Legalized Professional Accounting Bodies in Nigeria

Legalized Professional Accounting Bodies in Nigeria

Legalized Professional Accounting Bodies in Nigeria – This post answers this question; how many professional accounting bodies in Nigeria. A professional accounting body is an association of accountants in a particular jurisdiction. Furthermore, the term professional accountant describes a person who has expertise in the field of accountancy. This may be achieved through formal education and practical experience. Such individual also must demonstrate and maintain professional competences. On the other hand, these individuals are those who form the professional accounting body which in turn regulates the activities or professionalism of membership of the organization.

The post Focus:

This subject matter as explained above are not well-understood by many in Nigeria. They still ask about list of accounting professional bodies in Nigeria. Many are also asking for the list 4 professional accounting bodies in Nigeria. To present a solution to these challenges, we had on an earlier post published list of professional bodies in Nigeria. We had also published articles on membership requirements of these accounting bodies – ICAN ANAN. So, here now, we have the list of the Legalized Professional Accounting Bodies in Nigeria.

Furthermore, related to these are other items which are highlighted in this post for further reading. We encourage you to click on them to read so that you have adequate information on these subject matters. These will enable you answer questions like; How many professional accounting bodies do we have in Nigeria? Or; Is CIMA Recognized in Nigeria? Welcome! Happy reading.

As hinted above, just get ready to go through these topics, now.

As you get on with most of the highlighted items on this post, you will find out that the Accounting professional bodies in Nigeria some of the most organized in the world. This will notice from admission requirements, studentship, induction and professional licensing. In fact, there is not short-cut in becoming a member of any of these bodies in Nigeria.

Legalized Professional Accounting Bodies in Nigeria

The Accounting Professional Bodies In Nigeria:

There are three professional accounting bodies in Nigeria. There may be others but these are the legalized ones backed by a national Act of Parliament. These are Institute of Chartered Accountants of Nigeria (ICAN), Association of National Accountants of Nigeria (ANAN) and Chartered Institute of Management Accountants (CIMA) of Nigeria.

Institute of Chartered Accountants of Nigeria (ICAN)

ICAN was established in 1960. In fact, as at 31st May, 2020, ICAN has over 50,000 professional members and thousands of students on its Register.

As a matter of fact, ICAN is the first and the most popular. In fact, ICAN is the most widely recognized accounting body in the country. Therefore, in terms of membership, recognition, number of examination and study centres across the country, ICAN is the greatest. And, I tell you this gve ICAN edge against all others even before employers. In fact, employers request more of ICAN certified chartered accountants compared to other bodies.

Association of National Accountants of Nigeria (ANAN)

Furthermore, ANAN was established on 1st January, 1979. It then was was incorporated on 28th September, 1983. And fortunately it finally became chartered by Decree 76 of 1993 on 25th August, 1993. That is the ANAN journey so far. However, by December 2019, it had a total membership of 10,260.

Chartered Institute of Management Accountants (CIMA) of Nigeria

CIMA is one of the fastest growing professional accountancy body in Nigeria. CIMA was established in 1977, and was incorporated in 1989. As a matter of fact, the bill requesting to establish CIMA was passed by Nigerian Senate on the 4th day of November, 2010.

Legalized Professional Accounting Bodies in Nigeria

Other Accounting Bodies:

These are others of peculiar importance too. The first one here is the Institute of Certified Public Accountants of Nigeria (ICPAN). This is common with civil servants and has a nationwide membership. It was established in May 1988. It became incorporated on the 6th of May 1996 after it was registered with the Corporate Affairs Commission (CAC).

The next one is The ACCA (Association of Certified Chartered Accountants). This is an English accounting body with a global recognition. ACCA is not a Nigerian thing like the other listed above. But ACCA qualification is accepted and recognized anywhere around the world. Nigeria only recognizes ICAN and ANAN but employers looking for accountants still prefer candidates with ACCA certification as an advantage.

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Legalized Professional Accounting Bodies in Nigeria
Legalized Professional Accounting Bodies in Nigeria

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Summing Up on Legalized Professional Accounting Bodies in Nigeria

In summary, ICAN, ANAN and CIMA-Nigeria are the legally recognized professional accountancy bodies in Nigeria. Each has own standards for administration. So, if you must become a chartered accountant in Nigeria, you must pass ICAN, ANAN, ACCA or CIMA qualifying examinations.

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