FIRMS INITIATE TRAINING PROGRAMME ON IFRS

By NBF News
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AHEAD of the adoption of International Financial Reporting Standards (IFRS) by Nigerian firms, Ahmed Zakari & Co (Chartered Accountants)- an auditing and consulting firm, in conjuction with Entop Consulting Limited, United Kingdom, has concluded plans to provide comprehensive training in the six-geo-political zones of the country.

According to the firm's Managing Partner, Mr Ismaila M. Zakari, this new regulation signals the biggest change ever in Nigeria's financial reporting.

'We believe that a single set of high-quality, globally accepted accounting standards has the potentials to provide many benefits to Nigerian companies and to capital providers wherever they may be. We also recognise that there will be challenges to the process of companies converting from Nigerian GAAP to IFRS,' he said.

Zakari explained that in line with the request of the participants and giving the great urgency for public listed entities in Nigeria to implement IFRS, plan for a training programme in conjunction with a UK consulting firm, Entop Consulting Ltd has been concluded.

Titled 'Know All IFRS', it would involve seminars across cities in the six geo-political zones of the country.

The seminars, aimed at demystifying each and every IFRS standard and their technical applications, according to Zakari, will be starting with a four-day training in Lagos and Abuja, this month.

The four-day intensive course is aimed at providing a rigorous and detailed understanding of all IFRS as they affect Nigerian entities.

There will be illustrations using samples of financial statements, case studies and coverage of all the standards applicable, as well as exposure drafts. It will be supported by fruitful and interactive exchanges between participants as well as group work in order to enhance learning outcome.

Participants, in addition, will be given an overview of current developments in the relevant IFRS covered and receive information on likely future pronouncements and the probable impact of their adoption, he said.

He also noted that facilitators of the 'Know All IFRS' seminars, who were drawn from Ahmed Zakari & Co. and Entop UK, include Isma'ila M Zakari, Ekiyor Lewis, Innocent Okwuosa, Konstantinos Tsanis and Professor Martin Khan.