NIGERIA ECONOMIC HIGHLIGHTS FOR AUGUST

Outlook

1. Weak corporate earnings will constrain stock prices increase
• Leading to a correction in overpriced stocks
2. Increased mopping up activities by the CBN will push up interest rates

NIGERIA ECONOMIC HIGHLIGHTS FOR JULY

Outlooks

• Growth continues in Q3
• Growth to be driven by consumer and finance sectors
• Market growth of about 5%
• No pleasant surprises expected in Q2 earnings releases

INTRODUCTION TO CONSOLIDATION AND GROUP ACCOUNTS

Group accounts, consolidation and accounting for investments in general, seem to be very popular IFRS topics. I know they are examined frequently during any accounting exam, including ICAN or ACCA. Also, when any company acquires some new investment, then consolidation, group

UNDERSTANDING FOREIGN CURRENCIES

Many companies develop foreign activities for many reasons and everything seems to be globalizing now. It means that foreign activities of any company are more and more significant. And of course, financial statements of foreign businesses have become more important, too. But here is the issue: Still, the world does not use a single currency. Instead,

NIGERIA ECONOMIC HIGHLIGHTS FOR JUNE

JUNE HIGHLIGHTS

• Oil prices reach a 16month high of $117pb in June

• Rule of thumb is that a $10 increase in oil price leads to a. 0.2% decline in global growth

• Global GDP is expected to grow at 2.85% in 2014 and is currently at $75trn

• Estimated revenue for the month should exceed $6bn

OFFENCES & PENALTIES- PENSION REFORM ACT 2014

Offences and Penalties

The Act includes a few novel provisions with respect to offences and penalties. The Act criminalises an attempt to commit an offence and imposes the same penalty as the offence itself.

The penalties for misappropriation have also

PENSION REFORM ACT 2014

 Key Highlights and Salient Points

On 1 July 2014, President Goodluck Jonathan signed into law the new Pension Reform Act 2014 which repealed the Pension Reform Act No. 2 of 2004 (repealed Act). Like the repealed Act, the new Pension Reform Act governs and regulates the administration of the contributory pension scheme for

THREE (3) RULES TO BECOME AN IFRS Pro

IFRS is really a very hard and demanding course as it is NOT easy to find enough time to learn it; especially if you run a business, raise a family or study for a lot of exams.

NIGERIA TAX STRUCTURE

Under the current Nigerian law, taxation is enforced by the THREE tiers of Government, viz: Federal, State, and Local Government with each having its sphere clearly spelt out in the Taxes and Levies (approved list

NEW NIGERIAN PERSONAL INCOME TAX LAWS

Under the current Nigerian law, taxation is enforced by the THREE tiers of Government, viz: Federal, State, and Local Government with each having its sphere clearly spelt out in the Taxes and Levies (approved list

Technical Summary IFRS 1 First-time Adoption of International Financial Reporting Standards

The objective of this IFRS is to ensure that an entity’s first IFRS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that:

(a) is transparent for users and comparable over all periods presented;

(b) provides a suitable starting point for accounting in accordance with International Financial Reporting Standards (IFRSs); and

ADOPTION OF THE INTERNATIONAL FINANCIAL REPORTING STANDARD BY NIGERIA – ACCOUNTING IMPLICATIONS FOR INSURANCE BUSINESS

1.     PREAMBLE

The full adoption of IFRS by Nigeria is no longer news but a reality which, must be embraced by all concerned professionals. Therefore, the topic for this retreat is very germane and apt at this crucial time when insurance companies listed on the exchange are expected to convert to IFRS in 2012 going by the road map for its