The Federal Inland Revenue Service (FIRS) issued an Information Circular on 14th June 2024, to clarify the tax treatment of foreign exchange (forex) transactions (‘the Circular').

Upgrading to the latest International Financial Reporting Standards (IFRS 9) is a large transformational event for all financial institutions, regardless of their size and complexity.

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.

Companies that are part of a Multinational Enterprise (MNE) Group and have 31 December as their accounting year end are expected to file their Country-by-Country (CbC) Report and Notification...

The foregoing is a fall out of property valuation exercise carried out by FIRS in October, 2016.

The FIRS has issued a Public Notice informing all taxpayers, especially non resident companies carrying on business in Nigeria, to submit full income tax returns as required by law.

An annual return is a mandatory requirement that must be complied with by every registered company, business name or incorporated trustee in Nigeria. The return is a statutory document...

An effective internal control system is crucial for modern businesses. Factors such as business growth, the complexity of activities, and the potential for errors and fraudulent transactions make it essential.

I vividly remember six years ago when I received a call from a former colleague that someone wanted to meet with me to discuss a business opportunity. At the time, I was an Associate...

The Financial Reporting Council of Nigeria (FRCN) has revoked Rule 4 of the FRCN Rules through a public notice (PN) dated 11 July 2019.

The decisions by governments in many countries to curtail the spread of the Coronavirus, otherwise known as COVID-19, has had far reaching effects on the global economy. Many businesses have had to stop operations...

The COSO Framework was designed to help businesses establish, assess and enhance their internal control.

As an accountant working in a legal firm, I have a unique perspective on the financial and legal implications of central bank policies in Nigeria and Kenya.

Sustainability reporting is the disclosure and communication of Environmental, Social, and Governance (ESG) goals of an organisation...

The Black's Law Dictionary defines a tax as a charge, usually monetary, imposed by the government on persons, entities, transactions, or property to yield public revenue.

Auditing fair value measurements can be daunting due to the high level of uncertainty involved.

On Saturday, 2nd December 2023, a wheelbarrow pusher stabbed a government revenue official in Benin City (Edo State) and instantly turned the same knife on himself.

The new directive which requires all non-resident companies to submit audited accounts and actual profit tax computations may create practical challenges.

Revenue from sales activities serves as one of the essential sources of a business working capital; therefore, the company is required to manage its accounts receivable arising from credit sales effectively.

Many organisations have had to embrace virtual working thereby reducing access or completely shutting down their offices due to the enforced COVID-19 lockdowns.