Stories by Ladi Jason
Corporate Affairs Commission, CAC, has partner Entrifuge Group to develop an accounting software that would ensure the integration of a platform for filing audited accounts on its enterprise software the Companies Registration portal CRP in the country.
Speaking at an Initiation meeting held between the CAC and its development partner the Agents for Citizen Driven Transformation (EU-ACT), the Registrar General/CEO of the Corporate Affairs Commission Alhaji Garba Abubakar noted with satisfaction the level of progress so far witnessed by the project the process will kick-start soon.
Abubakar said, “This development came after the successful selection and initiation of the developer of the accounting software: CENTRIFUGE GROUP to effectively drive the process.
The R G who was represented by his Technical Assistant, Mohammed Abdullahi, noted that the full deployment of the software will afford customers the opportunity to seamlessly file annual financial accounts and bi-annual statements for companies and incorporated trustees amongst others.
In his remark, the National Programme Manager, European Union Agents for Citizen-Driven Transformation (EU-ACT), Damilare Babalola said the event was a continuation of their earlier collaboration with the CAC.
He further stressed that Messrs Centrifuge was eminently qualified for the assignment and therefore brought on board to speed up the project which aims to improve on CAC’s existing structure, make it more effective and to increase compliance particularly for the civil society organizations.
Damilare Babalola used the forum to applaud the commitment and support of the Registrar General towards ensuring success of the project which will eventually incorporate the XBRL (eXtensible Business Reporting Language), a freely available and global framework for exchanging business information.
Also speaking at the event, the Group Managing Director of CENTRIFUGE GROUP, Damilola Awe thanked the EU-ACT and the CAC for finding them worthy to undertake the project and assured of their commitment to deliver on the mandate between 6 to 8 weeks from commencement.
CAC News recalls that the CAC and the Agents for Citizen Driven Transformation (EU-ACT) had on the 1st March, 2021 signed a memorandum of understanding to further complement the efforts of the Commission towards achieving full implementation of the CAMA,2020.
Findings by CAC News reveal that one of the uses of XBRL is to define and exchange financial information such as a financial statement and it’s a standards-based way to communicate and exchange business information between business systems.