NIGERIA'S IMPRESSIVE OUTING AT THE 2010 ‘WORLD OLYMPICS OF ACCOUNTING'

By: Shafii Ndanusa  Abuja, Nigeria.

In the development history of nations, there are moments that create unparalleled opportunities for showcasing not only human potential but social and environmental potential to other nations of the world. Such a moment came for Malaysia with the hosting of the 18th World Congress of Accountants (WCOA) in Kuala Lumpur between the 8th and 11th of November 2010. From the remarkable successes recorded at the Congress, it is obvious that the nation of Malaysia had put that opportunity to good use. The month of November 2010 is certainly a period that the city of Kuala Lumpur and the nation of Malaysia will be remembered will glowing tributes.

The World Congress of Accountants called the ‘Olympics of the Accounting Profession' is a conference comprising of delegates from various international and national accounting bodies. The delegates converge to deliberate on issues of common interest in order to chart a course for the future of the profession and the global economy at large. It assembles some of the best minds in the profession solely for the purpose of contributing to the rich, intense and lively debates that will herald the future direction for the profession. The WCOA is a four-yearly event and the next (nineteenth) congress is scheduled to be held in the year 2014 in Rome, Italy.

The World Congress of Accountants 2010 was jointly hosted by the International Federation of Accountants (IFAC) and the Malaysian Institute of Accountants (MIA). The congress was held at the Kuala Lumpur Convention Centre (KLCC) between 8th and 11th November 2010. The industry challenges were discussed in four plenary sessions and other thirty-five simultaneous sessions. The WCOA 2010 was rated a highly successful event for quite a number of reasons.

First and foremost, the entire framework for the organization of the Congress itself was superb and every aspect of the organization itself was superbly implemented. From the pre-congress arrangements for delegates, the congress activities itself to the post-congress requirements of participants were properly addressed. The facilities at the congress venue were excellent and all of world-class standard. Secondly, the WCOA 2010 was tops in a number of areas, one of which is the record-breaking attendance achieved at the event. Over six thousand (6,000) delegates from one hundred and thirty-four countries (134) attended the Kuala Lumpur Congress.

Except for the number of delegates from the host nation (Malaysia), Nigeria had the next highest number of delegates. A sizable number of delegates from Nigeria came under the umbrella of the Institute of Chartered Accountants of Nigeria (ICAN) as well as the Association of National Accountants of Nigeria (ANAN). In addition to the above, Nigeria had a sizable number of delegates who are members of international accountancy bodies such as the Association of Certified Chartered Accountants (ACCA) and the Chartered Institute of Management Accountants (CIMA).

From the onset of the programs, it was obvious that Nigeria was a force to be reckoned with in terms of global human potential. This was reflected not only in sheer numbers but also in the level of active participation by delegates from Nigeria.  Rich contributions were made by Nigerians in terms of paper presentations and the arguments and discussions that followed suit. At the WCOA 2010, it is remarkable to note that Nigeria stood clear beyond nations like China, Japan and India. This was despite the fact that the World Congress of Accountants 2010 was holding for the very first time in Asia.

The above fact simply reinforces the long-established notion that Nigeria is a nation of vast human and natural resource. Accountancy has become a truly global profession with the adoption of common technical and professional standards across national boundaries. If Nigeria has made its mark in this global profession despite all its environmental challenges, then the prospects of the country is far greater in the years to come and in various other well-organized professional disciplines.

As the world economy gradually recovers from the global economic crisis, it is vital to acquire new knowledge and insights from the lessons of the crisis. Relevant issues pertaining to the crisis from the perspectives of different nations were discussed. Strategies of recovery from the economic and financial crisis were also highlighted. The need for the adoption of international accounting standards as well as international financial reporting standards was reemphasized. The potentials of relatively-new areas of opportunities such as Non-interest (Islamic) Finance also formed part of the discussion at the WCOA 2010.

Nigeria's representation at the just concluded World Congress of Accountants 2010 in Kuala Lumpur was quite impressive, a feat that deserves to be recognized, to be repeated and replicated in other areas of the country's economic life. As an emerging market, Nigeria needs to tap deeply into its vast human resource so as to unleash its full development potentials. 

Mr. Shafii Ndanusa is a Certified Chartered Accountant (ACCA, U.K.) and Fellow of the American Academy of Financial Management (FAAFM, U.S.A.). He holds a Bachelors degree in Accounting and an MBA with specialization in Finance. He wrote from Abuja. Nigeria. shafii@accamail.com, shafiie@hotmail.com +2348033713910.