Every year on November 10, the global accounting community, marks World Accounting Day, a moment inspired by Luca Pacioli, the 15th-century scholar widely regarded as the father of modern accountancy. Beyond the ceremonial recognition, the day forces a deeper reflection.
The Institute of Chartered Accountants of Nigeria has joined millions of accountants around the world to commemorate International Accounting Day 2025, with the South-West regional celebration.
The event which was held in Lagos brought together ICAN members, students, and academics to celebrate the role of accountants in promoting accountability, transparency, and good governance in both public and private sectors.
In a country where financial mismanagement is often the headline rather than the exception, the role of accountants cannot be overstated. They sit at the centre of transparency, corporate governance, public accountability and risk management. Their work determines whether capital flows confidently into an economy or flees it. Yet for young Nigerians aspiring to reach the pinnacle of professional practice, the path is increasingly complex and the choices more consequential.
In Nigeria, ICAN retains a statutory advantage. The ICAN Act of 1965 empowers the Institute of Chartered Accountants of Nigeria to regulate accounting practice in the country and confer the ACA designation. ACCA, established in the UK in 1904, confers the globally recognised ACCA designation. Both bodies train accountants in IFRS, IAS, ISA, IPSAS and other international standards. Both require practical experience, strict ethics compliance and deep professional discipline. And both are members of IFAC, the global body governing accounting practice.
Delivering remarks on behalf of ICAN President Mallam Haruna Yahaya, the immediate past president of the Institute, Chief DCS Alaribe, paid tribute to more than five million accounting professionals globally. He described accountants as “the unsung heroes behind the financial stability of businesses, governments, and communities.”
He reflected on the origins of the profession, citing the 1494 publication of Luca Pacioli’s pioneering work on double-entry bookkeeping, which laid the foundation for modern financial management.
Addressing the gathering, the Rector of YABATECH, Dr Adedotun Ibrahim Abdul, urged students to take charge of their future and believe in their ability to shape their destiny.
what is the true value of accountants in today’s economy, and what standards should guide the next generation entering the profession?
