CAC launches electronic system for financial statements
The Corporate Affairs Commission (CAC) has unveiled an Electronic Filing System (EFS) for financial statements by registered entities in continuation of its reform initiatives.
The registrar-general of CAC, Garba Abubakar, unveiled the platform to customers and stakeholders in Abuja on Wednesday.
He said the platform would be available from Monday, adding that the accounting software was coined from the Extensible Business Reporting Language (XBRL) standard in line with global best practices.
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Mr Abubakar highlighted the reform initiatives of the commission since his assumption of office, adding that the CAC would continue to leverage technology to offer prompt and efficient services.
Also speaking, a software developer, Damilola Awe, said European Union Agent supported the EFS for Citizens Transformation (EU-ACT) for regulated entities such as Civil Society Organisations (CSOs), Non-Governmental Organisations (NGOs), integrated trustees, private limited liability companies, and other business entities.
Mr Awe said the EFS followed the global standards for filing financial statements as obtained by other countries’ regulators like the Security and Exchange Commission (SEC) in the UK, U.S. and the Federal Inland Revenue Service (FIRS), among others.
According to Awe, the EFS would enable the CAC to enforce regulatory compliance by ensuring that financial statements of accounts were correctly filed.
He said it would also allow business organisations to file their annual accounts and financial statements electronically.
Awe further said that statements of financial position, profit and loss, and the ability to generate the benefits of EFS.
He listed other benefits of the EFS as downloadable financial documents that conform to global standards.