IFRS: BANKERS COMMITTEE TO DEVELOP FRAMEWORK FOR COMMON REPORTING

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IFRS: Bankers Committee to develop framework for common reporting
On February 17, 2012 · In Business

By Babajide Komolafe

The Bankers Committee has said that it will develop a framework for common reporting among banks under the International Financial Reporting Standards. It has also set up a subcommittee on women empowerment for the purpose of achieving female diversity in the banking industry and to provide cheap funding for women businesses.

Managing Director/Chief Executive, First Securities Discount House (FSDH), Mrs. Hamda Ambah disclosed this at a press briefing after the meeting of the Committee in Lagos on Tuesday.

Giving further clarification on the move Managing Director/Chief Executive, Standard Chartered Bank Nigeria, Mrs. Bola Adesola said that the Committee noted that at the entry level, there is almost 50 per cent representation of both male and female. “But at the senior management and board level, there are few female representations, and the Committee wants to address this.

The subcommittee has been assigned the responsibility of developing a framework to achieve this.” She said the Bankers Committee has also decided to set up a fund that would be used to provide funding at concessionary interest rate to female business women. She said the Committee has set a target of 2012 and 2014 to achieve these women empowerment initiatives”.

IFRS is a set of accounting rules for preparation and presentation of financial statements. It consists of standards issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC) for a uniform international financial reporting.

“The IFRS will have serious impact on reporting globally and we are concerned about the need for common approach among banks in the adoption of the standards for reporting. So we have agreed to have a common framework for common approach to adopting the standards in the preparation of financial statements.

“We have decided to have a major workshop that will bring together all stakeholders to examine and discuss the various issues and concerns as well as how to achieve a common reporting format.

Towards the end of 2010, the CBN, in a bid to integrate the banking system into the global best practices in financial reporting and disclosure commenced partial adoption of the International Financial Reporting Standards (IFRS) in the Nigerian Banking system. This move according to the CBN was to enhance market discipline, and reduce uncertainties which limit the risk of unwarranted contagion.

To achieve full adoption of the IFRS in Nigerian Banking industry, which is scheduled for this year, the Nigeria Accounting Standard Board inaugurated a Roadmap Committee of Stakeholders on the Adoption of IFRS in Nigeria.

Members of the Committee are   Nigerian Accounting Standard Board (NASB), Federal Ministry of Finance (FMF), NDIC, SEC, and NAICOM; PENCOM, Federal Inland Revenue Service (FIRS), and Institute of Chartered Accountant of Nigeria (ICAN).
The Bankers Committee has set up a committee to achieve female diversity in the banking industry.

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