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.

Related news

  • Nigerian adoption of IFRSs signed into law

  • Jul 25, 2011

  • The Nigerian Federal Minister of Trade & Investment, Dr. Olusegun Aganga, has announced the signing of the law necessary for Nigeria to implement International Financial Reporting Standards (IFRSs). The announcement was made at a Workshop on Attracting Investments into Nigeria held in Abuja on 20 July 2011.

  • Nigeria to adopt IFRS from 2012

  • Aug 06, 2010

  • The Nigerian Federal Executive Council has approved 1 January 2012 as the effective date for convergence of accounting standards in Nigeria with International Financial Reporting Standards (IFRS).

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