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.

Mrs. Elizabeth Amkpa, General Manager, GOTV Nigeria (left) with other staff during the launch of GOTV in Calabar.