Extent of IFRS application | Status | Additional Information |
---|---|---|
IFRS Standards are required for domestic public companies | IFRS Standards required for listed companies and other public interest entities. | |
IFRS Standards are permitted but not required for domestic public companies | ||
IFRS Standards are required or permitted for listings by foreign companies | Required. | |
The IFRS for SMEs Standard is required or permitted | Permitted. | |
The IFRS for SMEs Standard is under consideration |
Yes.
The Financial Reporting Council of Nigeria Act, 2011 requires that the FRCN “promote compliance with the adopted standards issued by the International Federation of Accountants and International Accounting Standards Board”.
Yes.
The Financial Reporting Council of Nigeria Act, 2011 requires that the FRCN “promote compliance with the adopted standards issued by the International Federation of Accountants and International Accounting Standards Board”.
On 28 July 2010, the Nigerian Federal Executive Council approved 1 January 2012 as the effective date for adoption of International Financial Reporting Standards (IFRS Standards) in Nigeria. The Council directed the (former) Nigerian Accounting Standards Board (NASB), under the supervision of the Nigerian Federal Ministry of Commerce and Industry, to take action necessary to achieve that objective.
The Council’s action to adopt IFRS Standards was based on recommendations set out in the Report of the Committee on Road Map to the Adoption of International Financial Reporting Standards in Nigeria. That report was prepared by a working group of government and private sector experts established by the NASB.
In Nigeria, IFRS Standards were phased in as follows:
IFRS Standards are required for all ‘public interest entities’, which includes not only quoted and unquoted companies but also governments, government organisations, and not-for-profit entities that are required by law to file returns with regulatory authorities. The following are not ‘public interest entities’:
Yes.
All SMEs as defined in the law are required to use the IFRS for SMEs Standard effective 1 January 2014 except micro-sized entities (as defined in law), which may choose the IFRS for SMEs Standard or the Small and Medium-sized Entities Guidelines on Accounting (SMEGA) Level 3 issued by the United Nations Conference on Trade and Development (UNCTAD).
SMEs are defined as entities:
Micro-sized entities are entities that are not public interest entities or SMEs.