IFRS: Access Bank enlists Nigeria among 120 Global Territories with compliance capacity
Category: Products & Services
Lagos, Sunday, 09 January 2011
Access Bank has enlisted Nigeria among the 120 global territories that have acquired capacity for compliance with theInternational Financial Reporting Standards. This follows the Bank’s full system conversion to IFRS well ahead of the January 2012 compliance date set by government and regulatory agencies.The implication of this feat is that the Bank commenced the production of financial statements that are compliant with the IFRS effective January 4, 2011.
This is yet another demonstration of the Bank’s commitment to global best practices and an affirmation of its pioneering role in the Nigerianfinancial services sector. Undoubtedly Nigeria ’s firstfinancial institutionand perhaps corporate organization to adopt the International Reporting Standards, Access Bank’s action is a clear indication of the country’s financial sector willingness to adopt and implement globally acceptableresponsible business standardsthat will positively impact the nation’s economy.
In December 2010, following the approval of theFederal Executive Councilthe NigerianAccounting Standards Board(NASB) issued an implementation roadmap for Nigerian’s adoption of IFRS which set a January 2012 date for compliance for publicly quoted companies andbanks in Nigeria. The Central Bank of Nigeria (CBN) and theSecurities and Exchange Commissionalso adopted this date for compliance and has issued guidance compliance circulars to ensure full implementation of IFRS in Nigeria .
Preparatory to the country’s adoption of the IFRS, Access Bank had pioneered a number of initiatives that established it as a pacesetter in the implementation of IFRS in the Nigerian banking industry. Notably, the Bank had hosted a two-day conference on the International Financial Reporting Standards (IFRS) in July 2010. The conference which was attended by critical stakeholders across industries and international expert on IFRS created a platform for all stakeholders to interact and devise a feasible modus operandi for IFRS adoption in Nigeria among others.
On the implication of adoption of IFRS for the Nigerian banking sector,Seyi Kumapayi, the Bank’s Chief Financial Controller said, “FIRS will promote transparency and enhances the reliability of our financial statements. He added that the adoption of the reporting standards will also enhance the quality of reporting in the domestic environment and offer operators opportunity for fair global assessment”.
In a separate statement,Aigboje Aig-Imoukhuede, Access Bank’s Group Managing Director/CEO said “The Bank’s proactive adoption of IFRS in 2007 and the successful full system conversion to the IFRS systems in 2010 will ensure that the Bank's financials are comparable to other global institutions’ and provide a more diverse investors base with an objective basis for making investment and economic decisions. He however added that the Bank will continue to maintain a parallel run for reporting under the Nigerian General Accepted Accounting Practices (GAAP) until the national cutover date in 2012”.
FOR FURTHER INFORMATION, CONTACT:
Contact: Fafore Olusegun Michael Access Bank PR and Media unit,