“Before now in Nigeria we have been using Statement of Accounting Standard (SAS) issued by the Nigerian Accounting Standard Board (NASB). But last year, an Act was signed that abolished the use of SAS and the IFRS was adopted. So we think that this should be part of our corporate social responsibility to come and sensitise the students of Yabatech on where we are, what the government is trying to do and what IFRS is all about,” Oluseyi said.According to him, before now different countries were using their own local standards but the IFRS was introduced to unify global Accounting language to enhance global interactions among nations of the world.
“The new standard will bring about foreign direct investment (FDI) into Nigeria, it will bring about more transparency in the way we present out financial statement and a lot of other benefits,” Oluseyi said, urging the Financial Reporting Council of Nigeria which is responsible for ensuring compliance to IFRS, to ensure that the National Borad for Technical Education (NBTE) and National Universities Commission (NUC) change their curriculum to IFRS.
“If they are being taught what is no longer in use it means they would not be relevant in the market. NBTE is working to change the syllabus. We are sensitising both the students and the lecturers because they need the knowledge to teach the students while the students need to be aware so that they can follow when they are being taught.
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