation, have we really experienced development which, simply put, is about improvement in the quality of life of the citizenry?,’’ he asked.
He noted that the poverty level and unemployment rate did not project the nation well among the comity of nations.
According to him, these challenges have made the institute to focus on a way forward to make contributions that will help bring about positive changes in the country.
“The negative impact of corruption on development efforts is a serious issue that the nation must strive to grapple with and solve.
“Hunger and poverty anywhere constitute threat to peace and wealth everywhere. The time to act is now,’’ he said.
The theme of the conference is: Nigeria at 50: Economic Development and Socio-Political Stability.
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