2014-01-30 | GEN/OFIS/DIR/OFI/106

Prudential Adjustments to Financial Statements of Other Financial Institutions

The Central Bank of Nigeria (CBN) emphasizes the importance of accurate financial reporting for all other financial institutions (OFIs). With the adoption of International Financial Reporting Standards (IFRS), it is crucial that OFIs present true and fair financial statements. CBN expects OFIs to strictly adhere to prudential guidelines, requiring them to insert a "Statement of Prudential Adjustments" in their financial statements. This statement compares IFRS impairment losses with those under the prudential guidelines, with any discrepancies adjusted through the Non-distributable Regulatory Reserve.

Nigeria

Central Bank of Nigeria

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