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Wednesday, January 19, 2011

Microsoft partners Blueprint, FinArch on IFRS

SOFTWARE giant, Microsoft Nigeria, in collaboration with Blueprint Technologies and FinArch, last week, in Lagos, held a workshop aimed at preparing the nation’s financial institutions on how to prepare financial statement in accordance with International Financial Regulatory Standards by 2012, reports CHARLES OKOH.

Tagged ‘International Financial Regulatory Standards (IFRS) Academy’, the workshop had over 60 chief executive officers, chief financial officers, chief information officers and risk managers from the nation’s top banks, insurance companies and auditing firms as well as government parastatals, in attendance.

The Public Relations and Communications Lead, Microsoft Nigeria, Mrs. Ngozi Ife Anene, said the workshop featured presentations on the challenges financial institutions may face and the opportunities they would gain implementing IFRS as they strive to achieve accounting and reporting compliance.

Vice President Business Development FinArch, Mr. Mounir Baccouche, gave a presentation on FinArch’s 7 Steps to IFRS, which provided practical insight on transactions, data management and classification, IFRS valuation calculators, Multi GAAP event based accounting generation, IFRS subledger, reporting codes enrichments and compliance reporting.

On her part, the Director of Risk Management, Central Bank of Nigeria, Ms. Folakemi Fatogbe, who delivered the keynote address, focused on how the implementation of IFRS would improve the corporate governance landscape in Nigeria.

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