{"id":442589,"date":"2011-06-13T00:00:00","date_gmt":"2011-06-13T00:00:00","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/13\/accounting-board-launches-n2b-ifrs-academy-complex\/"},"modified":"2011-06-13T00:00:00","modified_gmt":"2011-06-13T00:00:00","slug":"accounting-board-launches-n2b-ifrs-academy-complex","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/13\/accounting-board-launches-n2b-ifrs-academy-complex\/","title":{"rendered":"Accounting board launches N2b IFRS academy complex"},"content":{"rendered":"
\n

\"IFRS\"TO facilitate Nigeria\u2019s educational capacity in the financial sector, the Nigerian Accounting Standards Board (NASB) has unveiled plans to build a N2 billion facility to serve as an academy for training on International Finance Reporting Standards (IFRS).<\/p>\n

The complex will house an academic block, amphitheatre auditorium with a capacity to seat 300 people, recreational area, reception, canteen, business centre, library capable of seating 100 people, an administrative block, and 20 training rooms, which boosts of accommodating 30 people each.<\/p>\n

According to Chief Executive Officer and Executive Secretary, NASB, Mr. Jim Obazee, who spoke to The Guardian, NASB is presently seeking funds to begin the academy that will be located in Abuja and sits on two plots of land.<\/p>\n

Part of the organisation\u2019s preparation for commencement of work on the project, according to Obazee will include establishing a Board of Trustees (BOT) comprising of two representatives from NASB management, one representative from six principal regulatory agencies and two representatives from the private sector and a nominee of the Federal Ministry of Finance (all of which must have operational and financial interest in the academy), while the BOT will be chaired by NASB\/FRC.<\/p>\n

He added that the academy would be non-profit with start up cost funded by a combination of government grant and private sector donations.<\/p>\n

He said the vision of the IFRS Academy was to develop first class IFRS professionals at all levels from basic to expert knowledge across industry and multi-disciplinary lines, which would also make Nigeria an IFRS reference point in Africa.<\/p>\n

He added that while plans are on-going to commence purchase of two plots of land in Abuja for the project, an IFRS training programme would already begin at the Securities and Exchange Commission\u2019s office under a Memorandum of Understanding agreement between the two bodies.<\/p>\n

Obazee highlighted features for the building to include an academic block, recreational centre and administrative block, a 10-seater boardroom, NASB liaison offices, academy director\u2019s office, 15 offices for lecturers and reception for academy director.<\/p>\n

He explained further that the building will also have a corporate service area with four open floor plan offices for human resources and admin, financial reporting, marketing, information technology unit, legal unit, clinic, and store.<\/p>\n

Obazee said, \u201cThe IFRS Academy shall exist to provide high quality, value for money IFRS training and development services to Nigerians and other organisations in both public and private sector entities outside the shores of Nigeria.<\/p>\n

\u201cThe legal form of the academy will not be for profit making. Start-up cost will be funded by a combination of government grant and private sector donations.\u201d<\/p>\n

The academy in the long run will operate as a self-funding proprietor support for the teaching of IFRS and International Public Sector Accounting Standards (IPSAS).<\/p>\n

The Nigerian Accounting Standards Board (NASB) came into being on September 9, 1982. It is the only recognised independent body in Nigeria responsible for the development and issuance of Statements of Accounting Standards for users and preparers of financial statements, investors, commercial enterprises and regulatory agencies of government. The work of the NASB is similar to those of other National Accounting Standard Setting bodies like the Financial Accounting Standards Board, USA; Accounting Standards Board, UK; Australian Accounting Research Foundation, Australia, etc.<\/p>\n

Although the NASB is a parastatal of the Federal Government, it operates independently in the discharge of its technical duties. The membership of NASB comprises organisations drawn from the banking, manufacturing, commercial, educational and regulatory sectors of the economy.<\/p>\n<\/div>\n<\/p>\n

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TO facilitate Nigeria\u2019s educational capacity in the financial sector, the Nigerian Accounting Standards Board (NASB) has unveiled plans to build a N2 billion facility to serve as an academy for training on International Finance Reporting Standards (IFRS). The complex will house an academic block, amphitheatre auditorium with a capacity to seat 300 people, recreational area, reception, canteen, business centre, library capable of seating 100 people, an administrative block, and 20 training rooms, which boosts of accommodating 30 people each. 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