Any conflict between Nigerian Accounting Standards and International Accounting Standards should be resolved in favour of the Nigerian standards.
Accounting and bookkeeping services speak for a company. Every transaction of business has its own importance in its books of accounts. Stakeholders and shareholders look at the accounting and bookkeeping records to know the real picture of a business. Systematic and well-structured accounting and bookkeeping services enhance the financial performance of your company.
The Federal Republic of Nigeria is known to be the largest economy of South Africa. The Federal government mandates companies to prepare the books of accounts by entering day-to-day transactions and a complete record of assets and liabilities of the company.
The Financial Reporting Council (FRC) is the key rule-maker of accounting in Nigeria. In 2012, the FRC adopted the International Financial Reporting Standards (IFRS) for listed and significant public interest entities. The requirements for companies to adopt IFRS is listed below:
The authority responsible for overseeing accounting in Nigeria is the Financial Reporting Council (FRC), formerly known as Nigerian Accounting Standards Board (NASB). The FRC is a federal government agency established and controlled by the Financial Reporting Council of Nigeria Act. The major functions of FRC include:
Business Setup Worldwide is a platform that helps business entities to be successful in their field. We provide entrepreneurs support services to establish or expand their business in a foreign land. Keeping the core essentials in mind, we provide a wide range of accounting services in Nigeria, that include:
In Nigeria, most of the small business owners lack accounting and bookkeeping knowledge in business. Bookkeeping serves as the major function to serve both the owners as well as the stakeholders of a business. Thus, one of the most important financial decisions a business can take is to avail the accounting and bookkeeping services in Nigeria. The key benefits of availing accounting and bookkeeping services are:
Business Setup Worldwide is a management and consulting firm that helps you to establish your business in the international market. Our expert team will assist you in legal procedures, accounting, finance, taxation in the business milieu of NIgeria.
At Business Setup Worldwide, we ascertain that you remain focused on your business objectives, while we tend to all the support functions. Our experts assist you in dealing with the financial norms of a foreign land. Business Setup Worldwide provides a variety of financial, accounting and bookkeeping services in Nigeria, including preparation of financial reports, accounts payable & receivable, planning and forecast.