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September 9, 2012

Nigerian government moves towards IPSAS and IFRS integration

The Nigerian government has told chief accounting officers in federal and regional Ministries, Departments and Agencies (MDAs) to prepare for IPSAS and IFRS implementation.

The government held the latest in a series of regional “sensitisation workshops” in Abuja, North-Central zone, where it advised accountants to “provide themselves with technical and other operational skills” for the implementation of IFRS and the “hitch-free” adoption of IPSAS.

Yerima Ngama, Nigeria’s minister of State for Finance, said the implementation process will provide the country with a “standardised uniform chart of accounts, budget and general purpose financial statements”, allowing it to meet international best practice and assisting in the “peer review mechanism of financial reports among the three tiers of government.”

Jonah Otunla, accountant general of the federation, advised participants to use the workshop, organised by the FAAC Sub-Committee on the Roadmap, to probe the “issues and challenges” of IPSAS and look at “getting the best out of its adoption”.

Nasarawa state commissioner,Muhammad Mainoma, stressed the importance of standardised financial reporting as it made “the issue of comparison, the issue of understanding, the issue of the utility of the financial statements” much easier.

Nigerian President Goodluck Jonathan started the process of adopting IFRS last year when he signed the Financial Reporting Council of Nigeria Act 2011 into law.

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