Nigeria: IFRS – KPMG Tasks Audit Committees
Posted by Accountancy Africa on Feb 15, 2012 | Leave a Comment
By Goddy Egene, This Day Live
As Nigerian companies prepare to fully adopt the International Financial Reporting Standard (IFRS) as from the end of this year, KPMG Professional Services, Nigeria, has tasked audit committees to remain focus in their duties for the benefit of all stakeholders.
In a document titled: “Ten to-dos for Audit Committees in 2012”, made available at the 2011 seminar for audit committee members...
Nigeria: CBN, Council to Partner on Financial Reporting
Posted by Accountancy Africa on Feb 13, 2012 | Leave a Comment
By Obinna Chima, This Day Nigeria
The Financial Reporting Council of Nigeria (FRC) said it had sought the co-operation of the Central Bank of Nigeria (CBN) in ensuring effective enforcement of financial reporting guidelines in the country.
The FRC said the move would also address the challenges associated with implementation of International Financial Reporting Standards (IFRS).
The Executive Secretary, FRC, Mr Jim Obazee,...
Tanzania: EALA receives and adopts committee report on audited accounts / There is need to enhance systems, House resolves
Posted by Accountancy Africa on Feb 01, 2012 | Leave a Comment
From Star Africa
EALA today resumed debate with the August House debating and approving a crucial Report of the Committee on Accounts. To that effect, the Assembly is reiterating the need for better governance of operations including enhanced supervision by the Council of Ministers, improved systems and capacity building of the Secretariat to strengthen the regional bloc.
The Chairperson of the Accounts Committee, Hon...
Joburg receives second qualified audit
Posted by Accountancy Africa on Jan 29, 2012 | Leave a Comment
By Mmusi Maimane, Politicsweb
DA caucus leader says R1.2bn lost due to billing crisis, R410m in irregular expenditure
JHB second qualified audit: DA to request turnaround plan
The City of Johannesburg’s second qualified report is a confirmation of the deteriorating state that South Africa’s biggest economic hub is in. It also bears testament to the poor political leadership the City is currently under.
According...
Platinum Group Reports Q1 2012 Financial Results
Posted by Accountancy Africa on Jan 27, 2012 | Leave a Comment
VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA–(Marketwire – Jan. 25, 2012) - Platinum Group Metals Ltd. (TSX:PTM)(NYSE Amex:PLG) (“Platinum Group” or the “Company”) announces the publication of the Company’s financial results for the three months ending November 30, 2011. For more details of the November 30, 2011 Condensed Consolidated Interim Financial Statements...
Global accounting standards increase in popularity
Posted by Accountancy Africa on Jan 19, 2012 | Leave a Comment
From The Skills Portal
The Association of Chartered Certified Accountants’ (ACCA) international survey: “Towards greater convergence,” indicates that support for global standards amongst CFOs and investors, across the US, Europe, Asia and the Middle East has increased since the start of the global economic crisis.
These findings are based on surveying 163 Chief Financial Officers and investors across the US, Europe,...
The State of IFRS in Africa: Is IFRS in Disarray? from governance across borders
Posted by Accountancy Africa on Jan 13, 2012 | Leave a Comment
Why should Africa adopt IFRSs? Adoption is less of the story.. not practicing what you preach is the bigger evil.
In the past decade the rise in the use of the International Financial Reporting Standards (IFRS) in many countries around the world has moved the wave towards developing countries considering adopting these standards. Factually, about 120 countries presently use IFRS across the globe. Out of this number about...
Africa takes a lead in reforming public accounts
Posted by Accountancy Africa on Dec 06, 2011 | Leave a Comment
By Evan Pickworth, Business Live
Five out of seven countries in Africa and Asia have concrete plans to implement a new accounting system to improve public sector accounting practices, more than Europe or the US, a new study has found.
This comes as countries are generally still creating unnecessary barriers to transparency and comparability for cross-border investors.
The Ernst & Young survey of governmental...
IFRS to increase foreign direct investment in Nigeria
Posted by Accountancy Africa on Dec 02, 2011 | Leave a Comment
By Biodun Coke, Businessday Online
As the countdown to the implementation of the IFRS (International Financial Reporting Standards) hots up, experts in the financial services sector have identified the benefits that the adoption and familiarisation of International Financial Reporting Standards would inject into small and medium entreprises (SME).This was made known at a seminar organised by Frantivic and Associates,...
Assessing Nigeria’s Journey towards IFRS Implementation
Posted by Accountancy Africa on Nov 23, 2011 | Leave a Comment
The proposed conversion to the International Financial Reporting Standards (IFRS), next year, by organisations in the country, is expected to provide opportunity for better access to global capital markets and more comparability among sectors and companies. Obinna Chima examines the efforts towards installing these set of international reporting standards
With barely few weeks to the 2012 deadline for conversion to...
Three IFRS Trustees Reappointed
Posted by Accountancy Africa on Nov 10, 2011 | Leave a Comment
From Inaudit
The Monitoring Board of the IFRS Foundation has approved the reappointment of three IFRS Foundation Trustees.
Clemens Börsig (Europe), Robert Glauber (Vice-Chairman and acting Co-Chairman of the Trustees, North America) and Noriaki Shimazaki (Asia-Oceania) will each serve another three-year term after their current terms expire.
The Trustees promote the work of the International Accounting Standards Board...
Nigeria: Deloitte to Invest $300m in Auditing Facilities
Posted by Accountancy Africa on Nov 09, 2011 | Leave a Comment
By Obinna Chima, This Day Live
Deloitte Touche Tohmatsu Limited has said it had concluded plans to invest over $300 million in audit so as to improve the quality of its service globally.
The firm said the move would enhance the capabilities of its workforce, set a foundation for its innovation as well as to help grow its capability by more than 40 percent in 2012.
The international firm, which disclosed this in a...
Nigeria: Operators Await Guidelines For Adoption Of IFRS
Posted by Accountancy Africa on Oct 18, 2011 | Leave a Comment
By Stanley Oronsaye, Leadership
Ahead of the January 1, 2012 commencement date, operators in the financial services sector said they expect the regulators to come up with appropriate guidelines for the adoption and implementation of the International Financial Reporting Standard (IFRS).
Participants at a workshop organised in Lagos by Standard Chartered Bank, said there was need for the Central Bank of Nigeria...
Experts Seek Fresh Guidelines on IFRS Implementation
Posted by Accountancy Africa on Oct 10, 2011 | Leave a Comment
By Nnamdi Duru, This Day Live
Experts in the International Financial Reporting Standards (IFRS) have identified some of the infringements by companies currently transiting from the Generally Accepted Accounting (GAAP) standards to the new standards, warning that these portend great risks to the system.
They observed that many companies just appointed their external auditors as IFRS advisors notwithstanding the fact that...
African Accounting Principles & Standards.
Posted by Accountancy Africa on Jul 28, 2011 | Leave a Comment
Today most African Countries are using the Accounting Principles of their colonial masters even after indepence. There were British Accounting agents in all British colonies in Africa who imported the British Standards to Africa. These accounting standards were enacted here to protect foreign investments in African Countries.
After indepences of most of theses African countries the decided reduce the influence of their...
Nigerian Accounting Standards Board boss deplores delay in passage of FRC Bill
Posted by Accountancy Africa on Apr 14, 2011 | Leave a Comment
From Vanguard Nigeria
The Executive Secretary of the Nigerian Accounting Standards Board (NASB), Mr Jim Obazee, has called for accelerated action on the passage of the Financial Reporting Council (FRC) Bill currently before the National Assembly.
Speaking during the presentation of two new accounting standards and a draft accounting standard in Lagos, Obazee enumerated the gains that the country stands to make from...
Disclosure rules ‘too detailed’
Posted by Accountancy Africa on Apr 10, 2011 | Leave a Comment
By Andre Hueber, New Zealand Herald
The level of financial disclosure companies are required to make is being reviewed as smaller firms get bogged down by excessively detailed standards.
New Zealand and Scotland’s accountancy industry bodies have launched a joint project to limit the amount of disclosure required under the International Financial Reporting Standards (IFRS).
The two groups banded together after the...
IASB, FASB Propose to Wipe Off Differences in Offsetting Requirements
Posted by Accountancy Africa on Jan 29, 2011 | Leave a Comment
By Jack Humphrey, InAudit -
The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) have proposed to eliminate the differences in offsetting requirements arising from financial instruments reporting under the International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP).
The proposal comes after the request forwarded...
First integrated reporting guidelines unveiled
Posted by Accountancy Africa on Jan 29, 2011 | Leave a Comment
From Accountancy Asia -
The South African Integrated Reporting Committee (IRC) has issued a discussion paper on the world’s first integrated reporting guidelines.
The proposed integrated reporting guidelines offer direction to the 400 companies listed on the Johannesburg Stock Exchange who have to produce an integrated report for their current financial years from March 2011.
IRC chairman Mervyn King said the committee...
The Path to Global Standards?
Posted by Accountancy Africa on Jan 29, 2011 | Leave a Comment
The new FASB chairman spells out an ambitious agenda that could produce a clear road to the adoption of international financial reporting standards by U.S. companies.
In perhaps her first public appearance since becoming chairman of the Financial Accounting Standards Board, Leslie Seidman earlier this week laid out her “three highest priorities” through June 30. Remember that date. Not long after that,...
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