IFRSEF calls for Nigeria’s representation at IASB, condemns poor financial reporting in Nigeria

Anewly formed group of financial experts, IFRS Experts Forum (IFRSEF) Nigeria, has advocated for Nigeria’s representation at the International Accounting Standard Board (IASB), London.

The non-profit organisation, incorporated in Nigeria in February 2020, asserts that the biggest market for IFRS in Africa is Nigeria but it is not well represented at International Accounting Standards Board (IASB).

The IASB, an independent group of experts with an appropriate mix of the latest practical experience in setting accounting standards, accounting education and standard preparation, auditing and utilisation of financial reports is a body responsible for the coordination of the International Financial Reporting Standards (IFRS), which Nigeria has adopted.

IFRSEF expresses its worries over the poor financial reporting in Nigeria, which has been the bane of private and public accountability in the country, hence the need for a better representation at IASB. It believes that creating awareness and promoting the adoption of IFRS would raise the bar on better governance of private and public entities in Nigeria.

According to IFRSEF memorandum of association, the international accounting standards being advocated for are IFRS for private sector and International Public Sector Accounting Standards (IPSAS) for public sector.

During its inaugural event with IASB London on June 3, 2020, IFRSF Foundation London welcomed the formation of IFRSEF, Nigeria, acknowledging it as a platform for the discussion and articulation of views of IFRS developments from a Nigerian perspective.