The Financial Reporting Council of Nigeria (FRCN) formerly Nigerian
Accounting Standards Board (NASB) in 2010 issued a roadmap for the
adoption of International Financial Reporting Standards (IFRS) by all
Companies operating in Nigeria including all Foreign Companies with
registered offices in Nigeria.

The roadmap started with Significant Public Entities (government business
entities, all entities that have their equities or debt instruments listed
and traded in a Stock Exchange) with a transition deadline of December 31,
2012;
Other Public Interest Entities (entities, other than listed entities,
unquoted, private companies, which are of significant public interest
because of their nature of business, size, or number of employees or their
corporate status) with a transition deadline of December 31, 2013; and
Small and Medium Enterprises (entities whose debt or equity instruments
are not traded in a public market, they are not in the process of issuing
such instruments for trading in a public market, the amount of its annual
turnover is not more than N500 million or its total asset value is not
more than N200 million) with a transition deadline of December 31, 2014.

The implication of this is that all your Processes, Procedures, Accounting
System and Information Technology System must be aligned to the provision
of International Financial Reporting Standards (IFRS) latest by December
31, 2014.

All Foreign Companies registered with Corporate Affairs Commissions with
operations in Nigeria must comply with this also.

The Financial Reporting Council of Nigeria (FRCN) will soon commence
compliance checks on the Companies in line with the requirements of the
Financial Reporting Council Act.

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