A newly formed group of financial experts, the IFRS Experts Forum (IFRSEF) Nigeria, has advocated for Nigeria’s representation at the International Accounting Standard Board (IASB), London. The non-profit organisation, incorporated in Nigeria in February, 2020, asserted in a statement that the biggest market for IFRS in Africa is Nigeria, noting however that the country is currently not well represented at International Accounting Standards Board (IASB).
The IASB, an independent group of experts with an appropriate mix of the latest practical experience in setting accounting standards, accounting education and standard preparation, auditing and utilisation of financial reports is a body responsible for the coordination of the international financial reporting standards (IFRS) which Nigeria has adopted.
IFRSEF expressed its worries, “over the poor financial reporting in Nigeria which has been the bane of private and public accountability in the country, hence the need for a better representation at IASB.”
It believes that creating awareness and promoting the adoption of international financial reporting standards would raise the bar on better governance of private and public entities in Nigeria.
According to IFRSEF Memorandum of Association, the international accounting standards being advocated for are International Financial Reporting Standards (IFRS) for private sector and International Public Sector Accounting Standards (IPSAS) for public sector.
In its effort to create awareness on IASB on-going projects and facilitate participation that would bring Nigerian experience to IASB standard setting process, IFRSEF had organised an outreach event titled “a half interactive session with IASB, London,” in August. This was after an earlier event in June. The forum was attended by over 250 participants drawn from various sectors and interest groups in Nigeria.
IASB Board member, Darrel Scott and IFRS technical staff, Aishat Akinwale made presentations relating to IASB on-going projects and actualisation of a participation that will bring Nigerian experience to IASB standard setting process.
IFRSEF Chairman, Innocent Okwuosa,, explained that the platform is purely a private sector initiative modelled after the Corporate Reporting Users Forum (CRUF), UK which has now become global. According to him, CRUF a private sector led initiative exists in the UK with a regulator the UK FRC and both are represented in the IASB standard setting process. He sees corroboration between IFRSEF and FRCN in the area of capacity building and input into the IASB Standard setting process.