Nigeria: FG Launches Roadmap for IFRS Adoption

09/8/10 4:16 PM

“The Federal Government yesterday launched the roadmap for the adoption of the International Financial Reporting Standards (IFRS) in Nigeria.

The presentation was made by the Minister of Commerce and Industry, Senator Jubril Martins-Kuye, at a stakeholders’ conference attended by members of the Chartered Institute of Accountants (ICAN), National Association of Nigeria Accountants (ANAN), and Financial Institutions and the Public in Abuja.

Presenting the roadmap, the minister pointed out that the Federal Executive Council has accepted the recommendation of the committee on the roadmap to adopt IFRS in Nigeria in the interest of the economy for reporting entities to adopt globally accepted high quality accounting standards by fully converging Nigerian National Accounting Standards with the International Financial Reporting Standards (IFRS).

He stated that the adoption which would be in phases starting from January 1, 2012, would involve publicly listed entities and significant public interest entities that are expected to mandatorily adopt IFRS for statutory purposes by January 1, 2013.

According to him, Small and Medium Enterprises (SMEs) would key into it in January 1, 2014. This, he said, means that all SMEs in Nigeria would statutorily be required to issue IFRS based financial statements for the year ending on December 31, 2014.

Entities that do not meet the IFRS for SMEs criteria shall report using Small and Medium-sized Entities guidelines on Accounting (SMEGA) level three issued by the United Nations Conference on Trade and Development (UNGAD).

Senator Kuye directed the Nigeria Accounting Standards Board to ensure that the action plan and frame work of targeted activities that would enable a smooth transition to IFRS by all stakeholders are effectively coordinated and communicated.

Above all he said that the IFRS would promote compilation of meaningful data on the performance of various reporting entities in the country, as well as encourage comparability and reliability of financial reporting in Nigeria.

with NACCIMA, creation of a centre of Excellence creation of dedicated web site and update of Information Technology (IT) systems and Chart of Accounts in the Public Sector as well as update syllabus of training Institutions and International Public Sector Accounting Standards.” (Fonte: http://allafrica.com)