After sending an article on our new IFRS Video Lectures,
I received over 250 emails from Accountants requesting that I send them more details of what IFRS is all about.
So, I decided to research and write the article you are reading now.
Sit down, relax and read on……….
International Financial Reporting Standards (IFRSs) refers
to a series of accounting pronouncements published by
the International Accounting Standards Board (IASB) to help
preparers of financial statements, throughout the world,
produce and present high-quality, transparent, and comparable financial information.
The term “International Financial Reporting Standards (IFRSs) and
interpretations approved by IASB and International Accounting Standards (IASs) and interpretations issued by IASB’s predecessor,
the Board of International Accounting Standards Committee (IASC).
Since IFRS standard is now adopted in Nigeria,
Nigerian reporting entities are now using the same
reporting framework as their peers worldwide which
would enhance the relevance of their reports in the international arena.
In addition, the greater precision of IFRS would improve the
comparability of reports between different entities in Nigeria and
could act as a catalyst to further develop the quality and
transparence of financial reporting in the country.
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