The Financial Reporting Council of Nigeria has mandated all companies in Nigeria to convert from Nigeria Generally Accepted Accounting Principles (NGAAP) to International Financial Reporting Systems (IFRS).
International Financial Reporting Standards (IFRS), developed by the International Accounting Standards Board (IASB), are fast becoming the global standard for the preparation of both public and private company financial statements. TBS Professional Services provides significant leadership on conversion of NGAAP to IFRS-Based financial statements.
Our experience partner understand how the implication and complexities of transiting NGAAP accounts to IFRS-Based financial statements. Such experience enables us to provide useful insights to clients in understanding the differences between NGAAP and IFRS requirements, the potential benefits of IFRS and the pitfalls to avoid in addressing issues related to fair value.
In applying our methodology, we consistently come to a robust solution which goes beyond looking at IFRS as just a finance problem. We will provide your company with a complete picture of how a change in accounting frameworks can impact on your business.
Following our proven approach, we have structured the Project in four phases:
IFRS Phase 1 – Impact Assessment
IFRS Phase 2 – Planning and Solution Development
IFRS Phase 3 – Implementation
IFRS Phase 4 – Post Implementation Review