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.