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Thursday, 26 April 2012

BENEFITS OF IFRS ADOPTION IN NIGERIA

The following constitute the benefits to be derived from the adoption of International Financial Reporting Standards (IFRS) in Nigeria:
(a) Promotion of the compilation of meaningful data
on the performance of various reporting entities
at both public and private levels in Nigeria
thereby encouraging comparability and reliability
of financial reporting in Nigeria.
(b) Assurance of useful and meaningful decisions on
investment portfolio in Nigeria.
(c) Attraction of Foreign Direct Investment (FDI);
(d) Assurance of easier access to external capital for
local and domestic companies.
(e) Reduction of the cost of doing business across
borders by eliminating the need for
supplementary information from Nigerian
companies.
(f) Facilitation of easy consolidation of financial
information of the same company with offices in
different countries.
(g) Easier regulation of financial information of
entities in Nigeria.
(h) Enhanced knowledge of global financial reporting
standards by tertiary institutions in Nigeria.

Source: 
Address by the honourable minister, Federal Ministry of Commerce and Industry, Senator Jubril Martins-Kuye,  OFR st the Stakeholders Conference on the Roadmap to The adoption of international financial reporting Standards (IFRS) in Nigeria Held at Transcorp Hilton, Abuja on Thursday, September 02, 2010

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