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The transparency and integrity of financial statements is in the spotlight in Nigeria, particularly after last year's banking crisis. One the measures that local regulators think is necessary is the adoption of the International Financial Reporting Standard. IFRS is a globally-accepted set of standards by the International Accounting Standards Board. The central bank of Nigeria and the Securities and Exchange Commission have set 2012 as the deadline for the adoption of the standard by Nigerian Banks and listed firms. Wole Fawurewa will be unpacking the issue shortly, but first this background piece by Keisha Gitari.
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