- 5 Marks
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Statements of Accounting Standards (SAS) in Nigeria have been replaced by International Financial Reporting Standards (IFRS); however, some local standards relating to industry-specific rules not found in IFRS are still expected to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)
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