Alert: Central Bank of Nigeria Circular OFI/DOA/LTT/CON/002/138
Title: Adoption of International Financial Reporting Standards by Other Financial Institutions (OFIs)
Summary: All Other Financial Institutions (OFls) are required to prepare their annual financial statements (AFS) in accordance with International Financial Reporting Standards (IFRS) starting from the 2021 financial year. The Central Bank of Nigeria (CBN) will no longer accept AFS that are not in compliance with IFRS, and non-compliance will result in appropriate penalties. OFIs that are adopting IFRS for the first time must comply with IFRS 1 for first-time adopters.
Posted on: Friday, October 08, 2021
Download: OFI/DOA/LTT/CON/002/138