Regulatory Alerts2021-10-08 | OFI/DOA/LTT/CON/002/138Adoption of International Financial Reporting Standards by Other Financial Institutions (OFIs)
The Central Bank of Nigeria is requiring all Other Financial Institutions (OFIs) to prepare their annual financial statements in accordance with International Financial Reporting Standards (IFRS) starting from the 2021 financial year. This decision aligns with the Nigerian Federal Executive Council's approval of IFRS adoption, which was delayed due to implementation challenges. OFIs that are new to IFRS should refer to IFRS 1 for first-time adopters.
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