SEC, World Bank to train quoted companies on IFRS

By Nkiruka Nnorom

Ahead of full adoption of the International Financial Reporting Standard (IFRS) by quoted companies, the Securities and Exchnage Commission (SEC) said it is partnering with the World Bank to give adequate capacity training to managers of companies to equip them for successful migration.

In view of this, the SEC’s Director-General, Ms Aruma Oteh, said the commission in conjunction with the World Bank will be organizing a clinic for the purpose of providing technical support for the commencement of the exercise.

Oteh who spoke in a parley with capital market correspondent to appraise the market performance for 2011 and to also make prognosis into the New Year, disclosed that the Nigerian Capital Market Institute (NCMI) has been approved for the proposed IFRS Academy.

Further to this, the SEC’s boss assured that the commission was ready to collaborate with other relevant stakeholders in the capital market to ensure the seamless transition of public companies in Nigeria to IFRS in 2012.
She explained that already, series of workshops and seminars have been held to acquaint Chief Executive Officers, Finance Directors and Compliance Officers of targeted companies with the new regime in financial reporting.

She said, “Given that 2012 is the migration year stipulated by government for IFRS in Nigeria, the SEC in 2011 continued to invest enormous resources to ensure seamless transition by public companies. The Commission in liaison with other stakeholders such as the Financial Reporting Council of Nigeria has put in place necessary measures to build required capacity in this regard.”

She further informed that the commission’s effort at introducing new code of corporate governance in the previous year was to pilot a successful conversion to IFRS as well as strengthen the mechanism for Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT).

“In light of the ever evolving nature of the capital market, the need to continually build personnel capacity cannot be over emphasized. The Commission, in realization of this fact, continually trained staff in the critical mandate areas. Of note is the training facilitated by the International Monetary Fund (IMF) aimed at strengthening supervision in relation to AML/CFT,” she added.