A newly formed group of financial experts, 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, asserts that the biggest market for IFRS in Africa is Nigeria but it is 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.
During its inaugural event with IASB London on June 3, 2020, IFRSF Foundation London welcomed the formation of IFRSEF, Nigeria, acknowledging it as a platform for the discussion and articulation of views of IFRS developments from a Nigerian perspective.
In its effort to create awareness on IASB on-going projects and facilitate participation that will bring Nigerian experience to IASB standard setting process, IFRSEF organised a second outreach event titled “a half interactive session with IASB, London” on August, 20, 2020. It was attended by over 250 participants drawn from various sectors and interest groups in Nigeria.
IASB Board member, Darrel Scott and IFRS technical staff, AishatAkinwale made presentations relating to IASB on-going projects and actualisation of a participation that will bring Nigerian experience to IASB standard setting process.
Innocent Okwuosa, IFRSEF chairman, 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.
Within its few months of existence, IFRSEF has established a working relation with International Accounting Standard Board (IASB) London, a connection facilitated through its founding chairman, Innocent Okwuosa, the 2nd deputy vice president of the Institute of Chartered Accountants of Nigeria (ICAN).
Many accountants, stockbrokers, investment analysts and wealth management executives have lauded the emergence of IFRSEF, Nigeria and see it as avenue for deepening corporate reporting and accountability in Nigeria.