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The National Association of State Boards of Accountancy and the American Institute of CPAs’ U.S. International Qualifications Appraisal Board have signed a mutual recognition agreement with CPA Australia. NASBA's headquarters in Nashville, Tenn. The agreement will offer an abbreviated qualification pathway for eligible accounting professionals in the U.S., Australia and New Zealand to practice in the partner countries. Under the deal, qualified U.S. CPAs will be eligible to obtain the CPA Australia credential, which is a pathway to getting audit rights in Australia and New Zealand, if the holders meet specific eligibility requirements spelled out in the agreement’s appendices. Similarly, CPA Australia credential holders who are citizens or legal residents in Australia or New Zealand will be eligible to obtain the U.S. CPA credential if they meet the eligibility requirements outlined in the agreement’s appendices. Sharon A. Jensen, who chairs the NASBA/AICPA U.S. IQAB, ...

The International Federation of Accountants and the International Bar Association are partnering on an initiative to combat corruption, ahead of the gathering of global leaders at the G20 summit in Buenos Aires later this year. The two organizations have signed the IBA and IFAC Anti-Corruption Mandate to emphasize the role of business and government in safeguarding a fair and transparent future for all. They are also involved in the B20, a group of 20 business leaders from around the world in Buenos Aires ahead of the G20 summit. “Grounded in a strong ethical code, professional accountants across the globe play a critical role in the fight against corruption, bringing essential transparency, relevance and integrity to the systems that underpin vibrant economies,” said IFAC CEO Fayezul Choudhury in a statement. “We are proud to partner with the IBA to highlight and advance the role of our global professions in serving the public interest now and in the future.” Courte...

Money Market Indicators (In Percentage)   - 2018 Month March April May Inter-Bank Call Rate 15.16 3.34 26.11 Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR) 14.00 14.00 14.00 Treasury Bill Rate 11.84 11.43 10.14 Savings Deposit Rate 4.07 4.07 4.07 1 Month Deposit Rate 8.82 8.78 8.90 3 Months Deposit Rate 9.72 9.89 9.97 6 Months Deposit Rate 10.93 10.71 10.62 12 Months Deposit Rate 10.21 10.03 9.96 Prime Lending rate 17.35 17.24 17.08 Maximum Lending Rate 31.55 31.56 31.29 source: cbn.org.ng        

Inflation Rates (percent)   2018 Month March April May All Items (Year on Change) 13.34 12.48 11.61 All Items (12 Months Avg. Change) 15.60 15.20 14.79 Food (Year on Change)/1 16.08 14.80 13.45 Food (12 Months Avg. Change)/1 19.29 18.89 18.36 All Items Less Farm Produce (Year on Change)/2 11.18 10.92 10.71 All Items Less Farm Produce (12 Months Avg. Change)/2 12.33 12.02 11.83 All Items Less Farm Produce and Energy (Year on Change)/3 11.85 11.64 11.60 All Items Less Farm Produce and Energy (12 Months Avg. Change)/3 12.55 12.38 12.32         Note: The new base period for Consumer Price Indices is November 2009  Year on a change in percent is year-on-year or annualized inflation rate Computation of the 12-month average change is based on 12-month moving average /1 Food inflation rate is also called the non-core inflation /2 All items less farm produce is otherwise known as core inflation /3 All items less farm produce and energy is another typ...

Date Currency Buying(NGN) Central(NGN) Selling(NGN) 7/20/2018 US DOLLAR 304.85 305.35 305.85 POUNDS STERLING 398.8048 399.4589 400.113 EURO 357.1013 357.687 358.2727 SWISS FRANC 306.5051 307.0078 307.5106 YEN 2.727 2.7315 2.7359 CFA 0.5204 0.5304 0.5404 WAUA 425.9586 426.6573 427.3559 YUAN/RENMINBI 44.9841 45.0548 45.1326 RIYAL 81.2803 81.4136 81.547 SOUTH AFRICAN RAND 22.7225 22.7598 22.7971 DANISH KRONA 47.906 47.9846 48.0632 soruce: cbn.gov.ng SDR 426.851 427.5511 428.2512

The 262nd Meeting of the Monetary Policy Committee (MPC) is scheduled to hold as follows: Venue: MPC Meeting Room, 11th Floor, Wing C, CBN Corporate Headquarters, Abuja. Day 1: Monday, July 23, 2018 Time: 10:00 am Day2: Tuesday, July 24, 2018 Time: 8:00 am

The Financial Accounting Standards Board released a set of mostly minor revisions and technical corrections to the lease accounting standard. The Codification Improvement to Topic 842, Leases, affects only narrow aspects of the previous guidance. FASB didn’t create a Transition Resource Group on the leasing standard, as it did with the revenue recognition and credit loss standards. But FASB and its staff have been helping stakeholders during the transition period until the standard takes effect in December for public companies responding to inquiries and eliciting feedback on potential implementation issues that could arise. The document addresses a number of those issues. The lease accounting standard will put operating leases on the balance sheet of many companies for the first time ever, and there are some differences between FASB’s version of the standard for U.S. GAAP and the International Accounting Standards Board’s version for International Financial Reporting Standar...