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Nigeria excited for IFRS implementation

Nigeria is looking forward to IFRS standards, the country's Financial Reportin

The United States may be dragging its heels when it comes to adopting the International Financial Reporting Standards, but there's one country that's very excited about the new

The United States may be dragging its heels when it comes to adopting the International Financial Reporting Standards, but there's one country that's very excited about the new accounting standards: Nigeria.

Jim Obazee, CEO of the country's Financial Reporting Council, recently said the IFRS would improve regulation through increased collaboration between regulatory bodies, All Africa reported. Speaking to the Capital Market Correspondents Association of Nigeria in Lagos recently, Obazee predicted improved efficiency in capital markets, as well as enhanced credibility and increased flow of capital if all segments of the financial services sector adopt the rules.

Business Daily Online recently provided an analysis of some of the ways in which the IFRS would impact Nigeria's IT sector. A number of IT systems will have to be updated or replaced, including systems that recognize components of property, plant and equipment, as well as those that maintain spot exchange rates.

"In order to see the whole picture of IT system changes that would be required, organizations need to spend time understanding the technical accounting difference between Nigerian GAAP ... and IFRS as it relates to their own operation," according to the source.

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