Nigeria
- National Professional Organisation Websites:
- Standard-Setter Website: Nigerian Accounting Standards Board (NASB)
- Regulator Website: Securities and Exchange Commission, Nigeria
Financial Reporting Framework in Nigeria
Adoption of International Financial Reporting Standards from 2012
On 28 July 2010, the Nigerian Federal Executive Council approved 1 January 2012 as the effective date for convergence of accounting standards in Nigeria with International Financial Reporting Standards (IFRS). The Council directed the Nigerian Accounting Standards Board (NASB), under the supervision of the Nigerian Federal Ministry of Commerce and Industry, to take further necessary actions to give effect to Councils' approval.
On 3 September 2010, the Nigerian Accounting Standards Board (NASB) announced a staged implementation of IFRS, as follows:
- Publicly listed entities and significant public interest entities are expected to implement IFRS by 1 January 2012
- Other public interest entities are expected to implement IFRS by 1 January 2013
- Small and medium-sized entities are expected to implement by 1 January 2014.