The Nigeria Accounting Standards Board (NASB) said it would issue 20 new accounting standards before the end of the year, even as it issued two accounting standards last week. The two standards are Statement of Accounting Standards on research and Development Cost (SAS 22), and Statement of Accounting Standards for Provisions, Contingent Liabilities and Contingent Assets (SAS 23). Speaking at the public presentation of the Chairman of the Board, Mr Olugbenga Olaofe disclosed that in order to align the nation’s accounting standards with those of the International Accounting Standards Boards (IASB), the council will have to issue more than 20 standards within one year.
He stated, “The release of the two accounting standards in one day signals the determination of my council to fastrack complete convergence with International Financial Reporting Standards (IFRS).
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