ICAN Act Amendment Aims to Bolster Accounting Profession, Boost Government Revenue, Says ICAN President

Chief Davidson Chizuoke Alaribe, the 60th President of the Institute of Chartered Accountants of Nigeria (ICAN), has explained that the proposed amendment to the ICAN Act is not aimed at regulating tax and other professions but to practice tax and other disciplines in line with global best practices.

Alaribe highlighted the urgent need for this amendment, underscoring its role in fortifying the accounting profession in Nigeria after nearly six decades since the Act’s inception. By aligning with global standards, the amendment seeks to modernize practices, enhance regulatory frameworks, and promote transparency within the sector. He stressed that such improvements are not only essential for the profession’s credibility but also play a vital role in driving government revenue.

According to Alaribe, the collaborative efforts towards the ICAN Act amendment underscore a shared commitment to advancing Nigeria’s financial landscape. He expressed optimism about the positive impact of the proposed amendments on both the accounting profession and the broader economy.

He said that through enhanced regulatory powers and a strengthened legislative framework, the amendment promises to create a conducive environment for businesses, investors, and government entities alike.

Alaribe added that the importance of ongoing discussions and collaboration among stakeholders would ensure that the amendment effectively addresses current challenges and objectives.

As the legislative process progresses, stakeholders remain optimistic that the ICAN Act amendment will not only strengthen the accounting profession but also play a significant role in driving government revenue and fostering sustainable economic development.