Makon Group has announced the commencement of a series of programmes aimed at ensuring a seamless transition to the adoption of the International Financial Reporting Standard (IFRS) in the preparation of its accounts and financial statements.
This, according to the Chief Operating Officer, Mr. Stephen Le Bron Jackson, is part of efforts geared towards meeting International Standards and ensuring full compliance with the directives of the regulatory authorities that public companies adopt the IFRS in the preparation of their financial statement.
As part of efforts towards achieving this aim, the company has engaged the services of a leading accounting firm in the country to help develop a programme that will ensure a smooth transition to the new standard for financial reporting.
To this end, our personnel have attended a series of workshops and training programmes to commence the creation of awareness on the Financial System.
For example, key personnel in Finance, Commercial, Engineering, Information Management/Technology, Procurement and Human Resources/Admin departments have just concluded a four–day training which was conducted by Sirius Associates.
The training which took place at Protea Hotel Oakwood Park, Lekki in Lagos between Monday 28 April and Friday 2 May, 2014 afforded the participants the opportunity to get the necessary enlightenment on the IFRS and on how it will affect our business in the years. It also afforded the accounting firm the opportunity to engage our highly professional staff on how our business is run, in order to have a successful transition programme.
International Financial Reporting Standards are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
The IFRS are set by the International Accounting Standards Board (IASB) and are becoming global standards for how companies prepare financial statements.
A major advantage of establishing such global accounting standards is that one format would be used for financial statements and this would make it easier for companies (particularly public companies and companies that have significant transactions across international boundaries) to compete abroad, raise capital, win global contracts and provide informative financial details.
The adoption of IFRS, makes it cheaper for capital market participants to become familiar with one set of global standards than with several local standards thereby educing information costs to an economy, particularly as capital flows across the boundaries and trade become more globalized.