Nigeria, Sept. 28 -- The Securities and Exchange Commission (SEC) of Nigeria, in a circular dated 23rd September, drew attention to the Financial Reporting Council (FRC) of Nigeria's Roadmap for the adoption of IFRS S1 & S2, which has been structured into three phases (1) Early Adoption - for accounting periods ending on or before 31 December, 2023; (2) Voluntary Adoption - for accounting periods beginning on or after 1 January, 2024, through periods ending on or before 31 December, 2027; and (3) Mandatory Adoption for accounting periods beginning on or after 1 January, 2028. Small and Medium-sized Entities (SMEs) will be subject to mandatory adoption for accounting periods beginning on or after 1 January, 2030.

The Circular highlighted ...