Babajide Komolafe
4 June 2008
Lagos — In apparent bid to further promote the accountancy profession in Nigeria, The Institute of Chartered Accountants of Nigeria, ICAN, and the Association of Chartered Certified Accountants, ACCA, of the United Kingdom have signed a Memorandum of Understanding on mutual cooperation.
The memorandum is a befitting sequel to the landmark agreement reached in February this year. The two bodies had agreed last February when the Global President of ACCA, Mrs. Gillian Ball visited Nigeria.
This led to first ICAN and ACCA bilateral meeting, which took place at the ICAN secretariat on Wednesday, February 6, 2008. The ACCA team, led by Ms Ball and the ICAN team led by Prince Ade Babington-Ashaye, both agreed the terms of reference of the Bilateral Committee as well as resolved to collaborate on a number of areas to develop the Accountancy profession.
A statement issued at the end of the MOU signing stated, " In recognition of the value of promoting mutual co-operation for the advancement of the accountancy profession and the public interest, both ICAN and ACCA, thus agreed to enter into the MOU, which was made towards the end of May, 2008.
The MOU provides for the establishment of mutual cooperation between these two Institutions, both members of the International Federation of Accountants, IFAC; and also agrees that the Bilateral Committee, which was actually established in Istanbul, Turkey on November 14, 2006, shall continue to meet twice a year as resolved at the inaugural meeting held in Lagos, Nigeria, during the ACCA Global President's visit to ICAN.
By the terms of the MOU, both ICAN and ACCA have agreed to collaborate in further developing and promoting the Accountancy Profession; identify ways in which they can work together to support their respective members in Nigeria and UK; strengthen regular communication links between both bodies; determine a road-map towards achieving a long-term mutually beneficial partnership between them; as well as review and, where appropriate, work together to address common issues in the national, regional and international Accountancy Profession."
"Other areas of cooperation covered by the MOU include: Sharing information on financial and non-financial reporting issues, particularly in the implementation of International Financial Reporting Standards (IFRSs) and sustainability reporting, and joint research into technical accounting and related topics.
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