Yakub02
Banned
The Nigerian Accounting Standards Board (NASB) came into being in 1982 as an independent body with responsibility for developing and issuing Nigerian accounting standards.
These were called Statements of Accounting Standards. The standards were given legal authority in Nigeria by section 335 of the Companies and Allied Matters Act 1990. This section required that “financial statements ….shall comply.... with the accounting standards laid down in the Statements of Accounting Standards issued from time to time by the Nigerian Accounting Standards Board to be constituted by the Minister ...
." Financial Reporting Council of Nigeria (FRCN) Financial Reporting Council of Nigeria Act, No. 6, 2011 resulted in the Nigerian Accounting Standards Board being replaced by the Financial Reporting Council of Nigeria (FRCN).
The FRCN is responsible for developing and publishing accounting and Financial Reporting standards to be applied in the preparation of financial statements of public entities in Nigeria. 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”.
Therefore, the act resulted in the replacement of Statements of Accounting Standards by International Financial Reporting Standards.
Adoption of IFRS in Nigeria The FRCN oversaw the convergence of Nigerian GAAP to IFRS through a plan (known as a roadmap) which set out the route to conversion. This roadmap was structured as several phases with each phase requiring certain categories of companies to comply with IFRS by a given date.
The end result of this is that all public interest entities must prepare accounts in accordance with IFRS. Public interest entities’, includes quoted and unquoted companies, government organisations and not-for-profit entities that are required by law to file returns with regulatory authorities
These were called Statements of Accounting Standards. The standards were given legal authority in Nigeria by section 335 of the Companies and Allied Matters Act 1990. This section required that “financial statements ….shall comply.... with the accounting standards laid down in the Statements of Accounting Standards issued from time to time by the Nigerian Accounting Standards Board to be constituted by the Minister ...
." Financial Reporting Council of Nigeria (FRCN) Financial Reporting Council of Nigeria Act, No. 6, 2011 resulted in the Nigerian Accounting Standards Board being replaced by the Financial Reporting Council of Nigeria (FRCN).
The FRCN is responsible for developing and publishing accounting and Financial Reporting standards to be applied in the preparation of financial statements of public entities in Nigeria. 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”.
Therefore, the act resulted in the replacement of Statements of Accounting Standards by International Financial Reporting Standards.
Adoption of IFRS in Nigeria The FRCN oversaw the convergence of Nigerian GAAP to IFRS through a plan (known as a roadmap) which set out the route to conversion. This roadmap was structured as several phases with each phase requiring certain categories of companies to comply with IFRS by a given date.
The end result of this is that all public interest entities must prepare accounts in accordance with IFRS. Public interest entities’, includes quoted and unquoted companies, government organisations and not-for-profit entities that are required by law to file returns with regulatory authorities
