IFRS vs NGAAP

IFRS vs NGAAPInternational Financial Reporting Standards (IFRS) were adopted in 2005 in many countries around the world. The International Accounting Standards Board (IASB) issued several new, revised and amended standards and the International Financial Reporting Interpretations Committee (IFRIC) issued a number of new interpretations.

In Nigeria companies have been complying with Standards issued by The Nigerian Accounting Standards Board (“NASB”) for a number of years. These standards represent Nigerian Generally Accepted Accounting Practice (“Nigerian GAAP”).

The NASB announced its Roadmap to Convergence with IFRS in September 2010. Based on this Roadmap Nigerian listed companies and significant public interest entities (“PIEs”) will be required to comply with IFRS for periods ending after 1 January 2012. Other PIEs will be required to comply for periods ending after 1 January 2013 and small and medium sized entities will need to comply for periods ending after 1 January 2014.

Therefore entities will need to understand the similarities and differences between IFRS and Nigerian GAAP. The development of IFRS is ongoing, and it is therefore necessary to take into account changes that occur subsequent to the time when this publication was prepared. This comparative study has been prepared by the group of PwC consultants who work extensively with both financial reporting frameworks.

This study will be beneficial not only to companies changing over to IFRS, but also to the users of financial statements prepared in this manner.

For a copy of this book and other issues relating to IFRS, kindly contact Omobolanle Adekoya or +234 (1) 2711 700