He said to achieve high levels of transparency and governance, accountants should be encouraged to work in the public sector as well as make their top talents available to regulators, adding that this is in the best interest of the profession. He said, “You might think you’re losing talents from Nigeria to Europe but they (Europe) are also finding it difficult to attract people to come and work in a regulatory environment.” “So, there is a significant imbalance in the funding of SMEs and we need to help address that.”Ĭommenting on the issues bordering on Nigerian youth emigration to Europe and other countries of the world, the IFAC president said contrary to speculation, Europe is also struggling with the brain-drain syndrome. Johnson said only three per cent of any green investment goes to SMEs though they account for more than 50 per cent of GDP. He said the SMEs remained the backbone of any economy, stressing that “we must never forget that and they need to be brought into the conversation, they need to have a role and we need to help them”. He said the goal of IFAC was to ensure that sustainability remained at the core of its existence and ensure that the public sector raise the standards of integrity, trust in the people, accountability, and transparency. He, also called for high levels of transparency and governance, adding that the accounting profession should work and support the regulators to ensure a vibrant profession and virile economy. He said the Nigerian accounting profession as well as their global counterparts have the mandate to serve the public in the interest of the public and to support governments and organisations to deliver. Speaking during a meeting with the FRCN board and management which was also attended by the President of the Institute of Chartered Accountants of Nigeria (ICAN), Mallam Tijjani Musa Isa, over the weekend, the IFAC president also urged Nigeria to embrace sustainability reporting which he said is at the core of the council’s operations. Johnson explained that this would help raise the level of trust and confidence in the profession as well as boost Nigeria’s economy. He said it is in the best interest of the accounting profession and the country, in general, to make sure that regulators are successful and have strong regulatory work in place. President of the International Federation of Accountants Council (IFAC), Mr Alan Johnson, has said the Financial Reporting Council of Nigeria (FRCN) should be protected, and given the resources, it requires to perform its job in the interest of the economy.
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