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ACCA lends support to IFRS convergence, Vision 20:2020

By on March 26, 2011

The quest for Nigeria to adopt the International Financial Reporting Standard (IFRS) has been described as positive development for the accounting profession and the economy.

Speaking to newsmen at the Practical Experience Requirement (PER) workshop organised by the Association of Chartered Certified Accountant (ACCA) in Lagos, at the weekend, ACCA’s Country Manager, Mrs. Oluwatoyin Ademola, said that IFRS convergence would link the nation’s accounting standards with global standards, adding that it would bring about the harmonisation of accounting standards and economic development.

Ademola said ACCA was making useful contributions toward the smooth and seamless convergence through enlightenment and seminars, lauding the concerted efforts of such organizations like the Institute of Chartered Accountants of Nigeria (ICAN), Nigerian Accounting Standard Board (NASB) and other agencies toward the adoption.

She pointed out that the association was also equipping students and members with tools and skills to make collective contributions to the nation’s quest of becoming a leading world economy in 2020, stating that they had introduced ethic module dedicated to teaching transparency and integrity.

The ACCA Country Manager explained that the PER workshop was mandatory for every ACCA student before becoming a member, adding that apart from the written examinations, practical experience was compulsory which could be done before, during or after qualification.

Source : Tribune