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[May 15, 2014]
NUC Commences IFRS, IPSAS Implementation
(AllAfrica Via Acquire Media NewsEdge) Ahead of the January 2016 deadline, the National Universities Commission (NUC) has commenced the process of integrating the International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS) into the Nigerian universities' system.
Nigerian government had mandated Government Business Enterprises (GBEs) to adopt the IFRS with effect from 2012 while Public Sector Entities (PSEs) are to adopt IPSAS in the preparation and presentation of financial reports effective 2013. However, due to some difficulties faced by the agencies the deadline was shifted to January 1st, 2016.
Speaking at the opening of a six-day workshop for accounting departments and bursary units of Nigerian universities in Abuja, NUC Executive Secretary Professor Julius Okojie said the training became imperative in view of the need to join the global trend in accounting principles in our tertiary institutions.
He said over 120 countries have embraced the IFRS system out of which 90 countries have fully complied with the standards.
He said the workshop is expected to avail the participants with the relevance of accounting professionals in the management of funds accruing to universities.
"Government is injecting over 1.3 trillion naira in the next five years into the nations universities as such, proper utilization in line with standard practices must be adhered to for competency in managing such funds for the overall benefit of the nation," he said.
Copyright Daily Trust. Distributed by AllAfrica Global Media (allAfrica.com).
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