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With less than six months to the implementation of the International Financial Reporting Standards 9 (IFRS-9) deadline, many banks are yet to meet up with the deadline given by the Central Bank of Nigeria (CBN) to move to the new financial reporting regime with effect from 1, January, 2018. The Director, Banking Supervision, CBN, Alhaji Ahmad Abdullahi disclosed this at a business breakfast roundtable in Lagos recently that was organised by the Risk Management Association of Nigeria in conjunction with PAL Pensions, and OlisaAgbakoba Legal (OAL).
According to him, the new reporting standards would help improve banking processes and policies. He also noted that there was a cut-off date and every stakeholder in the sector was expected to meet up with that date and adopt IFRS-9 as reporting template.
Abudullahi, who was represented at the event by the Project Manager, IFRS Implementation, Banking Supervision Department, CBN, Mr. Chibuike Nwaegerue, said that there was no going back on the deadline because it has been fixed and cannot be shifted.
