Securities & Exchange Commission issues guidelines on crypto assets
The Securities & Exchange Commission, on 11 September 2020, issued a public notice to regulate the operation of crypto assets (which may include cryptocurrencies) in Nigeria, where the crypto assets have the character of securities.
Federal Inland Revenue Service extends AEOI-CRS reporting deadline for financial institutions
The Federal Inland Revenue Service (FIRS) on, Tuesday, 19 May 2020, released a public notice extending the deadline for reporting and filing of information return for the 2019 calendar year under the Income Tax (Common Reporting Standard) Regulations, 2019 (the CRS Regulations) from 31 May 2020 to 30 September 2020.
NSE to resume charging VAT on commissions applicable to capital market transactions
The Nigerian Stock Exchange (NSE), on 10 July 2019, issued a circular on the expiration of Value Added Tax (Exemption of Commissions on Stock Exchange Transactions) Order, 2014 (the Circular).
Mergers and acquisitions now under the joint purview of SEC and FCCPC…till further notice
SEC and FCCPC recently issued joint guidance on submission of notifications for proposed mergers, acquisitions and other business combination notifications
Open banking, open risk. Managing financial crime in a disrupted world
New technologies, new entrants to the industry, new regulations and changing consumer preferences are combining to disrupt and fragment what was until recently an industry dominated by the major banks.
The transformation of the traditional finance function
Finance is arguably the lifeblood of an organisation and stakeholders have high expectations of the Function‘s performance. An effective Finance function, which includes all aspects of Finance, Tax, Treasury and typically, Risk Management in some cases etc., makes a positive contribution to the achievement of the organisation‘s strategic objectives and to its value creation goals.
IFRS reporting – Matters arising on Derivatives
It is over six years that Nigeria adopted the International Financial Reporting Standards (IFRS) to align the country with global reporting. Initially, there was deep apprehension around the success potentials of the implementation roadmap. Some people/entities thought that the road map may be hitched and may have to be suspended at a point in time; but that is not the reality at this moment. The reality is that IFRS reporting has debuted successfully and every stakeholder (private and public sector) is expected to hone their understanding and skills for compliance with this global reporting framework.
IFRS 15 – Revenue from contracts with customers
Board consideration As with any new IFRS implementation, board oversight at an early stage and on an ongoing basis is critical. In order to ensure an effective and efficient implementation process, it is imperative that the board remains engaged in this process and sets the tone for the entity.
IFRS 15: Are you ready for the “Big Change ?
The recognition criteria of revenue in accounting standards is about to change—and your entity might be significantly affected, maybe even more than you expect!