Wednesday, November 25, 2020

FRC to implement new IFRS 17

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The Financial Reporting Council of Nigeria is expected to start implementing International Financial Reporting Standard 17 (IFRS) on or before January 2023.

This follows the amendment of the standard on June 25, 2020.

Head, Directorate of Accounting Standards Public Sector, FRC, Dr. Iheanyi Anyahara stated this at an interactive forum with FRC and International Accounting Standards Board (IASB) webinar recently.

Nigeria adopted the IFRS as part of measures to improve transparency, reporting practices and full disclosures.

Having adopted the IFRS by the Council, Anyahara explained that all amendments to existing standards alongside the new standards issued by the International Accounting Standards Board (IASB) must be implemented by all reporting entities in Nigeria.

According to him, the Council is aware that implementing IFRS 17 commands a radical departure from current accounting standards and produces complex operational challenges.