Corporate Affairs Commission CAC says effort towards development and integration of a platform for filing audited accounts on its enterprise software, the Companies Registration portal (CRP) has received a boost.
Speaking at an Initiation meeting between the CAC and its development partner, the Agents for Citizen Driven Transformation (EU-ACT), the Registrar General/CEO of the Commission Alhaji Garba Abubakar noted with satisfaction the level of progress so far witnessed by the project.
He explained that the development came after the successful selection and initiation of the accounting software to effectively drive the process.
Represented by his Technical Assistant, Mohammed Abdullahi, the Registrar General said the deployment of the software would afford customers the opportunity to seamlessly file annual financial accounts and bi-annual statements for companies and incorporated trustees amongst others.
In a remark, the National Programme Manager, European Union Agents for Citizen-Driven Transformation (EU-ACT), Mr Damilare Babalola emphasised that the event was a continuation of their earlier collaboration with the CAC.
He stressed that the software developer was eminently qualified for the assignment and therefore brought on board to speed up the project, aims at improving on CAC’s existing structure, make it more effective and to increase compliance particularly for the civil society organizations.
Mr Babalola used the forum to applaud the commitment and support of the Registrar General towards ensuring success of the project which would incorporate the extensible Business Reporting Language (XBRL), and global framework for exchanging business information.
Also speaking, the Managing Director of the software development Group, Damilola Awe thanked the EU-ACT and the CAC for finding them worthy to undertake the project and assured commitment to deliver on the mandate between 6 to 8 weeks from commencement.
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Similarly, Corporate Affairs Commission 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 revealed 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.