Tag Archives | International Financial Reporting Standards
In our third newsletter in this 1 series , we highlighted some of the key provisions of the Federal Inland Revenue Service (FIRS)’s Circular on the Tax Implications
Adoption of the International Financial Reporting Standards (IFRS) by Nigerian companies will attract more foreign investment into the country, Director, Audit Services, KPMG Professional Services, Mr. Willem Haarhoff, has said.
The implementation of the new IFRS Consolidation suite has many asking the question: “are we ready?” Effective for annual periods beginning on or after 1 January 2013, The new International Financial Reporting Standards (IFRS) suite consists of: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Agreements, and IFRS 12 Disclosures of Interest in Other Entities.
A firm challenge has been set for the 450 companies listed on the JSE in June 2010 to publish an integrated report or explain why they cannot do so. South Africa is the first country to mandate integrated reporting for all listed companies. But one full set of integrated reports later and companies still have a long way to go. Many countries have adopted corporate governance guidelines similar to the King 3 codes, though the drafter himself, Mervyn King, would like to see all capital markets go the route of SA. They may not be ready, but an initial, crucial step would be the adoption of voluntary filing programmes.