Tuesday, May 28, 2024

IFAC President seeks protection of FRCN to grow economy – The Sun Nigeria

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From Uche Usim, Abuja


To engender a strong economy for Nigeria, the President International Federation of Accountants Council (IFAC), Mr. Alan Johnson has called for protection of the Financial Reporting Council of Nigeria (FRCN), saying it should be given the resources it requires to perform its job effectively.

He made the call during a meeting with the FRCN board and management which was also attended by the President of the Institute of Chartered Accountants of Nigeria (ICAN), Mr Tijjani Musa Isa, at the weekend.

The IFAC president also urged Nigeria to embrace sustainability reporting which he said is at the core of the council’s operations.

He said it was in the best interest of the accounting profession and the country, in general, to make sure that regulators are successful and have strong regulatory work in place.

Johnson explained that this would help raise the level of trust and confidence in the profession as well as boost Nigeria’s economy.

He added  that the Nigerian accounting profession as well as their global counterparts have the mandate to serve the public in the interest of the public and to support government and organisations to deliver.

The IFAC boss specifically commended Nigeria for having contributed a lot to the accounting profession globally, and for the early adoption of international accounting standards.

He also called for high levels of transparency and governance, adding that the accounting profession should work and support the regulators to ensure a vibrant profession and virile economy.

He said the SMEs remained the backbone of any economy, stressing that “we must never forget that and they need to be brought into the conversation, they need to have a role and we need to help them”.

Johnson said only 3 per cent of any green investment goes to SMEs though they account for more than 50 per cent of GDP.

“So, there is a significant imbalance in the funding of SMEs and we need to help address that.”

Commenting on the issues bordering on Nigerian youth emigration to Europe and other countries of the world, the IFAC president said contrary to speculation, Europe is also struggling with the brain-drain syndrome.

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