International Financial Reporting Standard (IFRS): Benefits, Obstacles And Intrigues For Implementation In Nigeria

IFRS is International Financial Reporting System and International Accounting Standard Board – (IASB) provided the framework for its working. IFRS adopted by IASB has gained worldwide acceptance amongst many countries and some listed companies in European nations have embraced it. IFRS employs a uniform, single consistent accounting framework that is gravitating towards General Accepted Accounting Practice (GAPP) in the future. IFRS since its introduction in 2001 had provided uniform accounting in financial reporting which would enable investors to interpreted financial statements with minimum effort. Other countries, including Canada and India are expected to transit to IFRS by 2011. The Nigerian Accounting Standard Board (NASB) is not expected to lag behind in the implementation. This paper looks at the benefits of adopting IFRS, obstacles and intrigues expected from the implementation of IFRS. The article also analyzed the requirements that would assists in the implementation of IFRS in Nigeria. Using content analysis method, the paper amongst others recommended a continuous research in order to harmonize and converge with the international standards through mutual international understanding of corporate objectives and the building of human capacity that will support the preparation of financial statements in organization. Key words: IFRS, Convergence, adopted, IASB, NASB, GAPP

International Financial Reporting Standard (IFRS): Benefits, Obstacles And Intrigues For Implementation In Nigeria

IFRS is International Financial Reporting System and International Accounting Standard Board – (IASB) provided the framework for its working. IFRS adopted by IASB has gained worldwide acceptance amongst many countries and some listed companies in European nations have embraced it. IFRS employs a uniform, single consistent accounting framework that is gravitating towards General Accepted Accounting Practice (GAPP) in the future. IFRS since its introduction in 2001 had provided uniform accounting in financial reporting which would enable investors to interpreted financial statements with minimum effort. Other countries, including Canada and India are expected to transit to IFRS by 2011. The Nigerian Accounting Standard Board (NASB) is not expected to lag behind in the implementation. This paper looks at the benefits of adopting IFRS, obstacles and intrigues expected from the implementation of IFRS. The article also analyzed the requirements that would assists in the implementation of IFRS in Nigeria. Using content analysis method, the paper amongst others recommended a continuous research in order to harmonize and converge with the international standards through mutual international understanding of corporate objectives and the building of human capacity that will support the preparation of financial statements in organization. Key words: IFRS, Convergence, adopted, IASB, NASB, GAPP

Evaluation of Aluminium, Copper and Aluminium-30% Copper Alloy Rivets

This work studied the failure of rivets made from different material compositions; Aluminium, copper, and aluminium-copper alloy under the same working condition. The strength to weight ratio and other properties of these materials make them ideal materials for rivet design. Six different rivets were produced each using pure aluminium ingot, pure copper ingot and aluminium copper alloy and each of the rivet was used to join mild steel together using the same pressing force of 50 kN. Each of the joint was subjected to impact test to measure the amount of impact energy they can absorb before failure. The impact test analysis showed that copper rivets had the highest impact resistance as only partial failure occurred. Impact test analysis of aluminium rivet resulted in fracture, thereby making it a weak material for riveting when it comes to components that requires high loading force. Also, Al-30%Cu alloy has high impact resistance, but less than that pure copper. Thus, it is concluded that for application with expected impact energy ˂ 12J, rivet made from pure copper is recommended. For application with expected impact energy ˂ 10J, rivet made from Al-30% Cu alloy is recommended, while for application with very low impact energy ˂ 5J, rivet made from pure aluminium is recommended. Keywords: Rivet joint, aluminium-copper alloy, pressing force, failure test, Impact energ

Analysis of ill-health and technical efficiency of maize farmers in selected local government areas of Osun state, Nigeria

Several farmers have died or incapacitated as a result of preventable and curable health challenges. These challenges no doubt have had negative impact on farmers’ welfare, agricultural production, efficiency of the farmers and the economy of developing countries like Nigeria. Though it is a known fact that ill-health is devastating but the extent of the devastation may not be known with certainty until it is scientifically proven through research. The study therefore investigated the effect of ill-health on the technical efficiency of maize farmers in Osun, State, Nigeria. 220 farmers were interviewed while the tools of analysis included descriptive statistics, stochastic production frontier and cost of illness procedure. The results revealed that aches (34.32%) and malaria (22.53%) were the most prevalent illness in the area while the perceived causes of illness included stress, poor financial base and, inadequate medical facilities. Meanwhile, the main sources of treatment included consultation with herbalists, local/self medication and hospitals. The main challenges in seeking for good health comprised inadequate medical personnel, inadequate finance and, long distance of the clinics/hospitals from their farm/residence. Time cost accounted for the largest proportion of the economic cost of illness. In addition, access to health care services, number of days absent from farm due to illness and amount spent on drugs all had significant effect on the technical efficiency of the farmers. With a mean of 0.64, none of the farmers operated at the frontier level of technical efficiency. Based on the results, it is therefore recommended that extension personnel should educate the farmers on the need for adequate rest always and use of treated mosquito nets at night.Keywords: Efficiency, ill-health, self-medicatio

Psoroptic Mange in a Weaner Pig

Mange is a contagious skin disease affecting various groups of animals. Psoroptic mange is a severe skin condition of farm animals; it is highly contagious and is responsible for huge economic losses in many farm animals. Infestation with Psoroptes has been reported all over the world in various farm animals, but none has ever been reported in swine. A male weaner large white breed pig of age 3 months weighing 10kg was presented with skin lesions and areas of alopecia during a routine farm visit by the handlers. The alopecia was found around the thorax, abdomen and ear regions with severe pruritus, emaciation, wrinkling and thickening of the skin with heavy crust formation on abdomen and the ears, along with curling of the tongue with attending vocal loss noticed on close  observations. A tentative diagnosis of mange was made with the following differential diagnosis: Allergic dermatitis, Bacterial dermatitis, Fly bite dermatitis, Hypovitaminosis. Further confirmatory diagnosis was done by collection of deep skin scrapping from which Psoroptes mites were demonstrated and a case of psoroptic mange diagnosed. To the best of our knowledge this is the first demonstration of Psoroptic mange in pigs. The affected animal was treated using Ivermectin (1%) and Long acting Oxytetracycline (20%). This case may be the first case in which psoroptic mange was reported in pigs with effective ivermectin control. More work should be done on the prevalence and possible molecular characterization of Psoroptic mites on pigs across the globe to ascertain if there are other strains that can affect pigs. Key words: Psoroptes mite, Mange, Ivermectin, and Pig

Heavy metals and sensory evaluation of canned tuna fish

In this study, two heavy metals in canned tuna fish were determined after digestion by the AOAC methods. Mercury and Cadmium levels in canned tuna fish were determined by flame atomic absorption photometry. The results of this study indicate that canned tuna fish imported into the country have concentrations well below the petmissible FAO/WHO levels for these toxic metals. Their contribution to the body burden can therefore be considered negligible and the fish seem to be safe for human consumption. For the sensory evaluation, tuna flakes in vegetable oil (Starkist) from Ghana and light meat tuna chunks in sunflower oil (John West) from Thailand were the most preferred while tuna flakes in brine (John West) from Thailand is the least preferred

Mercury content of some canned seafood collected from Nigerian retail markets

Twenty samples of canned seafood consisting of tuna, mackerel, sardines, prawn and shrimp were collected from retail operations in Victoria Island, Lagos, Nigeria. Mercury content in these canned seafood were determined after digestion by the Association of Official Analytical Chemists methods. The mercury contents for all the canned seafood products have concentrations well below the permissible EU levels for this toxic metal. Their contribution to the body burden can therefore be considered negligible and the canned seafood products seem to be safe for human consumption

Intestinal intussusception due to concurrent infections with Hymenolepis nana and Dentostomella translucida in an African giant rat (cricetomys gambianus). A case report

A rare case of intestinal intussusception due to multiple worm infections (Hymenolepis nana and Dentostomella translucida) was observed in an African giant rat (Cricetomys gambianus, Waterhouse, 1840). The condition was observed as an incidental finding before an experimental dissection of the animals in the Department of Veterinary Anatomy, University of Agriculture Abeokuta, Nigeria. The rat was anorexic and depressed with rough hair coat, and died before the commencement of the experiment. Grossly, the intussusception was 7 cm in length and 27 cm caudal to the stomach and 81cm to the ileo-caecal junction. The affected part of the small intestine was moderately distended with worms and the associated mesenteric blood vessels were engorged. Microscopically, worms (H. nana and D. translucida) were observed in the lumen of the intestine with severe cellular infiltration mostly eosinophils, neutrophils and macrophages. Eggs of both worms, at different stages of development and a focus of attachment of the worms were observed on the intestinal mucosa. The zoonotic implications of these worms were discussed especially H. nana. This report appears to be the first reported case of intestinal intussusception due to multiple helminth infections in an African giant rat. KEYWORDS: Hymenolepis nana, Dentostomella translucida, Intestinal intussusception, African giant rat

Availability and utilization of drug information center, drugs and therapeutic committee and standard treatment guidelines in the management of HIV/AIDS patients at public hospitals in a north-central state, Nigeria

Introduction: Nigerian National Drug Policy has targets with regards to institutionalization of Drug Information Center (DIC), Drugs and Therapeutic Committee (DTC) and Standard Treatment Guidelines (STGs). Inadequate availability and utilization of these supporting policies/documents affect quality of healthcare.Objective: This study examined the availability and utilization of DIC, DTC and STGs in the management of HIV/AIDS patients at public hospitals in a North-Central State, Nigeria.Methods: This qualitative multi-center study involved in-depth interviews of eligible 10 prescribers and 7 dispensers who provided healthcare to HIV/AIDS patients in eligible public hospitals with the aid of structured interview guide. The interviews were audio-taped, verbally transcribed, analyzed and developed into ethnographic summary.Results: Among the prescribers, STGs was the most available and utilized supporting policy/document. Less than 50% of the prescribers had DTC and DIC available in their institutions, less than 50% utilized DTC while only one prescriber utilized the available DIC. Only 10% of the prescribers had and utilized all three (STGs, DTC and DIC). Also, STGs was available to and utilized by all the dispensers. However, only 14.3% of the dispensers had DTC and DIC available in his institution and utilized them. Reasons for utilization/non-utilization of DIC, DTC, and STGs were awareness of availability, patient workload and documentation workload.Conclusion: Availability and utilization of STGs are optimal. However, availability and utilization of DIC and DTC in the management of HIV/AIDS patients in Public Hospitals are below optimal. There is need for improved availability and institutional mechanisms to ensure their utilization.Keywords: Availability, Utilization, Drug Information Center, Drugs and Therapeutic Committee Standard Treatment Guidelines, HIV/AIDS Patient