The Nigerian filer's IFRS reference library.

IAS 1 sets the overall framework for presenting IFRS financial statements: the complete set of statements, fair presentation, going concern, materiality, offsetting, comparatives, and the split of assets and liabilities between current and non-current. It is the foundation every Nigerian preparer builds on, and it is being replaced by IFRS 18 for annual periods beginning on or after 1 January 2027, so 2026 statements still apply IAS 1 while transition planning begins.

IAS 2 requires inventories to be measured at the lower of cost and net realisable value. It defines what enters cost (purchase, conversion and other costs of bringing stock to its present location and condition), permits FIFO or weighted average but prohibits LIFO, and requires item-level NRV write-downs with capped reversals. For import-dependent Nigerian traders, manufacturers and developers, it governs landed-cost build-up, overhead absorption at normal capacity, and the FX boundary with IAS 21.

IAS 7 governs how an entity presents changes in its cash and cash equivalents over a reporting period, splitting cash movements into operating, investing and financing activities so that users can assess an entity's ability to generate cash and how that cash is used. [S1]

IAS 8 sets the hierarchy for selecting accounting policies, distinguishes a change in accounting policy from a change in accounting estimate, and prescribes retrospective correction of prior period errors, so that financial statements remain comparable and reliable over time. [S1]

IAS 10 determines when events occurring between the end of the reporting period and the date the financial statements are authorised for issue should change the numbers in the accounts (adjusting events) versus only be described in a note (non-adjusting events), and sets out the going-concern and dividend implications of such events. [S1]

IAS 12 prescribes the accounting for current and deferred tax, requiring an entity to recognise a deferred tax liability or asset for the future tax consequences of differences between the carrying amount of assets and liabilities and their tax base, alongside the current tax payable or recoverable on taxable profit for the period. [S1]

IAS 16 sets out how an entity recognises, measures and depreciates tangible items held for use in production, supply, rental or administration that are expected to be used for more than one period, and how it accounts for their subsequent revaluation and eventual derecognition. [S1]

IAS 21 prescribes how an entity determines its functional currency, translates foreign currency transactions and balances into that functional currency, and translates the results and financial position of foreign operations (and, where different, into a presentation currency), so that the effects of exchange rate changes are reported consistently. [S1]

IAS 36 requires an entity to ensure that its assets are not carried at more than their recoverable amount, setting out when to test for impairment, how to determine recoverable amount for individual assets and cash-generating units, and when a previously recognised impairment loss (other than for goodwill) may be reversed. [S1]

IAS 37 sets the recognition criteria and measurement basis for provisions (liabilities of uncertain timing or amount), and prescribes disclosure-only treatment for contingent liabilities and contingent assets, establishing that a provision is recognised only when a present obligation exists, an outflow is probable, and a reliable estimate can be made. [S1]

IAS 24 requires an entity's financial statements to disclose related party relationships, transactions and outstanding balances (including commitments) necessary to draw attention to the possibility that the entity's financial position and profit or loss may have been affected by the existence of related parties. [S1]

IAS 38 prescribes the accounting for intangible assets not dealt with specifically in another Standard, requiring recognition only when an item is identifiable, controlled by the entity, expected to generate future economic benefits, and reliably measurable, with specific rules for internally generated intangibles including a strict prohibition on recognising internally generated brands and a research/development split for internal projects. [S1]

IAS 40 governs the recognition and measurement of property (land, a building, or part of a building, or both) held to earn rentals or for capital appreciation, or both, rather than for use in production or supply of goods or services, for administrative purposes, or for sale in the ordinary course of business, and requires a choice between the cost model and the fair value model applied to all investment property. [S1]

IFRS 13 defines fair value as an exit price, sets out a single framework for measuring it (including the fair value hierarchy of Level 1, 2 and 3 inputs), and prescribes disclosures about fair value measurements, applying whenever another Standard requires or permits fair value measurement, without itself determining when fair value is used. [S1]

IFRS 15 establishes a single, principles-based five-step model for recognising revenue from contracts with customers, requiring revenue to be recognised when (or as) control of promised goods or services transfers to the customer, at an amount reflecting the consideration the entity expects to be entitled to. [S1]

IFRS 16 requires lessees to recognise a right-of-use asset and a lease liability for substantially all leases, bringing most lease commitments onto the balance sheet and eliminating the previous operating/finance lease distinction for lessees, while lessor accounting remains largely unchanged from the classification approach it replaced. [S1]

IFRS 9 governs the classification, measurement, impairment and derecognition of financial assets and liabilities, replacing an incurred-loss impairment model with a forward-looking expected credit loss (ECL) model and basing classification on an entity's business model and the contractual cash flow characteristics of each instrument. [S1]

IFRS 10 establishes a single control-based model for determining when an entity consolidates another entity, requiring consolidation whenever an investor has power over an investee, exposure or rights to variable returns from its involvement, and the ability to use that power to affect the amount of those returns. [S1]

IFRS 18 replaces IAS 1, introducing a structured statement of profit or loss with three mandatory subtotals and defined categories (operating, investing, financing), disclosure requirements for management-defined performance measures within the audited financial statements, and enhanced principles on aggregation and disaggregation, effective for annual periods beginning on or after 1 January 2027. [S1]

IFRS 3 requires an acquirer in a business combination to apply the acquisition method: identifying the acquirer, determining the acquisition date, recognising and measuring identifiable assets acquired and liabilities assumed generally at acquisition-date fair value, and recognising any goodwill or gain from a bargain purchase. [S1]

IFRS 5 specifies the accounting for non-current assets (or disposal groups) held for sale, requiring them to be measured at the lower of carrying amount and fair value less costs to sell and presented separately, and sets out the presentation requirements for discontinued operations. [S1]

IAS 27 prescribes the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity elects or is required to prepare separate financial statements, permitting each such investment to be measured at cost, in accordance with IFRS 9, or using the equity method. [S1]

IAS 28 sets out the requirements for applying the equity method of accounting to investments in associates (entities over which an investor has significant influence but not control) and joint ventures (arrangements over which parties have joint control and rights to the net assets), requiring the investment to be adjusted each period for the investor's share of the investee's profit or loss and other comprehensive income. [S1]

IAS 32 establishes principles for presenting financial instruments as financial liabilities or equity, and for offsetting financial assets and financial liabilities, working alongside IFRS 9 (recognition and measurement) and IFRS 7 (disclosure) to form the complete IFRS financial instruments framework. [S1]

IFRS 7 requires disclosures enabling users of financial statements to evaluate the significance of financial instruments for an entity's financial position and performance, and the nature and extent of risks arising from financial instruments and how the entity manages those risks. [S1]

IFRS 2 requires an entity to recognise share-based payment transactions in its financial statements, including transactions with employees or other parties settled in cash, other assets, or equity instruments of the entity, measured at fair value and expensed (or capitalised, where another Standard requires) over the period services are received. [S1]

IAS 19 prescribes the accounting and disclosure for all employee benefits except share-based payment, requiring a liability to be recognised when an employee has provided service in exchange for benefits to be paid in the future, and an expense when the entity consumes the economic benefit of that service. [S1]

IAS 23 requires borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset to be capitalised as part of the cost of that asset, with all other borrowing costs recognised as an expense in the period incurred. [S1]

IAS 26 prescribes the accounting and reporting requirements for the financial statements of a retirement benefit plan itself, as a separate reporting entity distinct from the employers of the plan's participants, requiring plan investments to be reported at fair value and setting out the specific statements a defined contribution or defined benefit plan should present. [S1]

IFRS 8 requires an entity whose debt or equity securities are publicly traded to disclose information enabling users to evaluate the nature and financial effects of the business activities it engages in and the economic environments it operates in, identifying operating segments using a 'management approach' based on internal reports reviewed by the chief operating decision maker. [S1]

IAS 33 prescribes principles for determining and presenting basic and diluted earnings per share, so that performance can be compared between different entities in the same period and between different periods for the same entity. [S1]

IAS 34 prescribes the minimum content of an interim financial report and the recognition and measurement principles to be applied in preparing it, applying whenever an entity using IFRS Standards in its annual financial statements publishes an interim report asserting IFRS compliance. [S1]

IFRS 12 requires an entity to disclose information enabling users of its financial statements to evaluate the nature of, and risks associated with, its interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities, and the effects of those interests on its financial position, performance and cash flows. [S1]

IFRS 11 establishes principles for financial reporting by entities that have an interest in arrangements controlled jointly, classifying every joint arrangement as either a joint operation (accounted for by recognising the party's own share of assets, liabilities, revenue and expenses) or a joint venture (accounted for using the equity method under IAS 28). [S1]

IAS 20 prescribes the accounting for, and disclosure of, government grants and other forms of government assistance, requiring grants to be recognised only when there is reasonable assurance that the entity will comply with attached conditions and that the grant will be received, and matched systematically against the costs they are intended to compensate. [S1]

IAS 29 requires the financial statements of an entity whose functional currency is that of a hyperinflationary economy to be restated into the measuring unit current at the end of the reporting period, using a general price index, so that historical-cost figures distorted by extreme inflation remain meaningful. [S1]

IAS 41 prescribes the accounting for agricultural activity, requiring biological assets to be measured at fair value less costs to sell (both on initial recognition and at each subsequent reporting date) with changes recognised in profit or loss, reflecting the view that fair value better represents the economics of biological transformation than historical cost. [S1]

IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts, requiring insurers to measure insurance contract liabilities at a current, risk-adjusted present value of future cash flows, replacing the wide diversity of practice permitted under the interim standard IFRS 4. [S1]

IFRS 1 sets out the procedures an entity must follow when it adopts IFRS Standards for the first time as the basis for preparing its general purpose financial statements, requiring a complete set of financial statements covering the first IFRS reporting period and the preceding comparative year, generally prepared as if IFRS had always applied, subject to specific mandatory exceptions and optional exemptions. [S1]

IFRS 6 makes limited, interim improvements to the accounting for exploration and evaluation expenditure, permitting an entity to continue applying whatever accounting policy it used immediately before adopting IFRS 6 (including expensing, or capitalising in whole or part), subject to a specific impairment test and disclosure regime, pending a more comprehensive future review of extractive activities accounting. [S1]

IFRS 19 permits an eligible subsidiary without public accountability, whose ultimate or intermediate parent produces publicly available consolidated financial statements complying with IFRS Accounting Standards, to apply the recognition, measurement and presentation requirements of full IFRS Standards while using reduced disclosure requirements specified within IFRS 19 itself. [S1]

IFRS 14 is a narrow, interim Standard permitting a first-time adopter of IFRS that was subject to rate regulation under its previous GAAP to continue recognising and measuring its regulatory deferral account balances using its previous GAAP policies, pending completion of the IASB's broader project on rate-regulated activities. [S1]

IFRS S1 sets out the overall requirements for an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions about providing resources to the entity, establishing the foundational disclosure framework the ISSB's topic-specific standards (such as IFRS S2) build upon. [S1]

IFRS S2 requires an entity to disclose information about its climate-related risks and opportunities that is useful to primary users of general purpose financial reports, building on and applying IFRS S1's general framework specifically to climate matters, and fully integrating the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). [S1]