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.

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

The Federal Inland Revenue Service (FIRS) issued an Information Circular on 14th June 2024, to clarify the tax treatment of foreign exchange (forex) transactions (‘the Circular').

SB

Stren & Blan Partners

The Link Between Effective Internal Control System And Management Decision Making

An effective internal control system is crucial for modern businesses. Factors such as business growth, the complexity of activities, and the potential for errors and fraudulent transactions make it essential.

Nigeria Commercial

Ai

Andersen in Nigeria

Filing Of Annual Returns In Nigeria

An annual return is a mandatory requirement that must be complied with by every registered company, business name or incorporated trustee in Nigeria. The return is a statutory document...

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

Effectiveness Of Record-Keeping In SMEs For Strategic Operational Efficiency

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

Nigeria Commercial

SP

SimmonsCooper Partners

Cost Contribution Arrangements – The Full Picture

Nigeria Commercial

KN

KPMG Nigeria

Court Of Appeal Affirms Banks' Right To Restrict Accounts Without Court Order

Nigeria Finance

DO

Duale Ovia & Alex-Adedipe

The Nigeria Tax Act (NTA), 2025

KN

KPMG Nigeria

CBN Suspends Dividend And Bonus Payments And Investment In Foreign Subsidiaries By Nigerian Banks

Nigeria Finance

UU

Udo Udoma & Belo-Osagie

Nigeria's Changing Tax Landscape: The Tax Reform Bills Have Become Law

UU

Udo Udoma & Belo-Osagie

Emerging Issues On The Admissibility Of Electronic Evidence In Nigeria: An Examination Of Notable Judicial Authorities

Nigeria Litigation

Compos Mentis Legal Practitioners

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

Business entities have many objectives, including making a profit and, to a large extent, maximising stakeholders' interests. Business risks such as a harsh business environment,...

Nigeria Accounting

M

Forvis Mazars

Management Role In Ensuring An Effective Internal Control System

Effective internal control as a critical aspect in an organisation became more pertinent for business functions in the early 2000s when accounting scandals were prominent in companies in the United States of America (USA).

Nigeria Commercial

Ai

Andersen in Nigeria

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

On 10th November 2021, the Federal Inland Revenue Service (FIRS) issued a fresh Information Circular on Extension of the Meaning of "In Use"[1] ("the Circular").

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

Not-For-Profit Organisations: Accounting And Financial Reporting

Ai

Andersen in Nigeria

COVID-19 Related Rent Concessions: Amendments To IFRS 16

Nigeria Coronavirus

Ai

Andersen in Nigeria

Country-By-Country Reporting Regulations: Reminder On Key Obligations Deadline

Ai

Andersen in Nigeria

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

With the effects of the COVID-19 pandemic taking centre stage in the world at the moment, there has been an increase in Not-for-Profit Organisations ("NFPOs" or "Not-for-Profit") springing up...

Ai

Andersen in Nigeria

COVID-19 Related Rent Concessions: Amendments To IFRS 16

The decisions by governments in many countries to curtail the spread of the Coronavirus, otherwise known as COVID-19, has had far reaching effects on the global economy. Many businesses have had to stop operations...

Nigeria Coronavirus

Ai

Andersen in Nigeria

Country-By-Country Reporting Regulations: Reminder On Key Obligations Deadline

Companies that are part of a Multinational Enterprise (MNE) Group and have 31 December as their accounting year end are expected to file their Country-by-Country (CbC) Report and Notification...

Ai

Andersen in Nigeria

Legal Basis For Implementation Of The IFRS 9 Reporting Standard And Its Tax Implications For Nigerian Entities

Nigeria Accounting

BI

Banwo & Ighodalo

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

External Auditors of most manufacturing organisations usually scope in PPE as a risk area during their annual audit due to its materiality.

Nigeria Accounting

DN

Deloitte Nigeria

COSO - An Approach To Internal Control Framework

The COSO Framework was designed to help businesses establish, assess and enhance their internal control.

Nigeria Accounting

DN

Deloitte Nigeria

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

The new directive which requires all non-resident companies to submit audited accounts and actual profit tax computations may create practical challenges.

PN

PwC Nigeria

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

PN

PwC Nigeria

Is It A Tax Or A Levy?

PN

PwC Nigeria

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