•NASME advocates business support services
•Formal education not same as financial literacy BoI
By Yinka Kolawole
Nigeria’s hope of quick recovery from recession and significant increase in economic growth is under threat from micro, small and medium enterprises (MSMEs) sector which accounts for 48 percent of the nation’s Gross Domestic Product (GDP), as 33.6 million small businesses (62 percent) struggle with the challenge of poor financial literacy.
Nigeria has about 41 million MSMEs which are businesses with less than N100 million annual turnover.
These businesses however contribute about 48% of the nation’s Gross Domestic Product (GDP), accounting for 96% of businesses and 84% of employment in Nigeria.
Published on: Saturday, February 06, 2021
By: Bernama
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SHAH ALAM: Two Universiti Teknologi Mara (UiTM) students, from the Faculty of Accountancy, have achieve excellence by being listed among the top 10 in the world in The Association of Chartered Certified Accountants (ACCA) and Certified Accounting Technician (CAT) examinations last December.
In a statement Friday, UiTM said the two students are Fatin Najwa Azman, 22, a fifth-semester student of the ACCA programme and Putera Aiman Abdul Rashid, 19, a final-semester student of the CAT programme.
Fatin Najwa won first place in Malaysia and ninth in the world for the Audit and Assurance examination while Putera Aiman earned first place in Malaysia and second place in the world for the Maintaining Financial Records (FA2) examination.
Government accounting at crossroads: Emerging opportunities during COVID-19
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Government accounting and financial reporting are at a crossroads today. Providing information on how much cash is received into treasuries and paid out for goods, services and transfers is not enough. Stakeholders are demanding more accountability and engagement in public finances. Governments are spending large sums of money to tackle the health emergency and to implement massive fiscal stimulus programs in response to the pandemic. Undoubtedly, timely and quality information is necessary to better assess the financial health of governments and to communicate the financial consequences of the pandemic to all stakeholders. This can contribute to building the much-needed trust in governments and improve the effectiveness of their pandemic response.
Joe Pickard February 5, 2021 (Last Updated February 5th, 2021 11:43)
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Financial Times (
FT), recently appointed UK business secretary Kwasi Kwarteng intends to publish a white paper on audit reforms as early as next week.
The white paper will follow numerous reviews into the UK audit market, most recently the Brydon report which called for the UK’s Financial Reporting Council (FRC) to transition into a new regulator, the Audit, Reporting and Governance Authority (ARGA).
The
FT reported that the white-paper will push forward with many of the major recommendations from the independent reviews into the audit market, with the exception of the Competitions and Market Authority’s (CMA) recommendation that listed companies should have to enlist the services of two auditors to carry out a joint audit. The department for Business, Energy and Industrial Strategy (BEIS) is instead expected to propose a ‘more limited plan
“It’s the final piece of the jigsaw,” says Sundeep Takwani, director of regulatory relations at the Association of Chartered Certified Accountants (ACCA), on its application to give up its status as a recognised professional body (RPB) for insolvency practitioners.
The organisation applied to the Secretary of State for Business requesting its withdrawal in February 2019 for the purposes of section 391 of the Insolvency Act 1986 after recognising it was no longer commercially viable for its members.
“From our perspective, the cost of insolvency regulation was becoming unsustainable,” says Takwani. ACCA had slowly began transferring some of its regulatory aspects in 2016 to other RPBs.