The consultant to the project, Optimum Support System Ltd, which piloted the process to ensure a smooth and seamless conversion has formally handed over the IFRS project to the commission.
At the handing over ceremony the Chief Operating Officer, Oso Olufemi Olukayode, commended CAC for its tenacity in going through the entire process which included intensive training in Nigeria and UK He noted that several agencies which had embarked on the process were not able to conclude and had to defer it.
It will be recalled that the Federal Executive Council (FEC) had approved a roadmap for the conversion to IFRS by business entities, institutions and the public service.
The IFRS implementation roadmap was unveiled by Olusegun Aganga, the Minister of Industry, Trade and Investment on Sept 2010 and Public Interest Entities were mandated to convert to IFRS.
The use of IFRS as a universal financial reporting language has gained momentum across the globe and several countries have implemented it.
Earlier, Mahmud Bello, the Registrar-General who thanked the consultant for a job well done, noted that the quest to have a common set of rules and standards informed the implementation of the IFRS.
He observed that this will engender comparability and transparency of financial statements, aimed at meeting the needs of stakeholders, especially investors, to ensure that investments are well protected.
The Director of Finance and Accounts, Muniru U. Wambai, in his remarks at the event declared that CAC had since June 2013 adopted International Financial Reporting Standards and issuing its report based on the standard.
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