ANAN unveils publications to transform accounting education in Nigeria

The Association of National Accountants of Nigeria (ANAN) in day three (18th September) of its 29th Annual Conference at the ThisDay Dome in Abuja, with the theme “Advancing Accounting Excellence in a Changing World” unveiled two publications that promise to reshape accounting education and financial reporting in Nigeria. The first publication, titled “Country Report on […]

The Association of National Accountants of Nigeria (ANAN) in day three (18th September) of its 29th Annual Conference at the ThisDay Dome in Abuja, with the theme “Advancing Accounting Excellence in a Changing World” unveiled two publications that promise to reshape accounting education and financial reporting in Nigeria.

The first publication, titled “Country Report on Accounting Education in Nigeria,” presents a comprehensive analysis of the current state of accountancy ed-ucation and identifies several critical challenges.

The report highlights that many accounting programs in Nigeria continue to rely on outdated curricula, failing to address emerging areas such as forensic accounting, sustainability reporting, and financial technology. This lack of modern curriculum limits students’ exposure to essential skills necessary for combating global financial crimes. Furthermore, under-resourced institutions suffer from significant infrastructure deficiencies, hindering students’ ability to gain the practical experience crucial for professional competence.

Another pressing issue identified in the report is the shortage of highly quali-fied accounting educators. According to the report, many faculty members lack opportunities for continuous professional development, which impedes their ability to teach contemporary accounting practices effectively.

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Additionally, access to accounting education is unevenly distributed across Ni-geria, with significant geographical and gender disparities that restrict oppor-tunities for students from rural areas and underrepresented groups.

The report further explained that while some progress has been made, full alignment with International Education Standards (IES) remains a challenge, particularly within higher education institutions. This gap undermines the global competitiveness of Nigerian accountants, leaving graduates ill-prepared for the demands of modern accounting, especially regarding emerging technol-ogies like data analytics and block-chain.

Also, identified in the report that stringent entry requirements for professional accounting membership create significant barriers for aspiring accountants. The rigorous examinations and work experience prerequisites, coupled with limited mentorship opportunities, make it difficult for individuals to navigate the path to professional membership. This has resulted in reduced diversity within the profession, stifling innovation and adaptability.

To address these challenges, the report offers several recommendations calling for educational institutions to prioritize the modernization of accounting curricula to include contemporary topics relevant to the global profession.

Additionally, expanding practical training opportunities through industry partnerships and developing micro-credential programs can help bridge the gap between theory and practice.

Investing in the continuous professional development of accountancy educa-tors is another crucial recommendation highlighted in the report. Also, providing opportunities for advanced degrees, mentorship programs, and international exposure will enhance the quality of instruction and job satisfaction for faculty members.

The report further advocates for increasing access to accounting education, particularly in underserved areas, by leveraging online platforms and establish-ing regional campuses and also promoting gender diversity and making the profession more appealing to youth through targeted scholarships and aware-ness campaigns.

Furthermore, ANAN unveiled the second publication titled “National Financial Reporting Quality Award”.

This publication aims to enhance the quality of financial reporting in Nigeria by establishing benchmarks and recognizing organizations that demonstrate excellence in financial transparency and accountability.

In an interview following the launch of two publications, the CEO ANAN Dr. Kayode Fasua FCNA, emphasized the association’s commitment to enhancing the science of accountancy in Nigeria and supporting quality accounting prac-tices.

“The two publications represent our contribution to advancing the science of accountancy in Nigeria. The first publication is a comprehensive country re-port on accountancy education in Nigeria, which is foundational to the quality of practice in the field,” he said.

Dr. Fasua noted that accountancy education is a crucial element in shaping the services accountants provide, which ultimately serve the public interest.

“Both academics and practice combine to form what we call accountancy education. If the service they render is not of high quality, it is the public that will suffer. This affects the government, the private sector, and ultimately the citizens that accountants serve” he stated.

He also said that the reports are product of thorough research into various ed-ucational institutions, including universities, colleges of education, and the two primary professional accountancy organizations in Nigeria: ANAN and the In-stitute of Chartered Accountants of Nigeria (ICAN). The research aimed to as-sess how well accountancy education in Nigeria aligns with international education standards, particularly those set by the International Federation of Accountants (IFAC).

“Through this research, we aimed to understand our current standing in ac-countancy education relative to global expectations,” the CEO explained. “At the end of the process, we compiled our findings into a report that outlines where we are in terms of accountancy education and what gaps still exist” he added.

ANAN awards FRS, BOI, others for excellence financial reporting

During the ongoing 29th Annual Conference of the Association of National Accountants of Nigeria (ANAN), the association presented awards for Nation-al Financial Reporting Quality, recognizing outstanding compliance with finan-cial reporting standards among various institutions.

In the public sector, the Federal Inland Revenue Service (FIRS) was awarded first position, while the Bank of Industry secured second place. In the private sector, MTN Nigeria was awarded first position, with Fidelity Bank taking the second position.

Over 40 organizations from both the public and private sectors were assessed based on their adherence to International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS).

In an interview with the CEO of ANAN, he elaborated on the criteria used for the assessments.

“We looked at their financial reports to evaluate compliance with IFRS and IPSAS standards. We also considered the frequency with which they produce and publish their financial reports,” he explained. “It’s not just about how often reports are produced, but how well these organizations meet their obligations regarding timely and transparent reporting” he added.

Despite the commendations, the CEO noted that the overall landscape of financial reporting quality in Nigeria still has significant room for improvement. “Only a few organizations truly met the expected standards. In fact, we did not find anyone within certain ministries that could be recognized,” he stated, highlighting the need for greater diligence in financial reporting across both sectors.

He also noted that the introduction of the National Financial Reporting Quality Award is aimed at encouraging organizations to enhance their financial report-ing practices.