As companies shift towards IFRS 18 financial reporting standard, a Nigerian based leading accounting firm, Kreston Pedabo has released a technical guide outlining the far-reaching implications of the global standard and how firms can navigate it.
The report, titled ‘IFRS 18: From Disclosure Discretion to Structured Accountability A Technical Guide for Nigerian Entities,’ was authored by the company’s Managing Consultant, Albert Folorunsho; Senior Partner, Tax Compliance & Advisory, Killian Khanoba; Partner, Audit & Assurance, Peter Asemah, and Manager, Audit & Assurance, Olaitan Adesanya.
The document provides an in-depth analysis of IFRS 18, Presentation and Disclosure in Financial Statements, issued by the International Accounting Standards Board in April 2024.
The standard replaces IAS one and is regarded as the most significant reform to financial statement presentation in nearly three decades.
In Nigeria, the Financial Reporting Council of Nigeria has confirmed that IFRS 18 will be mandatorily adopted for reporting periods beginning on or after January 1, 2027, with companies required to restate their 2026 financial statements for comparability.
