Clarifying Nigeria’s SEC circular on implementation of IFRS sustainability standards, By Innocent Okwuosa

The Securities and Exchange Commission (SEC) of Nigeria, in a circular dated 23^rd September, drew attention to the Financial Reporting Council (FRC) of Nigeria’s Roadmap for the adoption of IFRS S1 & S2, which has been structured into three phases (1) Early Adoption – for accounting periods ending on or before 31 December, 2023; (2) Voluntary Adoption – for accounting periods beginning on or after 1 January, 2024, through periods ending on or before 31 December, 2027; and  (3) Mandatory Adoption for accounting periods beginning on or after 1 January, 2028. Small and Medium-sized Entities (SMEs) will be subject to mandatory adoption for accounting periods beginning on or after 1 January, 2030.