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.
This week our focus is on derivative financial instruments and
our readers are expected to relate the theories to actual
implementation results to ensure that identified gaps are
addressed. I do not envisage a material gap that may trigger the
application of IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors. However, where material gaps are
