Time sensitive considerations before your opening balance sheet date
IFRS Watch - Issue 34
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.