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Disclaimer CBN Deputy Gov Disowns Fake e-mail Address CBN Deputy Gov Disowns Fake e-mail Address The attention of the Central Bank of Nigeria (CBN) has been drawn to the activities of fraudsters impersonating some principal officers of the Bank in an attempt to defraud unsuspecting members of the public. Of particular concern to the Bank is the recent message sent from an e-mail purportedly belonging to the Deputy Governor, Corporate Services, Mr. Edward Lametek Adamu, transacting a phony business deal. We wish to inform all members of the public, particularly members of the social media community that officials of the CBN do not communicate with emails outside the @cbn.gov.ng domain. No principal officer of the Bank will transact business or ask you to transact business with any other platform outside those ending with @cbn.gov.ng. The CBN also wishes to warn the public that it will not be liable for any financial transaction which may have transpired between people and sca...

The IFRS Foundation provides free access (through Basic registration) to the PDF files of the current year's IFRIC ®  Interpretations (Part A of the Issued Standards—the Red Book), as well as available translations of Interpretations. This section also provides high level and non-technical summaries for the Interpretations.  The full Standards with all accompanying documents are available for  Premium subscribers on eIFRS . For more information about what is provided for free and why, visit our unaccompanied Standards FAQ page . Interpretation name IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities IFRIC 2 Members’ Shares in Co-operative Entities and Similar Instruments IFRIC 4 Determining whether an Arrangement Contains a Lease IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds IFRIC 6 Liabilities arising from Participating in a S...

The IFRS Foundation provides free access (through Basic registration) to the PDF files of the current year's consolidated IFRS ®  Standards (Part A of the Issued Standards—the Red Book), the  Conceptual Framework for Financial Reporting  and IFRS Practice Statements, as well as available translations of Standards. This section also provides high-level and non-technical summaries for the Standards. The full Standards with all accompanying documents are available for  Premium subscribers on eIFRS . For more information about what is provided for free and why, visit our  unaccompanied Standards FAQ page . Standard name Conceptual Framework for Financial Reporting IFRS 1 First-time Adoption of International Financial Reporting Standards IFRS 2 Share-based Payment IFRS 3 Business Combinations IFRS 4 Insurance Contracts IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 6 Exploration for an...

The International Accounting Standards Board (Board) today has published for public comment a  Discussion Paper  on how companies issuing financial instruments should classify them in their financial statements. IAS 32  Financial Instruments: Presentation  currently sets out how a company that issues financial instruments should distinguish financial liabilities from equity instruments. That distinction is important because the classification of the instruments affects how a company’s financial position and performance are depicted. IAS 32 works well for most financial instruments. However, continuing financial innovation means that some companies find it challenging to classify some complex financial instruments that combine some features of both debt—liabilities—and ordinary shares—equity instruments. Challenges in classifying these instruments can result in diverse accounting in practice, which in turn makes it difficult for investors to assess and...

CENTRAL BANK OF NIGERIA COMMUNIQUÉ NO 119 OF THE MONETARY POLICY COMMITTEE MEETING OF MONDAY, 23RD AND TUESDAY, 24TH JULY, 2018 1.0 Background: The Monetary Policy Committee (MPC) held its 262nd meeting on Monday, 23rd, and Tuesday, 24th July 2018 amid fragile improvements in global growth and the domestic economic recovery. The Committee reviewed developments in the global and domestic economic and financial environments, as well as the outlook for the rest of the year. The MPC also assessed the risks to price stability, credit growth, employment creation and financial system stability, in the short-to-medium term. Ten (10) members of the Committee were in attendance. Global Economic Developments : Global growth momentum remained promising despite rising trade tensions, uncertainties in BREXIT negotiations and skepticism over North Korea’s commitment to the denuclearise the Korean Peninsula. Global growth was projected at 3.9 percent in 2018, compared with 3.7 percent in...

The International Accounting Standards Board (IASB) is seeking comment on proposed guidance that seeks to clarify when a financial instrument should be classified as a liability or as equity. The distinction between liabilities and equity is an important consideration in how companies and other entities present financial information. That’s because the classification of these financial instruments affects how an entity’s financial position and performance are depicted. An IFRS Standards  Discussion Paper  published Thursday is designed to address diversity in accounting practices related to International Accounting Standard (IAS) No. 32,  Financial Instruments: Presentation , which currently outlines how a company that issues financial instruments should distinguish financial liabilities from equity instruments. While IAS 32 has worked well for most financial instruments, some companies have found it difficult to classify some complex financial instruments that co...

The AICPA’s Tax Executive Committee sent a  letter  to the IRS on Thursday, urging the Service to simplify the proposed draft 2019 Form W-4,  Employee’s Withholding Allowance Certificate,  to reduce administrative burdens by not requiring an annual Form W-4 calculation, protect employees’ privacy by omitting personal information from the form, and avoid shifting the onus onto employers to determine employees’ correct withholding . The letter, from Tax Executive Committee chair, Annette Nellen, said that the form should be simplified, so that it does not include nonwage income, itemized and other deductions, tax credits, and amounts of income from lower-paying jobs. Requesting this personal information requires employees to essentially calculate their tax liability, the letter noted. It also is potentially an invasion of privacy because the employer will see the employee’s personal information. The AICPA recommends these alternatives to the Form W-4: Allow the...

Two FASB staff memos issued last month provide insight to private company financial statement preparers on how to overcome implementation challenges that some have encountered with the new revenue recognition standard. The memos address concerns raised in a  letter  sent to FASB in January by the AICPA Technical Issues Committee (TIC). In the letter, TIC requested private company exceptions to certain elements of Accounting Standards Update No. 2014-09,  Revenue From Contracts With Customers (Topic 606) . FASB’s memos addressed some of the issues raised in the TIC letter. The memos addressed TIC’s statements that: FASB should consider a practical expedient to allow private companies to recognize revenue on out-of-pocket costs based on the amount to be reimbursed when the costs are incurred. The “enforceable rights and obligations” notion for recognizing revenue under Topic 606, described as a “matter of law” in the standard, may require legal expertise and could ...

FASB issued  16 minor amendments  to its new lease accounting standard Thursday, clarifying rules and correcting application of guidance that the board had not intended when it created the standard. The lease accounting standard (codified in Topic 842,  Leases ) was issued on Feb. 25, 2016, and takes effect for public companies and certain other entities in 2019. The amendments issued Thursday include issues brought to FASB's attention by stakeholders who were seeking help with implementation. The amendments affect narrow aspects of the guidance issued in the lease accounting standard. FASB does not expect the clarifications to significantly affect current accounting practice or create significant implementation costs for most entities. Issues addressed in the amendments are: Residual value guarantees. Rate implicit in the lease. Lessee reassessment of lease classification. Lessor reassessment of the lease term and purchase option. Variable lease pay...