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Accounting experts offer IPSAS approach to meet global trends

Saturday 8 August 2015

A recent article by businessdayonline.com reports on a number of professionals in the accounting field identifying accounting-related challenges facing utilisation of accounting for national growth and development in the largest African country in the world, Nigeria

Some of these professionals work in organisations and businesses that consistently fail to maintain accounting records. This failure to adopt modern accounting techniques - poor fiscal management by government - often results in huge expenditure deficits, allegations of tax evasion practice and arbitrary pricing policies of Nigerian organisations.

To this end, it became vital for accountants in Nigeria to take an in-depth look into the present practice of the profession - with the aim of utilising appropriate strategies to match up to future trends and challenges - and this is where the adoption of International Public Sector Accounting Standards (IPSAS) in 2011 came in.

Naturally, the adoption of IPSAS presented new challenges to financial reporting in the public sector entities, with the teaching of the new technique among students, civil servants and those embarking on professional examinations, becoming an immediate requirement.

The Association of Chartered Certified Accountants (ACCA) recently organised training sessions on the basics of accounting as a profession for university undergraduates in South Western states of Nigeria - the last edition was held in Akure, Ondo State.

Business development manager of ACCA, Akinyemi Adeyemi, said: "We believe that accountants bring value to economies in all stages of development. We aim to develop capacity in the profession and encourage the adoption of global standards." He also noted that ACCA and other interest groups "actively seek to enhance the public value of accounting in society through international research and we take a progressive stand on global issues to ensure accountancy as a profession continues to grow in reputation and influence."

IASeminars has experienced strong demand in recent years, from across Africa, for itswide range of financial training courses. We are proud to have already served more than 200 client organizations from around 30 different African countries - with hundreds of participants coming to our events held around the world.

Source: http://businessdayonline.com/2015/08/accounting-experts-offer-ipsas-approach-to-meet-global-trends/

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