IFRS readiness services
In September 2010, the Federal Government of Nigeria announced the roadmap to the adoption of IFRS in Nigeria. As a result, companies will be required to publish financial statements in accordance with International Financial Reporting Standards (IFRS) beginning January 1, 2012.
Adopting IFRS involves making a number of decisions which have a significant impact on the company’s financial position and performance as well as on systems, processes and related controls. A well thought out implementation plan is critical to this process.
Our business at Deloitte is to help you navigate through these processes. Specifically, our assistance will cover the following areas:
- We'll help you develop an understanding of the applicable IFRS reporting requirements (in which countries is IFRS required, optional, substantially converged, etc.)
- Identifying common differences between Nigerian GAAP and IFRS
- Facilitating general-content IFRS training through web-casts, e-learning modules, or direct classroom sessions
- Drafting for management’s review:
- statutory reporting requirements by country
- current status of requirements to report in IFRS in applicable countries
- Provide sample planning road-maps outlining typical IFRS conversion processes
- Discussing the requirements for filing and the various issues that should be addressed by management as it undertakes the steps to implement processes to convert to IFRS
- Providing sample disclosure checklists and copies of other company’s financial statement disclosures
- Providing guidance to management as it undertakes to compile the information required in the financial statements prepared in accordance with IFRS
- Read and comment on the reasonableness of proposed client adjustments
- Audit the converted financial statements or provide audit assurance as to the accounts and disclosures within the financial statements as they are converted to IFRS
- Preparing the IFRS financial statements, or other supplemental financial information including initial draft and footnotes
- Preparing initial drafts of documents used to support any IFRS conversion, including the generation of the Restricted Entity’s accounting records.
- Providing the Restricted Entity with initial drafts of MD&A, market risk or other information required to be included in the client’s regulatory filings
- Inputting the Restricted Entity’s consolidation report package data into its consolidation system or into any system or worksheets that produce financial statements
- Preparing journal entries for management’s approval to adjust to an IFRS basis and making reclassifications and elimination's necessary to complete the Restricted Entity’s consolidated financial statements in accordance with IFRS
- Inputting journal entries into a consolidation system or worksheets used to assist in generating reports forming the basis of the Restricted Entity’s consolidated financial statements
- Preparing for management’s approval an initial draft of the Restricted Entity’s consolidated financial statements including accompanying notes by utilizing data accumulated in the consolidation system
- Preparing supplemental financial information required under SEC guidelines
- Providing for management’s approval an initial draft of the Restricted Entity’s financial data
- Providing any conversion templates or Excel spreadsheets that serve as the tool to convert the client’s data from one standard of reporting to IFRS
