SAS – NBC Institute

CR – Nov 2016 – L3 – SC – Q7 – Regulatory Environment for Corporate Reporting

Discuss the merits and challenges of adopting IFRS in Nigeria and identify local standards still applicable post-IFRS adoption.

Question

a. ABC Plc, in accordance with the regulations of the Nigerian Stock Exchange on transition to IFRS, prepared its first IFRS Financial Statement in 2012. The Financial Statement was contained in a voluminous document of 155 pages. Some of the stakeholders found it difficult to understand the essence of the voluminous document.

You are required to prepare a brief report, highlighting the essence and merits of the adoption of IFRS by Nigerian Companies and state some of the challenges that could be encountered. (10 Marks)

b. Statements of Accounting Standards (SAS) in Nigeria have been replaced by International Financial Reporting Standards (IFRS); however, some of these local standards relating to industry-specific rules which are not found in IFRS are expected to be applied by companies in the industries as far as they do not conflict with IFRS.

You are required to examine the above statement and identify those statements of Accounting Standards that are still applicable after the adoption of IFRS. (5 Marks)

Answer

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Tags: Challenges of IFRS, Financial Reporting, IFRS, SAS, Transition
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting
Series: NOV 2016

CR – Nov 2016 – L3 – Q7b – Regulatory Environment for Corporate Reporting

Identify SAS standards that are still applicable in Nigeria post-IFRS adoption.

Question

Statements of Accounting Standards (SAS) in Nigeria have been replaced by International Financial Reporting Standards (IFRS); however, some local standards relating to industry-specific rules not found in IFRS are still expected to be applied by companies in relevant industries, provided they do not conflict with IFRS.

You are required to examine the above statement and identify those Statements of Accounting Standards that are still applicable after the adoption of IFRS. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: IFRS Transition, Industry-Specific Standards, Nigerian Accounting Standards, SAS
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting

FA – Nov 2011 – L1 – SB – Q2b – Regulatory Environment of Accounting

This question asks for the definition of construction contracts according to SAS 5.

Question

Define “Construction Contracts” in accordance with SAS 5.

Answer

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Tags: Construction Contracts, SAS
Level: Level 1

Topic: Regulatory Environment of Accounting

FA – Nov 2011 – L1 – SB – Q2a – Regulatory Environment of Accounting

This question asks for the SAS relating to construction contracts.

Question

Which Statement of Accounting Standard (SAS) is on Construction Contract?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Construction Contracts, SAS
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2011

CR – Nov 2016 – L3 – SC – Q7 – Regulatory Environment for Corporate Reporting

Discuss the merits and challenges of adopting IFRS in Nigeria and identify local standards still applicable post-IFRS adoption.

Question

You are required to prepare a brief report, highlighting the essence and merits of the adoption of IFRS by Nigerian Companies and state some of the challenges that could be encountered. (10 Marks)

You are required to examine the above statement and identify those statements of Accounting Standards that are still applicable after the adoption of IFRS. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Challenges of IFRS, Financial Reporting, IFRS, SAS, Transition
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting
Series: NOV 2016

CR – Nov 2016 – L3 – Q7b – Regulatory Environment for Corporate Reporting

Identify SAS standards that are still applicable in Nigeria post-IFRS adoption.

Question

You are required to examine the above statement and identify those Statements of Accounting Standards that are still applicable after the adoption of IFRS. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: IFRS Transition, Industry-Specific Standards, Nigerian Accounting Standards, SAS
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting

FA – Nov 2011 – L1 – SB – Q2b – Regulatory Environment of Accounting

This question asks for the definition of construction contracts according to SAS 5.

Question

Define “Construction Contracts” in accordance with SAS 5.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Construction Contracts, SAS
Level: Level 1

Topic: Regulatory Environment of Accounting

FA – Nov 2011 – L1 – SB – Q2a – Regulatory Environment of Accounting

This question asks for the SAS relating to construction contracts.

Question

Which Statement of Accounting Standard (SAS) is on Construction Contract?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Construction Contracts, SAS
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2011

Question Tag: SAS

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CR – Nov 2016 – L3 – SC – Q7 – Regulatory Environment for Corporate Reporting

Discuss the merits and challenges of adopting IFRS in Nigeria and identify local standards still applicable post-IFRS adoption.

CR – Nov 2016 – L3 – Q7b – Regulatory Environment for Corporate Reporting

Identify SAS standards that are still applicable in Nigeria post-IFRS adoption.

FA – Nov 2011 – L1 – SB – Q2b – Regulatory Environment of Accounting

This question asks for the definition of construction contracts according to SAS 5.

FA – Nov 2011 – L1 – SB – Q2a – Regulatory Environment of Accounting

This question asks for the SAS relating to construction contracts.

CR – Nov 2016 – L3 – SC – Q7 – Regulatory Environment for Corporate Reporting

Discuss the merits and challenges of adopting IFRS in Nigeria and identify local standards still applicable post-IFRS adoption.

CR – Nov 2016 – L3 – Q7b – Regulatory Environment for Corporate Reporting

Identify SAS standards that are still applicable in Nigeria post-IFRS adoption.

FA – Nov 2011 – L1 – SB – Q2b – Regulatory Environment of Accounting

This question asks for the definition of construction contracts according to SAS 5.

FA – Nov 2011 – L1 – SB – Q2a – Regulatory Environment of Accounting

This question asks for the SAS relating to construction contracts.

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CR – Nov 2016 – L3 – SC – Q7 – Regulatory Environment for Corporate Reporting

Discuss the merits and challenges of adopting IFRS in Nigeria and identify local standards still applicable post-IFRS adoption.

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CR – Nov 2016 – L3 – Q7b – Regulatory Environment for Corporate Reporting

Identify SAS standards that are still applicable in Nigeria post-IFRS adoption.

You're reporting an error for "CR – Nov 2016 – L3 – Q7b – Regulatory Environment for Corporate Reporting"

FA – Nov 2011 – L1 – SB – Q2b – Regulatory Environment of Accounting

This question asks for the definition of construction contracts according to SAS 5.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q2b – Regulatory Environment of Accounting"

FA – Nov 2011 – L1 – SB – Q2a – Regulatory Environment of Accounting

This question asks for the SAS relating to construction contracts.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q2a – Regulatory Environment of Accounting"

CR – Nov 2016 – L3 – SC – Q7 – Regulatory Environment for Corporate Reporting

Discuss the merits and challenges of adopting IFRS in Nigeria and identify local standards still applicable post-IFRS adoption.

You're reporting an error for "CR – Nov 2016 – L3 – SC – Q7 – Regulatory Environment for Corporate Reporting"

CR – Nov 2016 – L3 – Q7b – Regulatory Environment for Corporate Reporting

Identify SAS standards that are still applicable in Nigeria post-IFRS adoption.

You're reporting an error for "CR – Nov 2016 – L3 – Q7b – Regulatory Environment for Corporate Reporting"

FA – Nov 2011 – L1 – SB – Q2b – Regulatory Environment of Accounting

This question asks for the definition of construction contracts according to SAS 5.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q2b – Regulatory Environment of Accounting"

FA – Nov 2011 – L1 – SB – Q2a – Regulatory Environment of Accounting

This question asks for the SAS relating to construction contracts.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q2a – Regulatory Environment of Accounting"

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