In Nigeria companies have been complying with Standards issued by The Nigerian Accounting Standards Board (“NASB”) for a number of years. These standards represent Nigerian Generally Accepted Accounting Practice (“Nigerian GAAP”). required to comply with IFRS for periods ending after 1 January 2012.
How many types of accounting standards are there?
As of now there are 41 standards: IAS 1, 2, 7, 8, 10, 11, 12, 16 to 21, 23, 24, 26, 27, 28, 29, 32, 33, 34, 36 to 41, and IFRS 1 to 13.
What is the commonly used accounting standard?
In the United States, the Generally Accepted Accounting Principles (GAAP) form the set of accounting standards widely accepted for preparing financial statements.
What are 5 accounting standards?
Accounting Standard 5 (AS 5) deals with the classification and disclosure of specific items in the Statement of Profit and Loss. The purpose of AS 5 is to suggest such a classification and disclosure in order to bring uniformity in the preparation and presentation of statement of net profit or loss across enterprises.
Why did Nigeria adopt IFRS?
Nigeria adopted IFRS in 2012 because the level and quality of disclosure prior to the adoption of IFRS was poor. The benefits expected to derive from the adoption and implementations include easier access to external capital and an increase in foreign direct investment.
What are the sources of GAAP in Nigeria?
Standards issued by IASB (IFRSs/IASs)
What are the 10 accounting standards?
STATUS OF ACCOUNTING STANDARDS ISSUED BY ICAI FOR CORPORATES
| Accounting Standard (AS) | Title of the AS | Refer Note No. |
|---|---|---|
| AS 10 | Accounting for Fixed Assets | |
| AS 11 | The Effects of Changes in Foreign Exchange Rates | 10 |
| AS 12 | Accounting for Government Grants | |
| AS 13 | Accounting for Investments |
