IFRS Academy Takes off before March

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The Financial Reporting Council (FRC) has disclosed that the much-awaited International Financial Reporting Standards (IFRS) Academy will be inaugurated before the end of the first quarter of next year.

Chairman, FRC Board, Mrs. Maryam Ladi Ibrahim, said this during an interactive session with journalists in Lagos at the weekend.

Some operators and investors had expressed concern over the delay in establishing the academy after over two years, when a fundraising dinner that saw commercial banks, financial system operators and other regulators contribute over N500 million to the project.

The proposed IFRS Academy is expected to support manpower development in the implementation of IFRS.

But Ibrahim explained: “As much as possible, there are structures that needed to be put in place. You are all aware of the shortcomings when it comes to infrastructure. We are ensuring that as much as possible, within the first quarter of next year, we would kick-start the IFRS Academy in Abuja.

“Having said that, there are basic things that needed to be put in place and that have been done.”

According to Ibrahim, the IFRS Academy had been registered as a limited guaranteed company. She also said a board of trustee for the institute would soon be inaugurated.

"Without doing the basic things, we can’t commence the academy. Now that they have been done, I want to assure Nigerians that the IFRS Academy is on course" she added.

She argued that the recent adoption of IFRS was partly responsible for the growth of foreign direct investment (FDI) into the country.

Ibrahim stressed that the federal government agency had done a lot to ensure adherence to the reporting standards.

She said the FRC would continue to create awareness on the IFRS.

Speaking on the ongoing harmonisation of the various code of corporate governance, Ibrahim explained that the steering committee that was inaugurated by the Minister of Trade and Investment had been working very assiduous to conclude the document.

"I want to assure Nigerians that before 31st of December this year, the work would have been concluded and we would be calling for stakeholders’ meeting and thereafter it would be presented to the Federal Executive Council for approval.

"Once that is approved, Nigeria will have a single code of conduct for corporate governance," Ibrahim declared.

Shedding more light on the harmonisation of the code of corporate governance in the country, the Chief Executive Officer/Executive Secretary, FRC, Mr. Jim Obazee, said: "We have a separate code of conduct at the Central Bank of Nigeria, a separate one at the Corporate Affairs Commission, the National Pension Commission, the Securities and Exchange Commission, so the federal government is unifying them to have a single code.”