FRC guidance for External Auditors: COVID-19 and its impact on the audit of reporting entities in Nigeria
As COVID-19 spreads and the impact is felt, regulators in Nigeria and around the world have issued guidance to entities under their control to provide direction on the impact of COVID-19 on the reporting obligations of those entities.
Tax Appeal Tribunal’s judgement on the taxability of gratuity payments
The Tax Appeal Tribunal sitting in Enugu State on 20 June 2019 delivered a judgment in favour of Nigerian Breweries Plc in a case with Abia State Board of Internal Revenue Service.
Industry 4.0: Audit professionals of the future
Today, audit professionals go to a client with their laptop, equipped with audit software to deliver seamless quality audit service to clients.
Applying blockchain in securitization
After months of analysis and consultations with various industry constituents involved in different stages of the securitization lifecycle, there is little doubt that blockchain and smart contracts (a key technology that enables many blockchain applications) hold such promise.
IFRS 15 New Revenue Model: Spotlight on Power
The revenue and profit recognition profile of power companies may be significantly impacted by IFRS 15 as the new Standard is more detailed and more prescriptive than the existing guidance and introduces new complexities.
IFRS 15 New Revenue Model: Spotlight on Telecommunications
Telecoms companies have a variety of product offerings to customers. Many arrangements have multiple goods or services with options given to customers. The nature of such offerings requires careful evaluation under IFRS 15 (The new revenue recognition standard).
IFRS 15 New Revenue Model: Spotlight on Consumer and Industrial Products
Companies in the consumer and industrial product sector have a number of areas which are significantly impacted by IFRS 15 (new revenue standard). We have enumerated a few of the areas to look out for:
IFRS 15 Revenue from Contracts with Customers: New Revenue Model
Companies in Nigeria have to brace up for the adoption of a new revenue recognition model. On 28 May 2014, International Accounting Standard Board (IASB) issued a new standard on revenue recognition that replaces all existing revenue recognition models. All IFRS reporting entities must fully comply with the prescribed revenue model by 1 January, 2018.
Directors’ Alert 2017 – Courage under fire: Embracing disruption
Disruption is a topic everyone is talking about. While many organizations fear it, others realize the many opportunities that disruptive technologies, processes, and social norms present. But with every opportunity comes an element of risk – not every disruption will positively impact your enterprise.