IHEANYI NWACHUKWU and NGOZI UCHE
Henry Egbiki, regional managing partner, (West Africa) Ernst & Young, has called for the fast tracking and implementation of the International Financial Reporting Standard (IFRS) in Nigeria.
Egbiki, who disclosed this yesterday when a team of experts from Ernst & Young visited BusinessDay’s corporate office, said that the adoption of the standard in the country has become imperative given the fast changing financial landscape.
According to him, with the level of foreign investment coming into the country we want to fast track the implementation of IFRS.
International Financial Reporting Standard regime requires more detailed disclosures on risk management, insider related transactions and changes in accounting policies than it is obtained under the local Statements of Accounting Standards (SAS).
IFRS possesses a standard of financial reporting and disclosure that is recognised globally, forming the basis of presentation of audited Financial Statements for global Institutions; it promotes transparency and enhances the reliability of a financial statement.
As a way of attracting confidence, few Nigerian banks have adopted the IFRS. To meet the market demand and continued provision for the market, all other banks have voluntarily decided they will comply with IFRS regardless of no body pressuring them to do so.
Speaking further, Egbiki said that Ernst & Young as a leading professional service firm in over 24 countries, plans to launch fully into the Nigerian business community; stating that there is the need for businesses in the country to take advantage of the opportunities presented by the global economic meltdown.
Read Also: How International Financial Reporting Standards (IFRS) benefits SMEs
We have launched a product which we have been circulation across the globe tagged: opportunities in adversities, he said.
It is a global brand that has been in Nigeria for over 45 years, providing advisory services across industries in both public and private sectors of the economy. Our partnerships span across the oil and gas, management and other sectors. The business advisory firm with presence in over 140 countries provides customised services depending on the need of the client.
The regional managing partner said his team is currently engaged in repositioning the company to become the brand it should be in the country; noting that as a member of the parent global firm, Ernst and Young Nigeria would guarantee access to international resources for client companies.
Meanwhile, he said a media forum had been slated for July 8, at Eko Hotel, Lagos, organised to discuss issues on the implementation of IFRS.
A stress pendulum, which showed the state of a business in the current crisis, was developed as a result of a survey done on 300 CEO’s of business organisations. We help businesses to develop programmes that would enable them to survive or improve on their rating, where they were found to be insolvent, distressed, stressed or experiencing any forms of downturn, Egbiki added
