1. IFRS adoption is compulsory for companies in Nigeria
2. IFRS Adoption is more than an accounting exercise. Processes and systems will be affected.
3. Do not change your system until the system impact is done
4. Board of directors need to be trained on IFRS
5. FRC say “no to external auditor serving as IFRS Consultant to their clients”.
6. The size of the financial statements will significantly increase.
7. Profitability may be significantly impacted
8. Financial reporting council has set deadlines for compliance.
9. If you are not sure on what to do, call PML Advisory for assistance on +234 803 535 3068 or [email protected]