This document discusses the Institute of Chartered Accountants of Nigeria (ICAN) and its role in ensuring the global relevance of Nigerian-trained professional accountants over the next 50 years. It provides background on the history and evolution of the accounting profession. ICAN was established in 1965 and has grown to over 250,000 members today. However, to keep up with changing industry dynamics, the essay argues ICAN must forge global partnerships, provide training and regulation, and maintain connections between education and practice to continue producing globally relevant accountants.
Ican uk seminar - “Chartered Accountants’ fortified Engagement on Anti-Corrup...Abdul Mohammed
CHARTERED ACCOUNTANTS (CA) ENABLE BUSINESSES, ORGANISATIONS, AND GOVERNMENT TO ACHIEVE THEIR FINANCIAL AND STRATEGIC GOALS.
– SADLY DUE TO BAD GOVERNANCE, THE CA’S RIGOUR AND INTEGRITY HAS BECOME QUESTIONABLE IN AFRICA.
The document provides an overview of the International Integrated Reporting Council's (IIRC) Pilot Programme in 2013. It discusses how businesses in the Pilot Programme are exploring key areas of integrated reporting like reporting on different types of capital, value creation, and business models. It also describes how regional networks are promoting integrated reporting internationally. Feedback from investors in the IIRC Pilot Programme Investor Network emphasizes the value of integrated reports in providing a holistic view of performance and long-term value creation.
The document discusses the potential of developing the overseas manpower industry as a driver of economic growth in Bangladesh. It notes that globalization has increased cross-border movement of workers and remittances, benefiting developing economies. Bangladesh has emerged as a key supplier of manpower to other countries, with over 4 million Bangladeshis working abroad and remitting US$4.8 billion annually through official channels. The report aims to outline a strategic path for Bangladesh to achieve annual remittances of US$30 billion by 2015 by diversifying markets, occupations, and improving management of worker export and remittances. It recommends transforming the roles of stakeholders like government, NGOs, private sector to professionalize the system and maximize economic
This document discusses private equity as a solution for investing in small and growing businesses (SGBs) in Africa. It notes that while Africa's growth has been fast, it has not generated enough jobs and has not been sufficiently inclusive. SGBs are seen as key to large-scale job creation on the continent as they can create good quality formal sector jobs. However, SGBs in Africa face major obstacles around access to long-term finance, skills, and low governance/management practices. The document introduces private equity as a potential solution that is adapted to SGBs' needs, but notes its penetration of the African SGB segment remains limited.
The document argues that fuel prices in Nigeria should be further reduced to provide more benefits to consumers given the large drop in global oil prices. It notes that Nigeria saw a 10.3% reduction in petrol prices after crude oil prices fell over 50%, and that other countries saw much larger percentage price drops passed on to consumers. The document recommends an additional reduction in Nigerian fuel prices that is more commensurate with the decrease in crude oil costs. This would help lower the cost of living and allow more of the budget to be spent on important capital expenditures rather than recurring costs like governance.
1. Agriculture was once the mainstay of Nigeria's economy, but the discovery of oil led to agriculture being neglected and replaced as the main industry. Young people abandoned farms for cities.
2. Oil wealth created a new corrupt political class that appropriated wealth for themselves while most Nigerians lived in poverty. Infrastructure and social services declined while corruption increased.
3. The document calls for restarting Nigeria's agricultural sector to diversify its economy away from oil. It recommends government support for farmers through loans, improved transportation, and freeing up land. Reviving agriculture could make Nigeria self-sufficient in foods like rice, fish, and sugar.
The document discusses the future of the accounting profession and the role of the Institute of Chartered Accountants of Nigeria (ICAN) in maintaining global relevance over the next 50 years. There are numerous drivers of change that will impact the skills required of professional accountants, such as technology advancements. ICAN aims to produce world-class accountants and regulate standards. To remain globally competitive, ICAN must invest in technology platforms, research, and partnerships with international bodies. If ICAN adopts the roles outlined, it can position itself as a prime competitor to globally recognized accounting bodies like ACCA in the coming decades.
This document provides an overview of book keeping, financial accounting, and the history of accounting. It defines accounting and book keeping, outlines their key phases and processes. It discusses the origins of accounting in ancient civilizations and the development of double-entry bookkeeping. It also summarizes the historical development of accounting and the accounting profession in Nigeria, including the establishment of early accounting organizations and institutions in the country.
Ican uk seminar - “Chartered Accountants’ fortified Engagement on Anti-Corrup...Abdul Mohammed
CHARTERED ACCOUNTANTS (CA) ENABLE BUSINESSES, ORGANISATIONS, AND GOVERNMENT TO ACHIEVE THEIR FINANCIAL AND STRATEGIC GOALS.
– SADLY DUE TO BAD GOVERNANCE, THE CA’S RIGOUR AND INTEGRITY HAS BECOME QUESTIONABLE IN AFRICA.
The document provides an overview of the International Integrated Reporting Council's (IIRC) Pilot Programme in 2013. It discusses how businesses in the Pilot Programme are exploring key areas of integrated reporting like reporting on different types of capital, value creation, and business models. It also describes how regional networks are promoting integrated reporting internationally. Feedback from investors in the IIRC Pilot Programme Investor Network emphasizes the value of integrated reports in providing a holistic view of performance and long-term value creation.
The document discusses the potential of developing the overseas manpower industry as a driver of economic growth in Bangladesh. It notes that globalization has increased cross-border movement of workers and remittances, benefiting developing economies. Bangladesh has emerged as a key supplier of manpower to other countries, with over 4 million Bangladeshis working abroad and remitting US$4.8 billion annually through official channels. The report aims to outline a strategic path for Bangladesh to achieve annual remittances of US$30 billion by 2015 by diversifying markets, occupations, and improving management of worker export and remittances. It recommends transforming the roles of stakeholders like government, NGOs, private sector to professionalize the system and maximize economic
This document discusses private equity as a solution for investing in small and growing businesses (SGBs) in Africa. It notes that while Africa's growth has been fast, it has not generated enough jobs and has not been sufficiently inclusive. SGBs are seen as key to large-scale job creation on the continent as they can create good quality formal sector jobs. However, SGBs in Africa face major obstacles around access to long-term finance, skills, and low governance/management practices. The document introduces private equity as a potential solution that is adapted to SGBs' needs, but notes its penetration of the African SGB segment remains limited.
The document argues that fuel prices in Nigeria should be further reduced to provide more benefits to consumers given the large drop in global oil prices. It notes that Nigeria saw a 10.3% reduction in petrol prices after crude oil prices fell over 50%, and that other countries saw much larger percentage price drops passed on to consumers. The document recommends an additional reduction in Nigerian fuel prices that is more commensurate with the decrease in crude oil costs. This would help lower the cost of living and allow more of the budget to be spent on important capital expenditures rather than recurring costs like governance.
1. Agriculture was once the mainstay of Nigeria's economy, but the discovery of oil led to agriculture being neglected and replaced as the main industry. Young people abandoned farms for cities.
2. Oil wealth created a new corrupt political class that appropriated wealth for themselves while most Nigerians lived in poverty. Infrastructure and social services declined while corruption increased.
3. The document calls for restarting Nigeria's agricultural sector to diversify its economy away from oil. It recommends government support for farmers through loans, improved transportation, and freeing up land. Reviving agriculture could make Nigeria self-sufficient in foods like rice, fish, and sugar.
The document discusses the future of the accounting profession and the role of the Institute of Chartered Accountants of Nigeria (ICAN) in maintaining global relevance over the next 50 years. There are numerous drivers of change that will impact the skills required of professional accountants, such as technology advancements. ICAN aims to produce world-class accountants and regulate standards. To remain globally competitive, ICAN must invest in technology platforms, research, and partnerships with international bodies. If ICAN adopts the roles outlined, it can position itself as a prime competitor to globally recognized accounting bodies like ACCA in the coming decades.
This document provides an overview of book keeping, financial accounting, and the history of accounting. It defines accounting and book keeping, outlines their key phases and processes. It discusses the origins of accounting in ancient civilizations and the development of double-entry bookkeeping. It also summarizes the historical development of accounting and the accounting profession in Nigeria, including the establishment of early accounting organizations and institutions in the country.
This document discusses the adoption of International Public Sector Accounting Standards (IPSAS) in Nigeria. It notes that Nigeria approved adopting IPSAS in 2010 to improve financial reporting and bring it in line with global standards. IPSAS is expected to increase accountability and transparency in the public sector by providing more meaningful information for decision makers. However, some challenges remain in fully implementing IPSAS, including the expense of adoption and Nigeria's history of using cash-based accounting in the public sector. The document examines the expectations, benefits and challenges of adopting IPSAS in Nigeria to enhance accountability, transparency, and comparability of financial reporting practices with international standards.
UNIT - I: INTRODUCTION TO ACCOUNTING: Meaning – Definition – Scope - Objectives
of Accounting - GAAP - Accounting Concepts and conventions - Management Accounting Vs.
Cost Accounting vs. Financial Accounting -Importance of Management Accounting.
The document provides an overview of the basis of Islamic accounting theory. It discusses accounting and its environment, objectives of accounting, and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Some key differences between conventional and Islamic accounting are highlighted, such as Islamic accounting being based on ethical Sharia law versus commercial law, and its focus on full disclosure and public accountability rather than limited disclosure and personal accountability. The objectives of Islamic accounting are to identify both socio-economic and religious events/transactions and ensure transactions are fair and just according to Sharia principles.
Are traditional financial reports still a valid part of organisational communication and accountability? Or has the financial report become an impenetrable collection of numbers and words, prepared only for compliance purposes, and only understood by a few technical elite? Is financial reporting keeping up with the increasingly complex demands of business? What effect is digital disruption having?
Noise, Numbers and Cut-Through looks at the effectiveness of financial reporting as a communication tool and responds to these questions by examining the experiences of two leading companies and their assault against disclosure overload.
Learn more: http://www.charteredaccountants.com.au/futureinc
The document summarizes the 18th World Congress of Accountants held in Kuala Lumpur, Malaysia. Some key details:
- A record-breaking 6,050 delegates from 134 countries attended, far surpassing the 81 attendees at the first congress in 1904.
- The theme was "Accountants: Sustaining Value Creation" which focused on sustainability and integrated reporting.
- Speakers from over 40 countries discussed topics like integrated reporting, standards convergence, and challenges for small accounting practices.
- Sustainability initiatives included providing reusable water bottles and contributing funds to plant 600 trees to offset carbon emissions.
- The congress brought together accounting leaders and organizations from around the world to discuss issues facing the
The document summarizes the 18th World Congress of Accountants held in Kuala Lumpur, Malaysia. Some key details:
- A record-breaking 6,050 delegates from 134 countries attended, far surpassing the 81 attendees at the first congress in 1904.
- The theme was "Accountants: Sustaining Value Creation" which focused on sustainability and integrated reporting.
- Speakers from over 40 countries discussed topics like integrated reporting, standards convergence, and challenges for small accounting practices.
- Sustainability initiatives included providing reusable water bottles and contributing funds to plant 600 trees to offset carbon emissions.
- The congress brought together accounting leaders and organizations from around the world to discuss issues facing the
Blog_We have made history together_Paul Druckman FINALpauldruckman
The document summarizes the progress made by the International Integrated Reporting Council (IIRC) and the integrated reporting (<IR>) movement over the past 5 years. Key developments include an increasing number of large companies adopting <IR> frameworks to provide broader non-financial reporting, governments and regulators supporting <IR> adoption, and over 300 Japanese companies planning to publish integrated reports in the coming year. The author reflects on the IIRC's role in driving this global change and momentum towards more sustainable and long-term oriented business and financial decision-making.
The G20 finance ministers observed the need to improve transparency and comparability of public sector financial reporting to strengthen public sector balance sheets. While standards for the private sector have become increasingly global through the IASB, development of standards for the public sector has lagged behind. The IPSASB aims to establish global standards for the public sector but faces constraints like its predecessor the IASC. To achieve global standards, the IPSASB may need to be restructured like the IASB to overcome limitations of being part-time and resource constrained.
Danielle Jeffries IPSAS/IFRS Presentation to Delegates of the Nigerian Govern...Jeffries & Associates
This document discusses the International Federation of Accountants (IFAC), the global organization for the accountancy profession. Some key points:
- IFAC has 173 members and associates in 129 countries representing over 2.5 million accountants. It establishes international standards for ethics, auditing, accounting education and public sector accounting.
- Membership in IFAC is open to professional accountancy organizations that meet criteria in the IFAC Bylaws and support IFAC's mission.
- The document also provides information on Nigeria's implementation dates for International Public Sector Accounting Standards, as well as definitions and objectives of concepts in the Conceptual Framework developed by the International Public Sector Accounting Standards Board.
This document summarizes a study that examined the effects of implementing International Public Sector Accounting Standards (IPSAS) on public sector financial management in Nigeria. The study found that IPSAS explained about 11.2% of the variation in public sector financial management. It was statistically significant that IPSAS implementation affects public sector financial management in Nigeria. However, challenges remain in fully implementing IPSAS in Nigeria, including the costs associated with identifying government assets and providing training. The document provides background on traditional public sector accounting standards, the meaning of the public sector and public financial management, and reviews literature on IPSAS, its challenges and implementation.
THE ADEQUACY OF ETHICS IN ACCOUNTING PRACTICE IN NIGERIAIAEME Publication
The document examines the adequacy of ethics in accounting practice in Nigeria. It discusses the importance of ethics for the accounting profession given its role in society. The study evaluates whether the existing code of ethics is adequate for professional accounting practice in Nigeria and identifies factors that inhibit strict adherence to ethical standards.
The literature review discusses the role and responsibilities of accountants. It outlines the five fundamental principles from the IESBA Code of Ethics that accountants must follow: integrity, independence and objectivity, confidentiality, professional competence and due care. The relevance of ethical codes for the accounting profession is also discussed as it establishes standards and maintains public trust.
The objectives of the study are to examine if the existing code of ethics is
This document provides an overview of the Deepening Accountancy, Business and Management course. It covers key concepts in accounting including definitions, the accounting process, branches of accounting, and the history of accounting. The main branches discussed are financial accounting, management accounting, government accounting, and auditing. Financial accounting focuses on recording and reporting financial transactions for external users, while management accounting prepares internal reports to assist managers in decision making. Government accounting shows stewardship of public resources. Auditing involves examining financial statements to evaluate if they are presented truthfully.
This document discusses the role and scope of accounting. It states that accounting has evolved from simple record keeping to providing important information to both internal and external users for decision making. Accounting identifies, measures, records and communicates financial information about an organization's economic events. This information is used by managers, investors and other stakeholders to evaluate performance and make informed decisions. The document also outlines the key branches of accounting including financial accounting, cost accounting, and management accounting which provide different types of information to various users.
This document discusses the role and scope of accounting. It begins by stating the learning objectives of understanding the meaning, need, users, objectives, and terms of accounting. It then explains how the role of accountants has expanded from simple record keeping to providing relevant information to decision makers. Accounting now provides both financial and non-financial quantitative and qualitative information for internal and external users. The document outlines the identification, measurement, recording and communication processes involved in accounting and how it generates information for interested users through financial statements and reports.
DGXLiquidity/Financial Health2012-122013-122014-122015-122016-122017-122018-122019-122020-122021-12Latest QtrCurrent Ratio1.491.220.941.281.561.240.941.251.721.561.54Quick Ratio1.110.920.660.881.311.000.771.131.511.321.32Financial Leverage2.232.272.302.132.182.132.112.282.082.112.08Debt/Equity0.810.790.750.750.810.760.660.780.670.700.70Book Value/Share26.2926.6929.0432.0934.0435.5139.3942.1448.1253.7154.50
R E P O R T
MESSAGE FROM PAUL
In 2010, the AICPA initiated a grassroots effort focused on
harnessing the insights of CPAs, business leaders, regulators,
thought leaders and futurists into the continuing evolution of the
CPA profession. Called CPA Horizons 2025, this visioning
initiative built on the ground-breaking work of the CPA Vision
Project, which took place in the late 1990s, engaged thousands of
CPAs and dozens of other important stakeholders in creating a
blueprint for the profession that led us through 2011.
CPA Horizons 2025 extends that original vision into the future.
The project examined the local and global trends affecting CPAs
in their daily work, enlisted opinions on how these trends will
impact CPAs in the years ahead, and how the profession could
meet the challenges and leverage opportunities now and in the
coming years. As part of this process, we examined the current
and future relevance of our Core Purpose, Values, Competencies
and Services identified as part of the CPA Vision Project.
To explore what the CPA profession will face over the next
15 years, the profession also considered how the technological
tsunami of the past decade has propelled us into new frontiers
and changed how the profession operates. Clearly, demographic
shifts in the CPA profession will bring new opportunities to wider
audiences, evolving our profession to represent the diversity of the
world. Globalization offers opportunities and challenges for the
profession as well as our clients, firms and employers. These are a
sample of the macro-trends that were assessed, discussed and
debated virtually and in face-to-face meetings across the country.
I’m honored to have led this extraordinary collaborative effort of
the CPA profession during my year as Chairman of the AICPA
Board of Directors. No other profession calls upon its members to
engage in such an exercise to prepare for the future. It’s for this
and for so many other reasons, I am extremely proud to be a CPA.
I look forward to collaborating with members of the profession as
we continue to exemplify our CPA Purpose: CPAs … Making
sense of a changing and complex world. I truly believe that the
results detailed in the pages of this report will not only guide the
profession as it considers the opportunities and challenges that lie
ahead in our 15-year horizon, but also for generations to come.
Paul V. Stahlin, CPA
EXECUTIVE SUMMARY
Over a six-month period, CPA Horizons 2025 sought the insights of CPAs on current and forecasted .
The document summarizes recent news from the Institute of Finance & Management (IFM). Key points include:
- IFM launched its first series of Islamic finance training manuals in Arabic and English.
- IFM signed partnerships to establish the Institute of Finance & Management in Malaysia and an exclusive agency agreement in Tunisia to provide IFM certification courses.
- The Aafaq Center for Research in Islamic Economy (ACRIE) launched the first Arabic version of the Encyclopedia on Islamic Finance at the World Islamic Banking Conference and will partner with IFM at the 2016 conference in Bahrain.
The document summarizes recent news from the Institute of Finance & Management (IFM). Key points include:
- IFM provides global certification programs and training in Islamic finance through partnerships with various institutions.
- IFM published its first series of Islamic finance training manuals in Arabic and English.
- IFM's subsidiary, Aafaq Centre for Research in Islamic Economy (ACRIE), launched the first Arabic version of an Islamic finance encyclopedia at the World Islamic Banking Conference in Bahrain.
- IFM signed agreements to establish the Institute of Finance & Management in Malaysia through a partnership with Khansforge International, and to make Al Imtithal for Islamic Finance its exclusive agency in
The document is the December 2015 issue of the IFM Monthly Newsletter. It provides updates on IFM's activities, partnerships and events. Key points include:
- ACRIE launched the first Arabic version of the Islamic Finance Encyclopedia at the WIBC 2015 conference in Bahrain. The encyclopedia has 12 volumes covering major topics in Islamic finance.
- IFM signed an agreement with a Malaysian company to establish the Institute of Finance & Management in Malaysia and explore collaboration in education, research and training.
- IFM issued its first series of Islamic finance training manuals in Arabic and English to support Dubai's initiative to become the capital of the Islamic economy.
- Aafaq Islamic Finance received
The document is an annual report from the Business and Industry Advisory Committee to the OECD (BIAC) summarizing their activities and priorities in 2014. It discusses BIAC's engagement on several issues including: promoting structural economic reforms and balanced policies to support growth; ensuring a predictable international tax environment; strengthening job creation and skills; and fostering open markets and investment. A key focus was providing business input to the OECD's work on "Base Erosion and Profit Shifting" to develop international tax standards and restore confidence in cross-border trade and investment.
This document discusses the adoption of International Public Sector Accounting Standards (IPSAS) in Nigeria. It notes that Nigeria approved adopting IPSAS in 2010 to improve financial reporting and bring it in line with global standards. IPSAS is expected to increase accountability and transparency in the public sector by providing more meaningful information for decision makers. However, some challenges remain in fully implementing IPSAS, including the expense of adoption and Nigeria's history of using cash-based accounting in the public sector. The document examines the expectations, benefits and challenges of adopting IPSAS in Nigeria to enhance accountability, transparency, and comparability of financial reporting practices with international standards.
UNIT - I: INTRODUCTION TO ACCOUNTING: Meaning – Definition – Scope - Objectives
of Accounting - GAAP - Accounting Concepts and conventions - Management Accounting Vs.
Cost Accounting vs. Financial Accounting -Importance of Management Accounting.
The document provides an overview of the basis of Islamic accounting theory. It discusses accounting and its environment, objectives of accounting, and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Some key differences between conventional and Islamic accounting are highlighted, such as Islamic accounting being based on ethical Sharia law versus commercial law, and its focus on full disclosure and public accountability rather than limited disclosure and personal accountability. The objectives of Islamic accounting are to identify both socio-economic and religious events/transactions and ensure transactions are fair and just according to Sharia principles.
Are traditional financial reports still a valid part of organisational communication and accountability? Or has the financial report become an impenetrable collection of numbers and words, prepared only for compliance purposes, and only understood by a few technical elite? Is financial reporting keeping up with the increasingly complex demands of business? What effect is digital disruption having?
Noise, Numbers and Cut-Through looks at the effectiveness of financial reporting as a communication tool and responds to these questions by examining the experiences of two leading companies and their assault against disclosure overload.
Learn more: http://www.charteredaccountants.com.au/futureinc
The document summarizes the 18th World Congress of Accountants held in Kuala Lumpur, Malaysia. Some key details:
- A record-breaking 6,050 delegates from 134 countries attended, far surpassing the 81 attendees at the first congress in 1904.
- The theme was "Accountants: Sustaining Value Creation" which focused on sustainability and integrated reporting.
- Speakers from over 40 countries discussed topics like integrated reporting, standards convergence, and challenges for small accounting practices.
- Sustainability initiatives included providing reusable water bottles and contributing funds to plant 600 trees to offset carbon emissions.
- The congress brought together accounting leaders and organizations from around the world to discuss issues facing the
The document summarizes the 18th World Congress of Accountants held in Kuala Lumpur, Malaysia. Some key details:
- A record-breaking 6,050 delegates from 134 countries attended, far surpassing the 81 attendees at the first congress in 1904.
- The theme was "Accountants: Sustaining Value Creation" which focused on sustainability and integrated reporting.
- Speakers from over 40 countries discussed topics like integrated reporting, standards convergence, and challenges for small accounting practices.
- Sustainability initiatives included providing reusable water bottles and contributing funds to plant 600 trees to offset carbon emissions.
- The congress brought together accounting leaders and organizations from around the world to discuss issues facing the
Blog_We have made history together_Paul Druckman FINALpauldruckman
The document summarizes the progress made by the International Integrated Reporting Council (IIRC) and the integrated reporting (<IR>) movement over the past 5 years. Key developments include an increasing number of large companies adopting <IR> frameworks to provide broader non-financial reporting, governments and regulators supporting <IR> adoption, and over 300 Japanese companies planning to publish integrated reports in the coming year. The author reflects on the IIRC's role in driving this global change and momentum towards more sustainable and long-term oriented business and financial decision-making.
The G20 finance ministers observed the need to improve transparency and comparability of public sector financial reporting to strengthen public sector balance sheets. While standards for the private sector have become increasingly global through the IASB, development of standards for the public sector has lagged behind. The IPSASB aims to establish global standards for the public sector but faces constraints like its predecessor the IASC. To achieve global standards, the IPSASB may need to be restructured like the IASB to overcome limitations of being part-time and resource constrained.
Danielle Jeffries IPSAS/IFRS Presentation to Delegates of the Nigerian Govern...Jeffries & Associates
This document discusses the International Federation of Accountants (IFAC), the global organization for the accountancy profession. Some key points:
- IFAC has 173 members and associates in 129 countries representing over 2.5 million accountants. It establishes international standards for ethics, auditing, accounting education and public sector accounting.
- Membership in IFAC is open to professional accountancy organizations that meet criteria in the IFAC Bylaws and support IFAC's mission.
- The document also provides information on Nigeria's implementation dates for International Public Sector Accounting Standards, as well as definitions and objectives of concepts in the Conceptual Framework developed by the International Public Sector Accounting Standards Board.
This document summarizes a study that examined the effects of implementing International Public Sector Accounting Standards (IPSAS) on public sector financial management in Nigeria. The study found that IPSAS explained about 11.2% of the variation in public sector financial management. It was statistically significant that IPSAS implementation affects public sector financial management in Nigeria. However, challenges remain in fully implementing IPSAS in Nigeria, including the costs associated with identifying government assets and providing training. The document provides background on traditional public sector accounting standards, the meaning of the public sector and public financial management, and reviews literature on IPSAS, its challenges and implementation.
THE ADEQUACY OF ETHICS IN ACCOUNTING PRACTICE IN NIGERIAIAEME Publication
The document examines the adequacy of ethics in accounting practice in Nigeria. It discusses the importance of ethics for the accounting profession given its role in society. The study evaluates whether the existing code of ethics is adequate for professional accounting practice in Nigeria and identifies factors that inhibit strict adherence to ethical standards.
The literature review discusses the role and responsibilities of accountants. It outlines the five fundamental principles from the IESBA Code of Ethics that accountants must follow: integrity, independence and objectivity, confidentiality, professional competence and due care. The relevance of ethical codes for the accounting profession is also discussed as it establishes standards and maintains public trust.
The objectives of the study are to examine if the existing code of ethics is
This document provides an overview of the Deepening Accountancy, Business and Management course. It covers key concepts in accounting including definitions, the accounting process, branches of accounting, and the history of accounting. The main branches discussed are financial accounting, management accounting, government accounting, and auditing. Financial accounting focuses on recording and reporting financial transactions for external users, while management accounting prepares internal reports to assist managers in decision making. Government accounting shows stewardship of public resources. Auditing involves examining financial statements to evaluate if they are presented truthfully.
This document discusses the role and scope of accounting. It states that accounting has evolved from simple record keeping to providing important information to both internal and external users for decision making. Accounting identifies, measures, records and communicates financial information about an organization's economic events. This information is used by managers, investors and other stakeholders to evaluate performance and make informed decisions. The document also outlines the key branches of accounting including financial accounting, cost accounting, and management accounting which provide different types of information to various users.
This document discusses the role and scope of accounting. It begins by stating the learning objectives of understanding the meaning, need, users, objectives, and terms of accounting. It then explains how the role of accountants has expanded from simple record keeping to providing relevant information to decision makers. Accounting now provides both financial and non-financial quantitative and qualitative information for internal and external users. The document outlines the identification, measurement, recording and communication processes involved in accounting and how it generates information for interested users through financial statements and reports.
DGXLiquidity/Financial Health2012-122013-122014-122015-122016-122017-122018-122019-122020-122021-12Latest QtrCurrent Ratio1.491.220.941.281.561.240.941.251.721.561.54Quick Ratio1.110.920.660.881.311.000.771.131.511.321.32Financial Leverage2.232.272.302.132.182.132.112.282.082.112.08Debt/Equity0.810.790.750.750.810.760.660.780.670.700.70Book Value/Share26.2926.6929.0432.0934.0435.5139.3942.1448.1253.7154.50
R E P O R T
MESSAGE FROM PAUL
In 2010, the AICPA initiated a grassroots effort focused on
harnessing the insights of CPAs, business leaders, regulators,
thought leaders and futurists into the continuing evolution of the
CPA profession. Called CPA Horizons 2025, this visioning
initiative built on the ground-breaking work of the CPA Vision
Project, which took place in the late 1990s, engaged thousands of
CPAs and dozens of other important stakeholders in creating a
blueprint for the profession that led us through 2011.
CPA Horizons 2025 extends that original vision into the future.
The project examined the local and global trends affecting CPAs
in their daily work, enlisted opinions on how these trends will
impact CPAs in the years ahead, and how the profession could
meet the challenges and leverage opportunities now and in the
coming years. As part of this process, we examined the current
and future relevance of our Core Purpose, Values, Competencies
and Services identified as part of the CPA Vision Project.
To explore what the CPA profession will face over the next
15 years, the profession also considered how the technological
tsunami of the past decade has propelled us into new frontiers
and changed how the profession operates. Clearly, demographic
shifts in the CPA profession will bring new opportunities to wider
audiences, evolving our profession to represent the diversity of the
world. Globalization offers opportunities and challenges for the
profession as well as our clients, firms and employers. These are a
sample of the macro-trends that were assessed, discussed and
debated virtually and in face-to-face meetings across the country.
I’m honored to have led this extraordinary collaborative effort of
the CPA profession during my year as Chairman of the AICPA
Board of Directors. No other profession calls upon its members to
engage in such an exercise to prepare for the future. It’s for this
and for so many other reasons, I am extremely proud to be a CPA.
I look forward to collaborating with members of the profession as
we continue to exemplify our CPA Purpose: CPAs … Making
sense of a changing and complex world. I truly believe that the
results detailed in the pages of this report will not only guide the
profession as it considers the opportunities and challenges that lie
ahead in our 15-year horizon, but also for generations to come.
Paul V. Stahlin, CPA
EXECUTIVE SUMMARY
Over a six-month period, CPA Horizons 2025 sought the insights of CPAs on current and forecasted .
The document summarizes recent news from the Institute of Finance & Management (IFM). Key points include:
- IFM launched its first series of Islamic finance training manuals in Arabic and English.
- IFM signed partnerships to establish the Institute of Finance & Management in Malaysia and an exclusive agency agreement in Tunisia to provide IFM certification courses.
- The Aafaq Center for Research in Islamic Economy (ACRIE) launched the first Arabic version of the Encyclopedia on Islamic Finance at the World Islamic Banking Conference and will partner with IFM at the 2016 conference in Bahrain.
The document summarizes recent news from the Institute of Finance & Management (IFM). Key points include:
- IFM provides global certification programs and training in Islamic finance through partnerships with various institutions.
- IFM published its first series of Islamic finance training manuals in Arabic and English.
- IFM's subsidiary, Aafaq Centre for Research in Islamic Economy (ACRIE), launched the first Arabic version of an Islamic finance encyclopedia at the World Islamic Banking Conference in Bahrain.
- IFM signed agreements to establish the Institute of Finance & Management in Malaysia through a partnership with Khansforge International, and to make Al Imtithal for Islamic Finance its exclusive agency in
The document is the December 2015 issue of the IFM Monthly Newsletter. It provides updates on IFM's activities, partnerships and events. Key points include:
- ACRIE launched the first Arabic version of the Islamic Finance Encyclopedia at the WIBC 2015 conference in Bahrain. The encyclopedia has 12 volumes covering major topics in Islamic finance.
- IFM signed an agreement with a Malaysian company to establish the Institute of Finance & Management in Malaysia and explore collaboration in education, research and training.
- IFM issued its first series of Islamic finance training manuals in Arabic and English to support Dubai's initiative to become the capital of the Islamic economy.
- Aafaq Islamic Finance received
The document is an annual report from the Business and Industry Advisory Committee to the OECD (BIAC) summarizing their activities and priorities in 2014. It discusses BIAC's engagement on several issues including: promoting structural economic reforms and balanced policies to support growth; ensuring a predictable international tax environment; strengthening job creation and skills; and fostering open markets and investment. A key focus was providing business input to the OECD's work on "Base Erosion and Profit Shifting" to develop international tax standards and restore confidence in cross-border trade and investment.
1. INSTITUTE OF CHARTERED ACCOUNTANTS OF
NIGERIA (ICAN)
“THE NEXT 50 YEARS OF PROFESSIONAL ACCOUNTANCY
PRACTICE: MAKING ICAN GLOBALLY RELEVANT”
AN ESSAY ENTRY FOR THE
ICAN 50TH ANNIVERSARY ESSAY COMPETITION
BY
IBIKUNLE, OLUMIDE ADEDEJI
BABCOCK UNIVERSITY,
ILISAN-REMO,
OGUN STATE.
JULY, 2015
2015
7/31/2015
2. 2 | P a g e
THE NEXT 50 YEARS OF PROFESSIONAL ACCOUNTING PRACTICE:
MAKING ICAN GLOBALLY RELEVANT
ABSTRACT
The roles and responsibilities of accountancy professionals have been forever dynamic.
Right from the most elementary forms in the medieval ages, we have witnessed a
constant transition in skill requirements and core competencies.
ICAN has been a major voice at the forefront of this, lending credence to the Nigerian-
trained accountant’s claim to global relevance in the professional arena. It has, over
the 50 years of its existence, produced accountants that the world has no choice but to
reckon with, and recognize in the scheme of things.
Nonetheless, 21st century dynamics imposed on the profession have made it important
that the global professional accountant step out of his traditional roles and functions,
taking up more consulting and business advisory responsibilities, with an eye for
technological competence. ICAN certainly has a role to play in ensuring that its
members evolve alongside. Its work is indeed far from done.
This essay has proposed a way out. To achieve global relevance in the next 50 years,
ICAN has to forge strategic global partnerships, train and retrain its members, ensure
that the nexus between practice and the industry is maintained, and regulate its
tuition.
Key Words: Professional accountant, ICAN, global.
Word count: 189 words.
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INTRODUCTION
Benjamin Franklin, (1706-1790) famously declared;
“An investment in knowledge (and training) pays the best interest”.
How true! To remain relevant in the ever-changing scheme of things, today’s
professional accountant has to choose between quite a number of finance priorities.
Globally, professional accountancy bodies are fashioning out strategies to meet this
need, and ICAN must not be lost on this.
THE PROFESSIONAL ACCOUNTANT: HISTORY AND CURRENT REALITIES
The ancient Babylonian and Egyptian empires sealed their respective places in the
annals of history when they evolved systems, which have widely come to be regarded as
“Accounting” in our present dispensation. In these systems, accounts were kept for
taxation, storage and disbursements. Periodic reports (audits) were made to local,
regional and national rulers on the ways and means of the state and the treasury. This
was accounting in its most rudimentary form, which nonetheless required some level of
training. The advent of the 15th century saw a major breakthrough in accounting theory
and practice; as a direct consequence of expanding commerce across Europe, Luca
Pacioli, an Italian clergyman published his celebrated “Summa de Aritmetica, Geometria,
Proportionalite et Proportionalita”. This volume set out the principles of the double
entry system of accounting and heralded an era of enhanced interest in accounting
theory and practice.
Since the periods subsequent to the World War, there has been a paradigm shift in the
accountant’s skill requirements, roles and responsibilities especially with the advent of
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computational and communication devices, which have revolutionized data analysis
and processing.
The growth in size and complexity of firms, institutions, production and taxation has
underscored the need for the 21st century accountant to step out of his traditional role
of data gathering, recording and reporting, to one that entailed in-depth analysis and
processing of financial information. He is expected to take on the roles of financial and
business advisor, a manager of financial and other production resources. By virtue of his
training, he is seen as possessing the skills to avert business failure and restructure
businesses; he has the ability to contribute to public policy and provide assurance on an
entity’s financial statements and other matters. In all of this, societal expectations are
that he is an ethical individual, upholding the professional virtues of integrity,
independence, objectivity, transparency and confidentiality, due to the nature of his
work. Globally, all of these require extensive training from a recognized professional
accountancy body.
ICAN: THE BEST OF NIGERIA
The seed that is today, the nationally, and indeed globally acclaimed Institute of
Chartered Accountants of Nigeria (ICAN) was sown when The Association of Accountants
in Nigeria (AAN) was formed in 1960 with the primary objective of building capacity for
accountants in the new sovereign nation of Nigeria. With Chief Akintola Williams, (who
is today widely regarded as the Doyen of Accountancy in Nigeria) Chief Oladipo Cuthbert
Coker, and a few other leading accountants who had undergone a training in the United
Kingdom at the forefront of the campaign, the Institute was eventually created by an Act
of Parliament No. 15 of 1 September 1965 from existing accounting and auditing
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organizations including the AAN. At inception, membership size was a mere 250
individuals.
The Vision of the founding fathers was clear: “to be the global leading professional
accountancy body”. Saddled therefore, with a mission to produce excellent Chartered
Accountants, regulate and continually enhance their ethical standards and technical
competence in the public interest, Williams and his lieutenants set to work.
Today, 50 years down the line, ICAN has come of age.
The Nigerian Stock Exchange was established post-independence in 1960, through the
tireless work of Akintola Williams and some other notable Nigerians. Since inception to
the present day, members of the Institute have held several management positions on
the bourse.
In 1982, precisely on the 9th day of September, the Nigerian Accounting Standards
Board was established, with the Institute of Chartered Accountants of Nigeria leading
out in terms of contribution to the issue and publication of Accounting standards on the
one hand, but also promoting its application and serving as a compliance enforcer on
the other hand. Even today, the role of ICAN in FRCN is quite central (the NASB was
eventually repealed in 2010, and replaced by the FRCN).
Members of the Institute have as well held key positions on the Board of international
accountancy bodies such as the IFAC, ACCA, playing particularly important roles in the
establishment of the Accountancy Bodies of West Africa (ABWA) and the recently
established Pan African Federation of Accountants (PAFA).
The Central Bank of Nigeria is today the sole custodian and regulator of the Federal
government’s monetary policy, making policies that have far-reaching impacts on the
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Nigerian populace. Established prior independence in July 1958, it has also played host
to several ICAN trained accountants at the helm of its affairs. One of such is Mr. Joseph
Sanusi, who was Governor during the regime of President Ibrahim Babangida. Aside the
Central Bank, ICAN members have also been, at various times, head of National
Economic Fora, (Mr. Oluseyi Bickersteth of KPMG Nigeria is Vice-Chairman of the
Nigerian Economic Summit Group) Tax and Medium-Term Economic Fora. They also
are top government functionaries, such as Ministers or Accountant/Auditor Generals of
States and the Federation.
Several members who had their basic accountancy training in Nigeria can now lay claim
to owning practicing licences and work permits even in highly developed countries such
as the United Kingdom and United States of America. The efforts of ICAN in keeping its
certification at par with global requirements (the ICAN/ICAEW partnership comes to
mind here) have paid off, as local, regional and international employability/mobility has
been ensured.
From the foregoing, ICAN has worked assiduously to ensure the global relevance of the
Nigerian-trained professional accountant, one who formulates policies to decide the
future and direction of industry and government, sometimes influencing the economic
destiny of a whole nation. However, it is pertinent to note that this work is far from
done, as the profession is a dynamic one, and to keep up with the spate of changes,
evolution is inevitable.
PREPARING FOR THE FUTURE
By the year 2020, the ACCA estimates that the extent of expansion in commercial and
governmental activities would require 9.3 million accountants. This implies that our
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world is becoming increasingly uncertain and almost every aspect of the economy,
business and the accountancy profession has to keep up with the constant transition.
The Enron Scandal of 2002 and stock market crash of 2007-2009 and the resulting
economic depression have brought to the fore, the need for accountants to be solution
providers to a variety of business problems in the economic space. In the new
dispensation therefore, the professional accountant would have to build specialized
skills and take on the roles of financial & business programmer/analyst, to help
organizations stay ahead of uncertainty. Corporate reporting is certainly no longer
about reporting turnover and bottom-line, but environmental and social responsibility,
governance and risk, and overall organizational strategy. The professional accountant
has to evolve with times, or as Charles Darwin posited, go into extinction!
According to a research report publish by Intuit in 2011, the accounting profession and
its professionals would be influenced by far-reaching trends, which would conceptually
change the “how” and “what” of accountants’ function. The trends were categorized
into four fundamental areas; the evolving business environment that create new
opportunities for specialization; demographic shifts that change the face of
professionals and clients; technology changes to the accounting profession, which
emphasizes the use of data for decision-making and High-Tech, which enhances high-
touch client outreach, relationships and service.
Some of these trends are gaining on our profession already. The bottom-line is therefore
obvious; this age would be technology savvy, and the professional accountant needs to
beef up his IT portfolio, to survive and thrive.
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THE IMPERATIVES: ROLE OF ICAN
ICAN has its work cut out. Professional accountants lay claim to membership of globally
recognized accountancy bodies. It is therefore not enough that ICAN maintain the
status-quo as a colossus in the Nigerian accounting space. It must produce globally
relevant accountants. Although, I earlier established the need for IT competence, several
other issues exist which must be put into focus. I have therefore outlined several
strategies, which should form part of ICAN’s approach to the future.
Partnerships and Strategic Alliances
The need for globally focused alliances as a key ingredient in our overall global
competitiveness drive should be underscored. Take a cue from ACCA. The turn of the
new millennium was one period in which strategic decisions affecting the future of the
accountancy body were taken. A BSc (Hons) in Applied Accounting programme was
launched in partnership with Oxford Brookes University in 1999, and then in 2001 an
exclusive MBA programme was inaugurated, in alliance with the same institution.
Diplomas in International Financial Reporting (DipIFR) and Corporate Governance
(DipCG) were also introduced. That year, ACCA announced record student registration
numbers. Leveraging on the fact that the ICAN qualification is now recognized in the UK,
the Institute should be able to pull through one of such collaborations with
internationally recognized tertiary institutions. Enter partnerships with global IT firms,
to chart a course for our IT competence drive, similar to what obtains globally.
Continuing Professional Development
One of the most effective ways of ensuring that professional accountants stay abreast of
contemporary research and development is via continuous training and retraining.
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This ensures the global relevance of the accountant, as he is consistently fed with the
latest industry and business trends affecting the profession. This is perhaps one matter
that requires effusive commendation for ICAN. The introduction of Faculties, to serve as
reservoirs of knowledge on technically knotty practice issues, and the requirement for
each financial member to avail themselves of at least one faculty per annum is indeed
praiseworthy. Aside the Annual Accountants’ Conference and a plethora of conferences
organized by the Institute, the recent establishment of the MCPE (Mandatory
Continuing Professional Education) and CPE (Continuing Professional Education)
platforms for members and non-members respectively, as a means of ensuring that
professional accountants in Nigeria have a forum to consider research and policy in
their field at least once annually, is noteworthy. Quite unfortunately, only minute
fractions of ICAN members take advantage of these professional development fora.
Inasmuch as they recognize that these are designs to help keep skills and experience up-
to-date, a major challenge remains the exhausting and busy schedules of many an
accountant. Therefore, ICAN must take concrete proactive steps to solicit, on behalf of
its members for sponsorship and discharge by their organizations, to attend these
conferences. If the objectives, as well as the penalties of non-attendance at these fora
are properly communicated to the organizations, I believe that businesses would adjust,
and before long begin to see them as pertinent to the development of their accounting
and finance functions. These should also serve as veritable platforms for introducing the
latest IT skills and competencies, so the accountants can serve the role of change maker
for their respective organizations. ICAN could as well champion the enactment of
legislation in this regard.
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Qualitative Research & Thought Leadership
As it is with virtually all other service-oriented professions, the accounting profession is
made up of three parts: research, policy and practice. Therefore, within the broad
profession of accounting there needs to be more communication and coordination
between practitioners, policy makers and academic researchers.
The importance of the relationship between the gown and practice cannot be
undermined, as research is vital to the success of professionals.
Professional associations have an important role to play, in not only transmitting
academic research findings to practitioners, but also undertaking funding for, or
arranging financial support for practice-focused research. One way to achieve this is to
collaborate with government and the organized private sector to sponsor publication of
quality research in internationally reputable accountancy, finance and management
journals, and champion paper presentations at conferences, home and abroad. This
effectively places the Nigerian-trained accountant on the global radar. The step taken by
ICAN to endow professorial chairs in Nigerian universities is laudable. However, we
must recognize that in our drive to attain and maintain global relevance within the next
50 years, our task is far from accomplished. Joint seminars between academics and
practitioners are likely to enhance the relevance of academic research to practitioners
and more direct contact between academics and practitioners would improve the
quality of academic research. ICAN should consider investing in more of such platforms
(the first formal academic/professional discussion forum held in May 2015). Armed
with the results of relevant academic research, our professional accountants are better
poised to take their rightful place in the league of global accountants.
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Curriculum and Institutional Reforms
A globally relevant professional has the right mix of Education, Experience and
Exposure. Most accountancy students complete their professional training early enough,
but lack the much needed practical experience and exposure, hence a huge
education/skills deficit. One effective strategy to bridge this chasm is to enforce a 1-year
mandatory practical work experience scheme on completion of the ATS programme,
before transition to professional level. On the other hand, students who go through the
foundation programme should be required to complete this scheme before putting pen
to paper for their professional level examinations. The impact of this is not far-fetched;
students have an opportunity to see their training dovetail into practice, and are able to
build professional skills even prior to completion of their training. The implementation
of this strategy should be closely monitored, to prevent its manipulation.
To achieve the above, steps could be taken by ICAN to liaise with the Federal
Government, through the Industrial Training Fund (ITF) to set up internship sections
within the accounting and finance functions of companies.
Globally, accountants are subjected to quite rigorous training, and have to prove their
mettle by putting their skills on display to earn the status. Perhaps, the standard of ICAN
examinations and the rigour of training have been forced down in a bid to stave off
competition from other local accountancy bodies, and the few international bodies
operating in the country. Infact, ICAN has failed in its several attempts to render the
recognition of the Association of Annual Accountants of Nigeria (ANAN) voided by law.
To effectively “compete” therefore, it has resorted to moderating its requirements,
hence garnering record student numbers. The recent revision of the ICAN syllabus (in
partnership with the ICAEW), highlighting the required skills and core competencies for
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the 21st century professional accountant is impressive. Nonetheless, it is not enough to
simply revise the syllabus and produce remarkable study texts. My candid advice to the
Institute is quite straightforward. Quality should not be compromised in the face of
competition! Nigerian-trained accountants would only be able to hold their own
amongst their peers trained elsewhere in the world, if their training is sound. This
eventually pays off for the Institute as our accountants can enjoy membership status on
the board of international accountancy bodies such as the IFAC, IASB, IOSCO, amongst
others.
Conclusively, I am positive that this essay has critically analysed the history and current
realities of the professional accountant, specifically the Nigerian-trained accountant viz
a viz his global counterpart within a timeline spanning 50 years to the present. It has
also emphasized the evolving role of the professional accountant over the next 50 years,
and the role ICAN has played, and would need to play in the future, to ensure that it
catapults itself into global relevance in the comity of professional accountancy bodies.
The measures highlighted here, though exhaustive, do not make the full picture, due to
time and space constraints. However, I strongly believe that if these few are considered
alongside a few others, and appropriately implemented, we are well on our way to
making ICAN a truly global brand.
We should begin now to actualise the vision of Williams and his comrades, because the
future belongs to those who prepare for it today.
I close with the words of U.S President, Barrack Obama: Yes, We Can!