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International Accounting and Reporting Issues

2009 Review

image of International Accounting and Reporting Issues
Over the last two years, the world economy has gone through a major crisis. The twenty-sixth session of UNCTAD’s Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) provides an important opportunity for examining various issues pertaining to corporate accounting and reporting in the context of the financial crisis. The objective of this work is to assist developing countries and countries with economies in transition in their efforts towards the practical implementation of International Financial Reporting Standards.

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Practical implementation issues of IFRSs in Nigeria: Fair value measurement as a challenging matter

The Nigerian Accounting Standards Board (NASB) was following its own approach to accounting standards setting. It adhered to an extensive due process in the development of its standards. This process was considered essential for ensuring that all parties were given ample opportunity to express their views and to ensure that the standards, practices and guidelines so developed, were relevant, consistent and logically derived. The NASB had always been directed by the Governing Council drawn from organizations having an operational interest in financial reporting. The constituents that made up the board were expected to use their best endeavour to persuade their members and the organizations they deal with to comply with all relevant accounting standards. They were also permitted to administer their own punitive measures on entities that failed to comply with the standards.

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