Nigeria: Accounting Standards

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Accounting law and audit law thought leadership, articles, podcasts, videos and webinars from expert sources across the legal world. Explore insights covering topics that involve accounting and audit law from specialists working in this area every day.

Tax Acts 2025 Transition Guidelines: Key Commercial Insights For Businesses

The issuance of the General Transition Guidelines for the Tax Acts 2025 provides long-awaited clarity on one of the most significant tax reforms in Nigeria's recent history. This Client Alert examines the practical implications for businesses navigating the transition to the new tax regime, including treatment of accounting periods, transaction taxes, ongoing contracts, tax incentives, disputes, and compliance obligations.

T

Templars

Retrospective Legislation, Proration Of Tax Rates, And The Fragmentation Of Accounting Periods: Revisiting The Federal High Court Decision In Shell v. FIRS

The decision of the Federal High Court ("the Court") in Shell Petroleum Development Company of Nigeria Limited v. Federal Inland Revenue Service (FIRS)1 has brought renewed attention to fundamental principles of Nigerian tax law, particularly regarding the proration of tax rates within an accounting year and the retrospective application of tax legislation.

KN

KPMG Nigeria

The Nigeria Revenue Service (Establishment) Act, 2025

The Nigeria Revenue Service (Establishment) Act, 2025 (the Act) has rebranded the Federal Inland Revenue Service (FIRS) as the Nigeria Revenue Service (NRS or the Service) as a centralised body for tax administration in Nigeria.

KN

KPMG Nigeria

Central Bank Policies In Nigeria And Kenya: An Accountant's Perspective On The Financial And Legal Implications

As an accountant working in a legal firm, I have a unique perspective on the financial and legal implications of central bank policies in Nigeria and Kenya.

Nigeria Finance

Gresyndale Legal

FIRS Issues New Guidelines On Tax Treatment Of Foreign Exchange Transactions

SB

Stren & Blan Partners

The Link Between Effective Internal Control System And Management Decision Making

Nigeria Commercial

Ai

Andersen in Nigeria

Filing Of Annual Returns In Nigeria

Nigeria Accounting

AS

Aekley Solicitors

A Review Of The Business Facilitation Act, 2023 In Relation To CAMA, 2020

Nigeria Commercial

PU

Paul Usoro & Co

An Open Letter To The Executive Chairman Of Federal Inland Revenue Service: Mr. Zacchaeus Adedeji

KN

KPMG Nigeria

Amendment Of FRCN Act: Changes To Financial Reporting And Corporate Governance In Nigeria

Nigeria Commercial

BI

Banwo & Ighodalo

Beyond The Wells: A Comprehensive Guide To Auditing Excellence In Nigeria's Energy Frontier

M

Forvis Mazars

Sustainability Reporting And The Way Forward For Sustainability Assurance

Nigeria Environment

M

Forvis Mazars

CAMA And The Business Facilitation Act 2023

Nigeria Commercial

OL

Oake Legal

Andersen Nigeria – Reflecting On Six Years Of Making A Difference

Nigeria Accounting

Ai

Andersen in Nigeria

Crypto Fraud, Scams And Ponzi Schemes: Legal Remedies For Victims

Nigeria Criminal

Syntegral Legal Practice

Understanding Personal Income Tax Under The Nigerian Tax Act 2025

Adeola Oyinlade & Co

A Perspective On The US-Iran Conflict And Africa's Strategic Options

Worldwide Energy

KN

KPMG Nigeria

Rev360: NRS Deploys A New Digital Self-Service Administration System

WT

WTS Blackwoodstone

MCSN Receives ₦1.2bn Copyright Levy To Support Nigerian Musicians

AA

Adams & Adams

Effectiveness Of Record-Keeping In SMEs For Strategic Operational Efficiency

Discover the transformative power of effective record-keeping and explore practical solutions to overcome the challenges faced by SMEs.

Nigeria Finance

M

Forvis Mazars

Law And Business Series: A Review Of The Business Facilitation (Miscellaneous Provisions) Act, 2022: Companies And Allied Matters Act, 2020

Between October and December 2022, the National Assembly approved and forwarded the Business Facilitation Bill ("the Bill") to the President...

Nigeria Commercial

SP

SimmonsCooper Partners

Cost Contribution Arrangements – The Full Picture

MNEs typically have integrated business operations which allow related entities to benefit from business advantages from either cost saving or relative administrative ease which helps to maintain or improve their overall competitiveness.

Nigeria Commercial

KN

KPMG Nigeria

Fair Value Measurements: Audit Consideration

Auditing fair value measurements can be daunting due to the high level of uncertainty involved.

Nigeria Accounting

M

Forvis Mazars

Going Concern: Financial Reporting And Audit Considerations

Nigeria Accounting

M

Forvis Mazars

Management Role In Ensuring An Effective Internal Control System

Nigeria Commercial

Ai

Andersen in Nigeria

Nigeria Tax Issues: Highlights Of The November 2021 Firs Information Circular On Requirements For Grant Of Capital Allowance

Nigeria Commercial

SA

S.P.A. Ajibade & Co.

The Cost-Plus Business Model And Nigerian Tax Considerations

Ai

Andersen in Nigeria

Sustainability Reporting And The Role Of Internal Audit

Nigeria Accounting

M

Forvis Mazars

Best Practices For Account Receivable Management

Nigeria Accounting

M

Forvis Mazars

Audit Risks And Key Success Factors For Effective Risk Assessment

Nigeria Accounting

M

Forvis Mazars

Benefit Of The Auditor's Risk Assessment Procedures To Business Growth And Survival

Nigeria Accounting

M

Forvis Mazars

Accounting For Lessee's COVID-19 Rent Concessions

Nigeria Accounting

M

Forvis Mazars

Tax Considerations In Accounting For Right-Of-Use Asset

M

Forvis Mazars

Audit Risks And Key Success Factors For Effective Risk Assessment

More than ever before, financial statement users are relying on the judgement and opinion of auditors to make calculated decisions.

Nigeria Accounting

M

Forvis Mazars

Benefit Of The Auditor's Risk Assessment Procedures To Business Growth And Survival

This article aims to change the public's perception of the value of the external auditing exercise significantly, how the audit methodologies provide more value-added benefits to businesses...

Nigeria Accounting

M

Forvis Mazars

Accounting For Lessee's COVID-19 Rent Concessions

Many organisations have had to embrace virtual working thereby reducing access or completely shutting down their offices due to the enforced COVID-19 lockdowns.

Nigeria Accounting

M

Forvis Mazars

Tax Considerations In Accounting For Right-Of-Use Asset

In this article, we have discussed the accounting recognition and measurement requirements for Rights-of-Use asset and the related lease liability as well as the current and deferred tax considerations for the lessee.

M

Forvis Mazars

Not-For-Profit Organisations: Accounting And Financial Reporting

Ai

Andersen in Nigeria

IFRS 9 Changes To Financial Assets Accounting And Its Tax Implications

This article explores some of the changes introduced by the new standard in accounting for financial assets and possible tax implications.

Ai

Andersen in Nigeria

IFRS 15 – Revenue From Contracts With Customers

As with any new IFRS implementation, board oversight at an early stage and on an ongoing basis is critical. In order to ensure an effective and efficient implementation process, it is imperative that the board remains engaged in this process and sets the tone for the entity.

Nigeria Accounting

DN

Deloitte Nigeria

Building Organisational Capacity For Successful Implementation Of IFRS 9

Upgrading to the latest International Financial Reporting Standards (IFRS 9) is a large transformational event for all financial institutions, regardless of their size and complexity.

Nigeria Accounting

DN

Deloitte Nigeria

FIRS Issues Demand Notices Based On Property Valuation

The foregoing is a fall out of property valuation exercise carried out by FIRS in October, 2016.

DN

Deloitte Nigeria

Audit Readiness (4) – Property, Plant And Equipment

Nigeria Accounting

DN

Deloitte Nigeria

COSO - An Approach To Internal Control Framework

Nigeria Accounting

DN

Deloitte Nigeria

Critical Issues Arising From The Requirement For Nonresident Companies To File Actual Tax Returns In Nigeria

PW

PwC Nigeria

Non Resident Companies To File Full Tax Returns Effective From 2015 Tax Year

PW

PwC Nigeria

Is It A Tax Or A Levy?

PW

PwC Nigeria

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