IFRS for Board Members and Non-Finance Senior Management

Picture of IFRS for Board Members and Non-Finance Senior Management
Course Starts in 1 month
January 25, 2021

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.

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.

Topics covered

  • An overview of IFRS
  • Summary of changes between IFRS and Nigerian GAAP (SAS)
  • Fair values vs historical costs
  • Key accounting changes
  • Increases in professional judgement and disclosures
  • New presentation format for financial statements
  • Impact of IFRS on financial statements
  • Potential impact of IFRS on ratios and bank covenants
  • Deadlines for adoption in Nigeria
  • Items of concern during the year of transition
  • Impact of IFRS on Senior Executives and Board Members
  • Implication for people, resource and process management
  • Handling resistance to the change
  • Feedback from currently compliant Nigerian Companies

Registration and Contact Details

Date: January 25, 2021
Registration fee: N10,000 (non-refundable)
Tuition fee: N120,000 (One Hundred and Twenty Thousand Naira Only)

For Further Enquiries, Contact: registrar@ism.edu.ng,  08090890909, 08085369898, 08085369976, 08086815957
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