This site uses cookies to provide you with a more responsive and personalized service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Bookmark Email Print page

Time sensitive considerations before your opening balance sheet date

IFRS Watch - Issue 34


DOWNLOAD  

This article is directed at entities classified as “Other public interest entities” in the government roadmap to adoption of IFRS in Nigeria. These entities are those 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 which require wide range of stakeholders.

All other public interest entities are expected to mandatorily adopt IFRS, for statutory purposes, by January 1, 2013. Entities falling into this category will be required to establish an opening IFRS balance sheet, and convert their 2012 annual comparative financial statements, in addition to publishing their IFRS compliant 2013 financial statements.

Stay connected: