With the empowerment of the Financial Reporting Council of Nigeria and given the requirements from the Federal Inland Revenue Service for filing tax reports, the International Financial Reporting Standards (IFRS) has come to stay in Nigeria. Since 2012, all companies quoted on the Nigerian Stock Exchange and all limited liability companies that file tax returns to the Inland Revenue Service have been required to comply with the preparation and reporting of their accounts according to the International Financial Reporting Standards (IFRS) instead of the Nigerian Generally Accepted Accounting Principles popularly known as SAS (Statement of Accounting Standards). By implication, no legal business entity in Nigeria can escape this accounting standards transition.
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By implication, no legal business entity in Nigeria can escape this accounting standards transition.
Senior Executives and Boards of Directors have some unique considerations in the transition to IFRS, not the least involves their own role in reviewing and approving financial statements. Given the increased subjectivity and management disclosures involved in IFRS, Board members and senior executives need to have a strong understanding of their role in reviewing and approving IFRS statements as well as ensuring appropriate transition to IFRS.