The Chief Executive Officer of FRC, Mr.
He said that the IFRS readiness test conducted by the council in 2013 revealed a widespread non-compliance among the organisations that participated in the test.
He said that only 72 out of 190 listed entities, 38 significant public interest entities and three government business entities submitted requested documents to the council.
He added that the level of non-compliance maybe repeated in the phase two of the national road map for 2014 in the implementation of the IFRS in
According to him, "We have just finished collecting relevant documents from entities in phase two in the national road map. It is sad to report that only 345 entities submitted requested documents. All government business entities are expected to submit their financial reporting documents under this category, however, only ten government entities submitted their documents to the council."
He listed the companies to include: "
He however attributed the widespread non- compliance by government agencies to poor monitoring of financial reports.
He noted, "Government Business Entities' financial reports are poorly monitored and that is what is giving room for poor financial reporting amongst a large number of them. The council is requesting attestation of the financial statements of all Government Business Entities and the resultant sanctions shall assist the country in keeping faith with the ongoing fight against corruption."
He explained that the council has started, "to review the submissions and sanctioning non-compliance with IFRS readiness test," noting that following the expiration of the official date for submission which was
He further disclosed that, "Other than Deposit Money Banks, other financial institutions have weak financial reporting as a significant number of them did not pass the IFRS readiness test."
He also said that except for NAICOM's effort, not more than twenty insurance companies would have been able to submit their 2012 financial statements, prepared using IFRS, to NSE.
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