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August 8, 2010

Nigeria cements 2012 IFRS convergence date

Nigeria’s Federal Ministry of Information and Communications has approved 1 January 2012 as the effective date for completing convergence between Nigerian GAAP and IFRS.

The Minister of Information and Communications, Dora Akunyili, said increasing globalisation and the loss of national identity in financial reporting standards has left Nigeria with no choice but to introduce IFRS.

The Central Bank of Nigeria and the national Securities and Exchange Commission were among those keen to see Nigeria migrating to IFRS, Akunyili said.

The 1 January 2012 date had been proposed in an IFRS convergence roadmap prepared by the Nigerian Accounting Standards Board.

 

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