Local Content Technology Fair and Round-table 2017

The event, co-sponsored by FinTrak Software, was held on the 26th of October 2017 in Abuja FCT. It was hosted by the Federal Ministry of Communications, National Information Technology Development Agency (NITDA), Office for Nigerian Content in Information & Communication Technology and the ICT Local Content Association (ICTLOCA).

The Round-table had in attendance many distinguished dignitaries, Heads of ministries, parastatals, agencies, guest as well as stakeholders from the private sector. The Round-table session was conceived by the Council of ICT Heads in MDAs in partnership with Tech Law Development services in the furtherance of the implementation of the Executive order Number 003 on Support for Local Content in IT Procurement and clearance of IT projects in MDAs as well as other institutions of the Federal Government.  The goal is to put an end to capital flight which is weakening the naira, prevention job creation in the nation and the negative impact on the economy.

Earlier in October at a media briefing in Lagos, the Director General, National Office for Technology Acquisition and Promotion, NOTAP, Dr. Dan Azumi Mohammed Ibrahim, disclosed that the agency has saved Nigeria N192bn in six years and secured about 38 patents for agencies and private researchers in six months of 2017. This was achieved through the refusal to approve importation of technologies, as well as services that could be rendered by Nigerians, which would have resulted in capital flight.

GMD FinTrak Software, Bimbo Abioye, was on hand to share the success stories of indigenous software in private and public sectors using FinTrak Software as a case study and he further expanded on how regulatory agencies can support the growth of indigenous firms as well as the IT sector. Though an indigenous company, FinTrak Software has a global footprint.

ED Business Development, Ladi Ipaye at the FinTrak Software Stand

 

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ICTLOCA is the association responsible for the protection of interest of local ICT practitioners, enforcement and implementation of the NOGICD Act and other local content policies of government on the use and deployment of indigenous Information Communication Technology products and services in the oil and gas sector and other sectors of the Nigerian economy for the benefit of local ICT practitioners.

NOTAP is one of the 17 agencies under the Federal Ministry of Science and Technology established to regulate the inflow of technology in the country.

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IFRS Adoption in Japan: A Global Way Forward

“The voluntary nature of IFRS usage in Japan means that this report provides very useful insight into the cost/benefit evaluation undertaken by major Japanese companies before deciding to proceed with IFRS. It is encouraging to see so many Japanese companies recognising the substantial benefits that come with using IFRS as the globally recognised set of accounting standards.”

These were the words of Hans Hoogervorst, Chairman of the International Accounting Standards Board, commenting on the press release by Japanese FSA on the Publication of ‘IFRS Adoption Report’.

 Since 2010, many Japanese companies have been reporting using IFRS as issued by the IASB. The press release from the Japanese Financial Services Agency (FSA) highlighted a study that tracked the number of Japanese firms that have chosen to report using IFRS since 2010. As of March 2015, the number stood at 75.  In the last two years, the number of these Japanese companies has actually doubled. The number is expected to increase to more than 100 companies by the end of 2015, representing greater than 20% of total market capitalisation.

 However, the motivating factors for companies to choosing to adopt IFRS voluntarily include:

  • Efficiency in business management
  • Enhanced comparability with competitors
  • Better communication with international investors
  • Better describes business performance
  • Facilitates greater access to international finance

 

View the Japanese FSA on the Publication of ‘IFRS Adoption Report’.