Behavioural Aspect of Budgeting

The Chartered Institute of Taxation of Nigeria (CITN) Seminar on IFRS Adoption in Nigeria Topic: An overview of IFRS and Challenges posed to Professionals

By Mr. Taiwo Oyedele, Partner PwC – FCTI, FCA, FCCA, CISA April 2011

Course Objectives

At the end of this course you will be able to: • • Understand IFRS and the conversion process Determine the specific issues and challenges posed to professionals and how to address them Outline the steps required to minimise the impact and ensure a smooth local GAAP to IFRS transition

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Content

• Overview of IFRS • IFRS conversion phases • The conversion roadmap • Applying IFRS for the first time • Key differences • Potential challenges • Strategies for effectiveness • Conclusions • Case Study

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Overview

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Overview

• The business world is becoming more global hence the need for a global accounting language • IFRSs have been developed primarily to meet the information needs of shareholders, lenders and other investors • Nigerian companies have and will continue to raise capital from domestic and global markets • Market expectations and competitive pressures call for more transparency and better disclosures by Nigerian companies, especially banks • Nigerian subsidiaries of multinationals already report under IFRS • Some Nigerian companies report in accordance with IFRS – GTB, Oando etc

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Overview

• IFRS stands for International Financial Reporting Standards issued by the International Accounting Standards Board (IASB). • Body was previously known as International Accounting Standards Committee issuing International Accounting Standards (IAS). • Essentially, IFRS comprises of four types of documents: - International Accounting Standards (IASs); - International Financial Reporting Standards (IFRSs); - Interpretations of the International Financial Reporting Interpretations Committee (IFRICs) formerly the Standing Interpretations Committee (SICs); and - IASB Framework for...