CAC converts financial reporting to IFRS

The Corporate Affairs Commission (CAC), says it has successfully converted its financial reporting to International Financial Reporting Standards (IFRS).

IFRS is a set of international accounting standards that define how different types of transactions and other accounting events should be reported in financial statements.

A statement issued on Monday by the commission’s Director of Public Affairs, Mr Williams Churchill, on Sunday in Abuja said that by the development, CAC had become one of the first government agencies in the country to attain the feat.

“The journey, which started in May, 2012 has been successfully completed as the consulting firm to the project, Optimum Support System Ltd, has formally handed over the project to CAC.

“The commission had engaged the consultant to pilot the process, to ensure a smooth and seamless conversion.

“At the handing over ceremony, the Chief Operating Officer, Olufemi Olukayode, commended CAC for its tenacity in going through the entire process which includes intensive training in Nigeria and UK. ‘’

The statement quoted Olukayode as noting that several agencies which had embarked on the process were not able to conclude and had to defer it.

The Registrar-General of CAC, Mr Bello Mahmud, while receiving the project report, thanked the consultant for a job well done.

“He said that the quest to have a common set of rules and standards informed the implementation of the IFRS.’’

Mahmud said that the project would engender “comparability and transparency of financial statements aimed at meeting the need of stakeholders, especially investors, to ensure that investments are well protected.” (NAN)