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Weekly Catch-Up, 17th January

Friday 18 January 2019

Have your say on the proposed improvements to the IFRS Taxonomy.

The IFRS Foundation has published IFRS Taxonomy 2018- Proposed Update 2 general improvements for public consultation, with the aim of making the Taxonomy easier to use.

Some of the changes made include introducing implementation notes that explain how to use specific IFRS taxonomy elements and tagging errors.

Any entry points without documentation labels have been removed to make it easier to access the IFRS Taxonomy.

A ‘duration’ element type for reporting information about a period of time has also been introduced in order to achieve more consistent tagging.

You can submit comments on the Taxonomy up until Monday 4th February.

Rwandan Education Board under pressure from Senates after Auditor General review

Yesterday Senates in Rwanda were calling for the Rwanda Education Board (REB) to be more diligent with their work after reports from the Auditor General implied there were serious accounting mistakes and lack of value for money.

The Auditor Generals report for the fiscal year 2016/17 indicated delays in rolling out the competency based curriculum, as well as a lack of replacement laptops for both primary and secondary school pupils. But the Director General of REB, Irene Ndayambaje, hit back by saying that the boards staff have been working diligently to correct previous mistakes mentioned by the AG.

He claimed that strong coordination teams have been set up to follow up on the distribution of didactic materials such as books and laboratory equipment and to help manage the different contracts signed by the board with its suppliers.

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Patisserie Valerie owner to review “all options available” after accounting scandal much worse than first thought

Advisers to Patisserie Holdings have discovered “thousands of false entries into company ledgers” leaving the owners having to appoint KPMG to assist “in carrying out a review of all options available to it in order to recover from the devastating effects of the fraud, and to preserve value for its stakeholders going forward”

However they have admitted “it will take some time before a reliable trading outlook can be completed”

The company previously came close to collapse before its rescue by stakeholder Luke Johnson before the chain’s financial director was suspended and arrested, although later released, by the Serious Fraud Squad.

When trading on the cafes shares will resume is still unknown, but the owners have said they will look to negotiate the standstill agreement on its banking facilities beyond January.

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Fraud and corruption aided by accountancy practices in Nigeria

In an investigation by the Chartered Institute of Forensic and Investigative Auditors of Nigeria (CIFIAN) accountancy practices have been found to be aiding fraud and corruption in the country.

Speaking at a press conference in Abuja yesterday the protem president of CIFIAN, Dr Enape Ayishetu said that “fraudsters had gone sophisticated and now engaged in digital technologies to perpetrate fraud” and that “our system requires a forensic and investigative auditing which has to do with use of science and technology for fraud prevention and detection.|

She also appealed to the House of Representatives to pass the CIFIAN Bill pending before it.

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