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Nigeria to adopt IFRS from 2012

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06 Aug 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). The Central Bank of Nigeria (CBN) and the Nigerian Securities and Exchange Commission (SEC) support the migration to IFRS. The Council has 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.

Prof. Dora Akunyili, Honourable Minister of Information and Communications for Nigeria, said:

The intensification of globalization and the consequential loss of national identity in financial reporting standards leaves Nigeria with no choice, but to key into the International Financial Reporting Standards. Investors now request financial statements prepared using these global financial reporting benchmarks.

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