By Chinenye Offor, Abuja.
The Corporate Affairs Commission (CAC) has unveiled an Electronic Filing System (EFS) for financial statements by registered entities, as part of its reform initiatives.
The Registrar-General of CAC, Alhaji Garba Abubakar, unveiled the platform to customers and stakeholders in Abuja on Wednesday.
The system was unveiled at the Enlightenment/Sensitisation Training on “Beneficial Ownership Information Disclosure and Annual Return Electronic Filling System”, organised by the commission for customers and stakeholders.
Abubakar, however, said that the platform would be open to traffic from Monday.
He said that the accounting software was coined from the Extensible Business Reporting Language (XBRL) standard, in line with global best practices.
While highlighting some of the reform initiatives of the commission since his assumption of office, Abubakar said that CAC would continue to leverage technology to offer prompt and efficient services.
Also speaking, the Group Managing Director of Centrifuge Information Technology Ltd., Damilola Awe, who is also a software developer, described EFS as an online account filing system by CAC.
He said that the EFS was supported by European Union Agent for Citizens Transformation (EU-ACT) for regulated entities such as Civil Society Organisations (CSOs), Non-Governmental Organisations (NGOs), integrated trustees, private limited liability companies and other business entities.
Awe said the EFS was an offshoot (a module or feature addition) of the parent software, Company Registration Portal (CRP), which facilitated annual financial statement filings electronically.
He said that the EFS followed global standards for filing financial statements, as obtainable in other countries’ regulators like the Security and Exchange Commission (SEC) in UK the U.S. and the Federal Inland Revenue Service (FIRS), among others.
According to him, the EFS leverages a bleeding-edge technology called XBRL.
Awe said that the EFS would enable CAC to enforce regulatory compliance by ensuring that financial statements of account were correctly filed.
He said that it would also allow business organisations to file their annual accounts and financial statements electronically.
Awe also said that statements of financial position, profit and loss were some of the benefits of EFS.
He listed other benefits of the EFS to include downloadable financial documents that conformed to global standards.
Some of the stakeholders and customers who spoke at the event lauded CAC and expressed optimism that the new system would improve their interface with the commission.