Bankers C’ttee to develop IFRS competences with N500m
On May 10, 2012 · In Business

By Babajide Komolafe
The Bankers Committee has voted N500 million for the development of skills and competencies in the banking industry for implementation of International Financial Reporting Standards (IFRS).

The Bankers Committee comprise of banks’ chief executives and management of the Central Bank of Nigeria (CBN) .

Director, Banking Supervision Department, Central Bank of Nigeria (CBN), Mrs Tokunbo Martins disclosed this at a press briefing at the end of the Committee’s 307th meeting in Lagos on Tuesday.  She spoke in the company of Managing Director/Chief Executive, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, Managing Director/Chief Executive of UBA Plc, Mr. Phillip Oduaza, Managing Director/Chief Executive, Standard Chartered Bank Limited, Mrs. Bola Adesola, and Director, Corporate Communications, CBN, Mr. Ugo Okoroafor.

IFRS is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB). The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. Banks in Nigeria are required to adopt     IFRS by end of this year. Three banks namely GTBank, Access Bank and FirstBank have adopted the new standard.

Martins said that the Committee has decided to ensure that the transition to IFRS is done correctly and have engaged a consultant for this purpose. She said, “We have some processes in place towards having a more transparent and accountable banking sector.

To that end, we invited a consultant Ernst and Young, to come and brief the bankers committee meeting on how they intend to midwife the transition to IFRS, because by the end of this year, all banks will be rendering their financial statement to regulatory bodies, our self and SEC using IFRS.

So they made that presentation and the outcome of that is that we all going to work together to make sure that bank is done correctly. And the banks and CBN have contributed some of money to IFRS academy and the objective of that is to make sure that there are the required competences and skills in the industries to get this project moving forward.

The IFRS Academy itself has a large budget but what I can tell you is what we have contributed, the banks and the Central Bank, we contributed N500 million. It was divided into specific proportions. And as I said earlier, the objective is to build up skills and competences in IFRS in the industry.

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