As part of efforts to encourage Small and Medium Enterprises (SMEs) to successfully migrate to the International Financial Reporting Standard (IFRS), the Akintola Williams Deloitte (AWD) and the Manufacturers Association of Nigeria (MAN) recently organised a one day seminar.
IFRS Leader for Deloitte West and Central Africa, Oduware Uwadiae and IFRS Consultant, AWD, Osasere Eguakun, according to a statement, spoke on issues such as the benefits and challenges of IFRS reporting for SMEs, IFRS conversion process and the need for early preparation.
The statement disclosed that MAN has already approached AWD to take the seminar to other regions in the country so as to enable SME operators in other states to benefit.
It added: “According to the roadmap for IFRS adoption in Nigeria, this phase of the adoption statutorily requires SMEs to issue financial statements based on the framework of IFRS for SMEs at the end of 31st December 2014. This effectively means that the transition date to IFRS for all SMEs in Nigeria is 1 January 2013.
“The seminar, which was well attended, highlighted the numerous potential benefits of adopting IFRS for SMEs amongst which include access to financing for which IFRS lends credibility to financial reporting, attracting skilled accounting and finance resource to make SMEs more appealing to accountants compared to SMEs that continue to prepare accounts according to local GAAP, preparation for listing on stock exchanges as well as give global recognition.”
The IFRS for SMEs was issued by International Accounting Standard Board (IASB) in July 2009.