Nigerian Accounting Standards Board (NASB) came into being on September 9, 1982. It is the only recognised independent body in Nigeria responsible for the development and issuance of Statements of Accounting Standards for users and preparers of financial statements, investors, commercial enterprises and regulatory agencies of government.
The work of the NASB is similar to those of other National Accounting Standard Setting bodies like the Financial Accounting Standards Board, USA; Accounting Standards Board, UK; Australian Accounting Research Foundation, Australia, etc.
Section 335(1) of the Companies and Allied Matters Decree 1990 gave legal backing to the activities of the Board by requiring that the financial statements prepared under the decree shall comply “…. with the accounting standards laid down in the Statements of Accounting Standards issued from time to time by the Nigerian Accounting Standards Board to be constituted by the Minister ….”
In May 1992, the then Honourable Minister of Trade and Tourism, AVM Muhammadu Yahaya, formally inaugurated the NASB as a quasiparastatal with full autonomy to pursue its technical duties. The Board now receives subvention from the Federal Government every year to meet its operational requirements.
Chief J. A. Odeyemi was appointed Chairman for a term of four years with effect from 8th May, 1992. In February 1993, the Board was placed in Category A of Federal Government parastatals.
VISION
To be one of the world’s leading accounting standard setting bodies with the primary aim of promoting and sustaining investors’ confidence in published financial reports.
MISSION STATEMENT
Promoting general acceptance of published financial reports by developing high quality accounting standards that are consistent with international practices and ensuring strict compliance with the standards thereby enhancing investor confidence in the Nigerian economy.
Contact:
Elephant Cement House (3rd Floor)
ASSBIFI Road, Alausa
P.O.Box 10968
IKeja, Lagos Nigeria.
Tel: (234) 1-791-8779, 4812099,
Fax: (234) 1-3451150, 5546296
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{ 1 comment… read it below or add one }
i would like to know if there are projects on ”statement of accounting standards and accounting quality”