New ICAN President To Collaborate with FRC for Effective Financial Reporting

 

Institute of Chartered Accountants of Nigeria

Davidson Alaribe, the newly appointed President of the Institute of Chartered Accountants of Nigeria (ICAN), has emphasized that his tenure will focus on enhancing collaboration with the Federal Reporting Council (FRC) to improve financial reporting standards in Nigeria. Alaribe made this commitment during his acceptance speech at his Investiture as the 60th President of ICAN, held at the ICAN Head Office in Lagos.

 

Alaribe outlined his vision for his presidency using the acronym DIAMOND, which stands for Digital Institute and Tech-Savvy Professionals; Innovation and Research; Advocacy and Communication; Membership Drive and Mentoring Young Talents; Operational Efficiency; Networking Opportunities and Repositioning of District Societies; and Deepening Capacity Building. He invited suggestions and constructive criticism from ICAN members to achieve these goals.

 

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, extended his congratulations to Alaribe, who is a key member of the church, and offered prayers for God's blessings in what he termed the "diamond year."

 

Alaribe highlighted the importance of the delegation agreement signed with the FRC, stating that it has strengthened the relationship between the two institutions. He believes that effective financial reporting is crucial for attracting Foreign Direct Investments (FDI) to Nigeria.

 

"ICAN has always relied on in-depth interrogation of relevant issues to advise the government and other stakeholders. In this presidential year, we shall consolidate past efforts at revamping the research and technical department of the institute to become a one-stop place for cutting-edge research and development. We will ensure that ICAN remains at the frontier of accounting and finance knowledge, proactively contributing to the national imperative for sustainable and inclusive growth," Alaribe stated.

 

The Immediate Past President of ICAN, Innocent Okwuosa, reflected on the challenges faced during his tenure, noting that both global and Nigerian economic conditions in 2023 significantly impacted the institute's operations. Despite these challenges, the institute published 10 position papers on government economic policies, the highest number in any presidential year to date, and made strides in internationalizing the ICAN brand.