IFRS Conversion Course

According to the Federal Government IFRS Conversion Roadmap, entities in Nigeria are required to convert to IFRS between December 2012 and 2014. These entities have been categorized into 3 groups:

• Entities with listed securities and those with government businesses e.g. NNPC
• Unquoted or private entities which are of significant public interest because of their nature of business, size, number of employees or their corporate status which require wide range of stakeholders consultations
• Small and Medium -size Enterprises (SME)

Despite the above mentioned deadline, most companies listed on the Nigerian Stock Exchange (NSE) and others with significant public interest as well as SMEs are still far behind in their implementation drive. “The implication of IFRS is that you have to go back 24 months before the cut-off date because you need comparative information. Which means since the regulator in Nigeria said the implementation will commence on January 1, 2012, companies will have to go back to January 1, 2010, to start with the closing balance.”

“The transition to IFRS involves the overhauling of a lot of things such as staff benefit, budgeting procedure, control, corporate governance, information technology, shareholding, benefit structure amongst others

Course Objectives

• A hands –on practical demonstration of conversion from Nigerian GAAP to IFRS
• Industry-by-Industry worked examples
• Participants led pseudo conversion from Nigerian GAAP to IFRS
• Exposure into the theoretical framework of IFRS

Course Outline

• General Introduction to IFRS, Advantages, Challenges, All Concerned with IFRS etc.
• Concepts and presentation
• The IASB conceptual framework
• IAS 1 - presentation of statements
• IAS 10 - events after balance sheet
• IFRS 5 - assets held for sale and discontinued operations
• IAS 7 - cash flow statements
• Policies and revenue
• IAS 8 - accounting policies
• IAS 18 - revenue
• IAS 11 - construction contracts; revenue and work-in-progress
• Inventory and property, plant and equipment
• Group Account and International Standards
• Conversion knitty gritty