Regulatory Alerts2014-01-30 | GEN/OFIS/DIR/OFI/106Added · Updated
Prudential Adjustments to Financial Statements of Other Financial Institutions
The Central Bank of Nigeria (CBN) has issued a circular emphasizing the importance of accurate financial reporting for all other financial institutions (OFIs). The bank notes that with the adoption of International Financial Reporting Standards (IFRS), there is a need to exercise caution in reporting. As such, OFIs must include a "Statement of Prudential Adjustments" in their financial statements, comparing impairment losses under IFRS to those determined by prudential guidelines, and adjusting differences through the Non-distributable Regulatory Reserve.
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