The Nigerian tax authority has published guidance on September 6, 2013 regarding the tax implications of adopting the International Financial Reporting Standards (IFRS) that would change the current accounting regime.
In 2010, The Nigerian government declares a road map for the adoption of IFRS and a phased transition to IFRS is planned. Companies adopting IFRS will face tax issues particularly when they first move to IFRS and the guidance therefore deals with tax issues that may arise in respect of the adoption of international standards. To overcome the initial problems companies would be granted a 3 month extension of the filing date for financial statements and related returns.
