Nigerian stock exchange acknowledges challenges in connection with IFRS adoption
02 Apr 2013
The Nigerian Stock Exchange (NSE) has granted listed companies a 30 days extension to comply with periodic filing obligations to offer some relief to businesses and advisors challenged with the adoption of International Financial Reporting Standards (IFRSs).
IFRSs are adopted in Nigeria following a staged implementation plan that expects publicly listed entities and significant public interest entities to implement IFRSs by 1 January 2012. The press release published by the NSE states: "While we believe that the timely disclosure of financial information is critical to stakeholders in the capital market as well as investors, the challenges which the entities are facing are germane. It is in view of the extenuating circumstances that The Exchange is granting all listed companies an extended filing date of thirty (30) days from the due date of the required periodic financial submissions."
Please click for access to the full press release on the NSE website.