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No room for mediocrity in accounting standards –ANAN

The President of the Association of National Accountants of Nigeria, Alhaji Sakirudeen Labode, on Thursday said the association would not tolerate mediocrity in accounting standards. Labode said this in Lagos while declaring open a two-day workshop on the International Financial Reporting Standards.

He said, “We cannot tolerate mediocrity and we will not. Therefore we all must be up and doing to demonstrate the acumen that we claim to posses.

“You must be versatile in the new standards so that you do not run foul of the law that stipulates that all financial statements must be IFRS or International Public Sector Accounting Standards compliant by 2013 and 2016 respectively.”

He said that the training would afford members of the association the opportunity to play the association’s signature tune which was training, training and retraining.

Labode added that the association would not be weary of developing the capacities of its new members, saying, “because our new policy thrust is now benchmarked on quality assurance of the services provided by members to their clients as experts in their field of endeavour.

“The accountant explained that the IFRS, though novel in the Nigerian environment, had been in existence in other climes several years before now.

Labode added that the international accounting standards board had the responsibility of conceptualising and crafting accounting standards to be adopted for use by various countries or jurisdictions around the globe.

He recalled that the Nigerian Accounting Standards Board was established in 1982 as a private sector initiative by the Institute of Chartered Accountants of Nigeria and became a government agency in 1992,Labode said, “By 2003, the membership of the body was enlarged to accommodate ANAN.

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