Business
Council Charges Firms On IFRS
Chief Executive Officers of companies in the country have been urged to embrace the International Financial Reporting Standards (IFRS) by investing in relevant trainings that will make the framework a success.
The charge was given by Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Mr. Jim Obazee, during an executive briefing on IFRS for CEOs and top management officers of companies in Lagos, recently.
He identified IFRS as an important aspect of global financial reporting, stating that local accounting practices are no longer adequate for the financial system.
“In recent times a number of Nigerian companies have raised capital from international stock markets; others have established significant presence in other jurisdictions. Also a good number of Nigerian entities hold the securities of non-Nigerian issuers.
“Therefore, for a better understanding and appreciation of the risks and making decisions about the flow of economic capital, it makes sense that financial statements prepared in the country use the global financial reporting benchmarks”, he said.
Obazee encouraged the CEOs and other top management staff of companies to make use of the facilities provided by the FRC in broadening knowledge of the standards.
According to him, the roadmap for adoption of IFRS in Nigeria specifies that publicly listed entities and significant public interest entities are to prepare their financial statements using applicable IFRS by January 1, 2012 while other public interest entities were expected to mandatorily adopt IFRS for statutory purposes in January this year.
The third phase of adoption mandates Small and Medium-sized Enterprises (SMEs) to adopt IFRS as January 1, 2014 for the year ended December 31, 2014.
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.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
-
Niger Delta2 days agoDelta To Present Over ?1trn Budget For 2026
-
Politics2 days agoAnambra Guber: I’m Not Impressed, LP Candidate Says …As Observers Lament Vote-buying, Low Voters Turnout
-
Oil & Energy2 days agoOil Demand to Rise Through 2032 as Energy Transition Stalls
-
News1 day agoCleric Harps On Significance Of Thanksgiving
-
News2 days agoAlesa land-owners hail Fubara, Mayor of Housing Over New City Project
-
Maritime2 days agoAPAPA Customs Boss Tasks Stakeholders On Compliance,Test-Run Scanner
-
Niger Delta2 days agoWe’ve Repositioned LG System For Efficienc – Bayelsa D’Gov
-
Politics2 days agoModu Sheriff Disowns Report Accusing Shettima Of Creating Boko Haram
