Chuks Udo Okonta
The accounts of Pension Fund
Administrators (PFAs) are now International Financial Reporting Standard (IFRS)
compliant, the Pension Fund Operators Association of Nigeria (PenOp), has said.
Managing Director Legacy Pension Managers Limited, Misbahu Yola, who spoke on
behalf of the association in media parley in Lagos on Friday, said the
operators have all complied in line with the deadline set by National Pension
Commission (PenCom).
He said: “On International Financial Reporting Standard (IFRS), the compliance
deadline for all operators was December 31, 2012. A number of our results are already
out, which are in compliance with the IFRS. We have all complied”
It would be recalled that the Federal Government had informed
operators in the economy that IFRS will be the new basis of financial reporting
with effect from January 2012.
The adoption of IFRS would likely result in high quality,
transparent and comparable financial statements based on internationally
accepted modern accounting principles and concepts.
IFRS are principles-based standards, interpretations and framework
adopted by the International Accounting Standards Board (IASB). Its overall
objective is to create a sound foundation for future accounting standards that
are principles-based, internally consistent and internationally converged.
No comments:
Post a Comment