The
International Financial Reporting Standard, IFRS, for Small and Medium Scale
Enterprises, SMEs is expected to be adopted from December 31, 2014.
The
Senior Manager, Capital Markets and Accounting Advisory Services Group,
PriceWaterhouseCooppers Nigeria , PWC, Uloma Ojinmah, disclosed this during an
IFRS Media Training Workshop organised by BusinessDay Nigeria in Lagos.
While
speaking on the Financial Reporting Council of Nigeria, FRCN roadmap and its
implication, she said: “The phase one implementation of the IFRS started with
the publicly listed entities and significant public interest entities. These
entities were expected to prepare their financial statements using applicable
IFRS by December 31. 2012.
For
the phase two implementation, other public interest entities are expected to
