Nigerian entities not ready for IFRS, test indicates

03/4/2014 | Vanguard (Nigeria)

Nigerian firms showed a lack of compliance with International Financial Reporting Standards, the Financial Reporting Council of Nigeria announced after a readiness test. Seventy-two of 190 listed entities, along with 38 public-interest entities and three government business entities, submitted the requested documentation, the FRC said. Noncompliant firms may face sanctions, said Jim Obazee, the council's CEO.

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Vanguard (Nigeria)