The Nigerian Accounting Standards Board (NASB) has called for the abrogation of regulations and laws that are incompatible with the provisions of the International Financial Reporting Standards (IFRS) in order to reap the full benefits of the adoption of same.
Addressing a N2 billon fund raising Dinner held in Lagos for the establishment of an IFRS Academy, NASB Chairman, Michael Adebisi Popoola, sought the support of financial regulators in the country in identifying such regulations and prevailing on the National Assembly to repeal them.
He also called for the assent of the President to the Financial Reporting Council Act that was just passed by the National Assembly. Justifying the needs for the adoption of IFRS, he said the global requirement in accounting standards is based on harmonisation and internationalisation of financial standards.
Executive Secretary of the NASB, Jim Obazee, hinged the establishment of the IFRS Academy which the NASB is spearheading on the need to bridge the knowledge gaps that currently exists on IFRS. The Academy, he said would train regulators, government officials, auditors and university lecturers on the rudiments of the IFRS.
He also disclosed that the Academy would lead to the creation of accounting graduates, regulators, government officials that are knowledgeable in IFRS, thereby boosting foreign direct investments, confidence in the economy and increased employment opportunities for graduates of accounting in the country.