IFRS Advisory Service

Achieve Compliance. Improve Reporting Quality. Build Investor Confidence.

International Financial Reporting Standards (IFRS) have fundamentally transformed financial reporting in Nigeria, bringing greater comparability, transparency, and investor confidence. Yet compliance with IFRS remains challenging for many organisations, particularly as standards evolve and new requirements emerge. The Financial Reporting Council of Nigeria (FRC) continues to roll out adoption roadmaps, including for sustainability disclosure standards, with public interest entities required to apply ISSB Standards from 2028 and SMEs from 2030. At Qeeva Advisory, we provide IFRS advisory services that help you navigate the complexity, achieve compliance, and turn financial reporting into a strategic advantage.

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Why Nigerian Organisations Need IFRS Advisory

Nigeria adopted IFRS in 2010, with full application beginning in 2012. While the transition brought significant benefits, implementation challenges remain. Here are the most critical gaps we help you address.

Complexity of IFRS Standards – IFRS comprises numerous standards, interpretations, and disclosure requirements. From IFRS 9 (Financial Instruments) to IFRS 15 (Revenue), IFRS 16 (Leases) to IFRS 17 (Insurance Contracts), the technical complexity is substantial. Many organisations lack the in-house expertise to apply these standards correctly.

Evolving Requirements – IFRS is not static. Standards are amended, new standards are issued, and interpretations evolve. The FRC has issued roadmaps for IFRS Sustainability Disclosure Standards, with voluntary adoption already underway and mandatory adoption phased in from 2028. Keeping pace with these changes requires ongoing monitoring and expertise.

Sector-Specific Compliance Variation – The distribution of IFRS implementation levels varies across different economic sectors in Nigeria, suggesting that some entities and sectors require greater monitoring and supervisory controls to induce greater compliance. Financial institutions, for example, require more comprehensive financial instruments disclosure.

Disclosure Requirements – IFRS requires significantly more comprehensive disclosure than Nigerian GAAP (NGAAP). Many organisations struggle to capture and report all required disclosures, leading to audit findings and regulatory scrutiny.

Impact on Financial Ratios – The transition to IFRS can significantly impact financial ratios, including Return on Assets, Current Ratio, and Debt-to-Equity Ratio. Businesses need to understand how their financial ratios may change and communicate these changes to stakeholders.

First-Time Adoption Challenges – Organisations adopting IFRS for the first time face specific challenges, including retrospective application, selection of accounting policies, and preparation of reconciliations. IFRS 1 (First-time Adoption) provides guidance but requires careful application.

Institutional and Capacity Challenges – Research on IFRS adoption among Nigerian SMEs found that negative perception and institutional inadequacies hamper adoption, while adopting IFRS leads to higher quality financial reports. The study calls for programs to drive compulsory adoption with a view to bringing more SMEs into the adoption net.

The Solution: Strategic IFRS Advisory

We provide IFRS advisory services that help you navigate the complexity, achieve compliance, and turn financial reporting into a strategic advantage. Our approach combines deep technical expertise, practical application, and a commitment to improving your reporting quality.

At Qeeva Advisory, we understand that IFRS compliance is not just about ticking boxes—it is about producing financial information that is useful, reliable, and comparable. We help you apply IFRS correctly, optimise your financial reporting processes, and ensure your finance operations align with your business objectives.

Our team, led by Matthew Ogagavworia, FCA, CFAN, brings over 20 years of experience across banking and finance, capital markets, oil and gas, consulting, and audit, with deep expertise in IFRS and financial reporting. Our published guides on IFRS topics—including IFRS vs Nigerian GAAP, group financial statements, and tangible non-current assets—demonstrate our technical depth.

Whether you need IFRS conversion support, technical accounting advice, financial reporting process advisory, or training for your finance team, we provide the expertise and commitment to help you achieve compliance and improve reporting quality.

Our Comprehensive IFRS Advisory Services

We offer end-to-end IFRS advisory services tailored to the Nigerian business environment.

IFRS Conversion and First-Time Adoption

We help you transition to IFRS smoothly and efficiently.

IFRS Conversion Support – We provide comprehensive support for IFRS conversion, including gap analysis, impact assessment, policy selection, and implementation planning. We help you navigate IFRS 1 requirements and prepare the reconciliations required for first-time adoption.

IFRS Chart of Accounts – We help you redesign your chart of accounts to ensure IFRS-compliant classification and reporting.

IFRS Accounting Policies and Procedures – We develop accounting policies and procedures that are IFRS-compliant and tailored to your business. We help you select appropriate accounting policies and document them clearly.

Component Accounting (PPE) – We help you identify and account for significant components of property, plant, and equipment that require separate depreciation under IAS 16.

IFRS Reporting – We support the preparation of IFRS-compliant financial statements, including all required disclosures and reconciliations.

Technical Accounting Advisory

We provide expert advice on complex IFRS issues.

Business Combinations (IFRS 3) – We advise on accounting for business combinations, including identifying the acquirer, determining the acquisition date, recognising and measuring identifiable assets and liabilities, and calculating goodwill. Our guides explain the acquisition method, goodwill calculation, and non-controlling interest measurement.

Consolidation (IFRS 10, IAS 27, IAS 28) – We provide advice on consolidation, including the consolidation process, elimination of intra-group transactions, provision for unrealised profit, and accounting for non-controlling interests.

Financial Instruments (IFRS 9) – We advise on classification and measurement of financial instruments, expected credit loss (ECL) modelling, and hedge accounting. Financial instruments require comprehensive disclosure under IFRS.

Revenue Recognition (IFRS 15) – We advise on revenue recognition, including identifying performance obligations, determining transaction price, and allocating revenue. Revenue recognition often involves significant judgement.

Leases (IFRS 16) – We advise on lease accounting, including identifying leases, measuring lease liabilities and right-of-use assets, and accounting for lease modifications.

Tangible Non-Current Assets (IAS 16, IAS 40, IFRS 5) – We advise on accounting for property, plant and equipment, investment property, and assets held for sale. Our guides cover the cost model and revaluation model, government grants, borrowing costs, and classification of assets held for sale.

Intangible Assets (IAS 38) – We advise on recognition and measurement of intangible assets, including research and development costs, and accounting for goodwill.

Impairment (IAS 36) – We advise on impairment testing, including identifying impairment indicators, determining recoverable amounts, and recognising impairment losses.

Provisions and Contingencies (IAS 37) – We advise on recognition and measurement of provisions, and disclosure of contingent liabilities.

Employee Benefits (IAS 19) – We advise on accounting for employee benefits, including defined benefit obligations, gratuity schemes, and long service awards.

Income Taxes (IAS 12) – We advise on accounting for current and deferred tax, including recognition of deferred tax assets and liabilities.

Foreign Currency (IAS 21) – We advise on accounting for foreign currency transactions and translation of foreign operations.

Financial Reporting Process Advisory

We help you improve the quality and efficiency of your financial reporting.

Analysis and Re-design of Year-End Closing Procedures – We review and redesign your year-end closing procedures to improve quality and speed. We help you develop a closing checklist and streamline the close process.

Accounting Policies, Procedures and Entries Manual – We develop accounting policies, procedures, and entries manuals to facilitate quality close and ensure consistency.

Design of Management Reporting Pack – We design management reporting packs that provide meaningful financial information for decision-making.

IPO Readiness Support – We prepare organisations for IPO, ensuring financial reporting meets the standards required for public listings.

Financial Statement Preparation – We support the preparation of annual financial statements, ensuring IFRS compliance and accurate disclosure.

Account Clean-Up and Reconciliation

We help you clean up your accounting records.

General Ledger Clean-Up – We clean up general ledger accounts, correcting errors, reclassifying transactions, and ensuring accuracy.

General Ledger Reconciliations – We perform general ledger reconciliations, ensuring all accounts are reconciled and discrepancies are resolved.

Preparation of Restated Financial Statements – We prepare restated financial statements where required, ensuring IFRS compliance and transparency.

IFRS Sustainability Disclosure Advisory

We help you prepare for IFRS Sustainability Disclosure Standards.

IFRS S1 and S2 Readiness – We help you assess readiness for IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures). The FRC has introduced a readiness test to assess organisational preparedness.

Adoption Roadmap Support – We support you in navigating the FRC adoption roadmap, including the readiness test assessment and transition reliefs available to adopters.

Sustainability Reporting Framework – We help you develop a sustainability reporting framework that aligns with IFRS S1 and S2 requirements, including governance, strategy, risk management, and metrics and targets.

Assurance Readiness – We prepare you for the staged assurance requirements, which begin with limited assurance and progress to reasonable assurance.

Training and Capacity Building

We help you build internal IFRS capability.

IFRS Training (Finance Staff) – We deliver practical IFRS training for finance staff, covering key standards and their application.

IFRS Training (CFO, Board) – We provide IFRS training for CFOs and board members, focusing on financial reporting oversight and key judgement areas.

Basic and Intermediate Courses for Accountants – We offer structured courses for accountants at different levels, building capability progressively.

Board and Management Training – We help boards and management understand IFRS requirements and their implications for financial reporting and governance.

Ongoing Technical Updates – We provide regular updates on IFRS developments and their implications for your business.

Accounting Systems Implementation Support

We help you implement systems that support IFRS reporting.

Chart of Account Re-design – We redesign charts of accounts to support IFRS-compliant reporting.

Data Clean-Up – We clean up financial data to ensure accuracy and completeness for IFRS reporting.

Data Migration Support – We support data migration to new accounting systems, ensuring data integrity and IFRS compliance.

ERP Implementation Support – We support ERP implementation for mid-range solutions, ensuring the system supports IFRS reporting requirements.

IFRS Standards We Cover

We provide advisory across the full range of IFRS standards, including:

IFRS 1 – First-time Adoption of IFRS
IFRS 3 – Business Combinations
IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations
IFRS 9 – Financial Instruments
IFRS 10 – Consolidated Financial Statements
IFRS 13 – Fair Value Measurement
IFRS 15 – Revenue from Contracts with Customers
IFRS 16 – Leases
IFRS 17 – Insurance Contracts
IAS 1 – Presentation of Financial Statements
IAS 2 – Inventories
IAS 7 – Statement of Cash Flows
IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 – Events after the Reporting Period
IAS 12 – Income Taxes
IAS 16 – Property, Plant and Equipment
IAS 19 – Employee Benefits
IAS 20 – Accounting for Government Grants and Disclosure of Government Assistance
IAS 21 – The Effects of Changes in Foreign Exchange Rates
IAS 23 – Borrowing Costs
IAS 24 – Related Party Disclosures
IAS 27 – Separate Financial Statements
IAS 28 – Investments in Associates and Joint Ventures
IAS 33 – Earnings per Share
IAS 36 – Impairment of Assets
IAS 37 – Provisions, Contingent Liabilities and Contingent Assets
IAS 38 – Intangible Assets
IAS 40 – Investment Property
IFRS S1 – General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S2 – Climate-related Disclosures

Industries We Serve

We provide IFRS advisory services across multiple sectors in Nigeria.

Financial Services – We help banks, insurance companies, and other financial institutions navigate complex IFRS requirements, including IFRS 9 financial instruments, IFRS 17 insurance contracts, and comprehensive disclosure requirements. Financial institutions require more comprehensive financial instruments disclosure.

Manufacturing – We help manufacturers apply IFRS for inventory, property plant and equipment, revenue recognition, and consolidation.

Oil and Gas – We help energy companies apply IFRS for exploration and evaluation assets, decommissioning provisions, and revenue recognition.

Technology and Digital – We help tech companies apply IFRS for revenue recognition (IFRS 15), intangible assets, and share-based payments.

Retail and Consumer Goods – We help retailers apply IFRS for revenue recognition, inventory, and leases.

Healthcare – We help healthcare organisations apply IFRS for revenue recognition, grants, and employee benefits.

Real Estate and Construction – We help real estate and construction companies apply IFRS for revenue recognition, investment property, and leases.

Professional Services – We help law firms, consultancies, and other professional service businesses apply IFRS for revenue recognition and employee benefits.

Non-Profit and NGOs – We help mission-driven organisations apply IFRS for grants, donations, and financial reporting.

Public Sector – We support government entities applying IPSAS and transitioning to accrual accounting.

SMEs – We help SMEs understand and apply IFRS for SMEs or full IFRS, as applicable. Research shows that adopting IFRS leads to higher quality financial reports.

Our Engagement Process

We follow a structured, collaborative process to deliver high-impact IFRS advisory.

Phase 1: Discovery and Assessment – We understand your business, financial reporting environment, and IFRS compliance status. We identify gaps, risks, and opportunities for improvement.

Phase 2: Strategy and Planning – We develop a tailored IFRS strategy aligned with your business objectives. We plan implementation, define timelines, and allocate resources.

Phase 3: Implementation and Support – We work alongside you to implement IFRS-compliant accounting policies and reporting processes. We provide technical advice, prepare documentation, and support financial statement preparation.

Phase 4: Training and Capacity Building – We train your finance team and management on IFRS requirements and their application to your business.

Phase 5: Monitoring and Continuous Improvement – We monitor IFRS developments and update your accounting policies and processes as needed. We provide ongoing advisory support.

Why Choose Qeeva Advisory for IFRS Advisory

Deep Technical Expertise – We have deep expertise in IFRS standards and their application in the Nigerian context. Our published guides on IFRS topics demonstrate our technical depth.

Practical Application – We focus on practical application, helping you apply IFRS correctly to your specific transactions and circumstances.

Nigerian Market Knowledge – We understand the Nigerian financial reporting environment, including FRC requirements, SEC regulations, and local market practices.

Experienced Professionals – Our team, led by Matthew Ogagavworia, FCA, CFAN, brings over 20 years of experience across banking and finance, capital markets, oil and gas, consulting, and audit.

Comprehensive Service Offering – We provide end-to-end IFRS services, from conversion support to technical advisory to financial reporting process improvement to training.

Audit-Ready Documentation – We produce documentation that withstands audit scrutiny and supports regulatory compliance.

Practical and Actionable – We provide practical solutions tailored to your business size, industry, and specific challenges.

End-to-End Support – We provide comprehensive services from assessment to implementation to ongoing support.

Long-Term Partnership – We build lasting relationships, providing ongoing support as IFRS evolves and your business grows.

Confidentiality and Integrity – We treat your financial information with the highest level of confidentiality.

Related Services

Business Valuation Services – We provide professional business valuations for M&A, financial reporting, shareholder disputes, and capital raising.

Learn More About Business Valuation Services

Financial Advisory Services – Expert guidance for strategic growth and financial success, including capital raising, M&A, and risk management.

Learn More About Financial Advisory Services

Financial Liability Valuation Services – We provide IFRS-compliant valuations for debt instruments, derivatives, provisions, and employee benefits.

Learn More About Financial Liability Valuation Services

Fixed Asset Verification and Asset Control Services – Know what you own, protect what you have, and optimize what you use.

Learn More About Fixed Asset Verification and Asset Control Services

Debt & Loan Valuation Services – Accurate valuation. Regulatory compliance. Informed decision-making.

Learn More About Debt & Loan Valuation Services

Derivative and Hedge Accounting Audit Services – We provide specialized assurance for complex financial instruments and IFRS 9 compliance.

Learn More About Derivative and Hedge Accounting Audit Services

Audit and Assurance Services – We provide audit and assurance services to ensure your financial records are accurate and compliant.

Learn More About Audit and Assurance Services

Financial and Management Training Services – Build financial literacy, strengthen management capability, and drive business performance.

Learn More About Financial and Management Training Services

Frequently Asked Questions (FAQ)

1. When did Nigeria adopt IFRS?

Nigeria officially announced the adoption of IFRS on 2 September 2010, with complete application beginning in 2012.

2. What was Nigerian GAAP?

Nigerian GAAP (NGAAP) consisted of Statements of Accounting Standards (SAS) issued by the Nigerian Accounting Standards Board, including SAS 10 Part 1 for banks and SAS 15 Part 2 for non-bank financial institutions.

3. Why did Nigeria adopt IFRS?

Nigeria adopted IFRS due to weaknesses in NGAAP, low disclosure requirements, and the need for improved comparability and investor confidence.

4. What are the key differences between IFRS and Nigerian GAAP?

Key differences include financial instrument classification (more comprehensive under IFRS), disclosure requirements (higher under IFRS), value relevance (higher under IFRS), and financial statement impact (significant differences in ROA, current ratio, and debt-to-equity ratio).

5. Does IFRS adoption affect financial ratios?

Yes. Studies have shown significant differences in key financial ratios, including Return on Assets, Current Ratio, and Debt-to-Equity Ratio. However, some studies found no statistically significant differences in certain ratios.

6. Is IFRS mandatory for all businesses in Nigeria?

IFRS is mandatory for listed entities and significant public interest entities. SMEs have different phased timelines for adoption.

7. What are the challenges of IFRS implementation in Nigeria?

Challenges include weak institutions, unstable political and social conditions, and varying compliance levels across sectors.

8. What are IFRS Sustainability Disclosure Standards?

IFRS S1 and IFRS S2 are sustainability disclosure standards issued by the International Sustainability Standards Board (ISSB). IFRS S1 covers general requirements for sustainability-related financial information, while IFRS S2 covers climate-related disclosures. The FRC has issued an adoption roadmap for Nigeria.

9. When must Nigerian entities adopt IFRS Sustainability Disclosure Standards?

All entities are permitted to apply the standards voluntarily from January 2024. Public interest entities are required to apply from January 2028, and SMEs from January 2030.

10. Do you serve businesses outside Lagos?

Yes. While our head office is in Ikeja, Lagos, we serve businesses across Nigeria. Our IFRS advisory services are available to clients regardless of location.

11. How do I get started?

Contact us to schedule your free consultation. We’ll discuss your IFRS needs, assess your situation, and provide recommendations for how we can help.

Contact Us

Achieve compliance, improve reporting quality, and build investor confidence. Let us build a partnership that helps you navigate the complexity of IFRS and turn financial reporting into a strategic advantage.

Schedule Your Free Consultation to discuss your IFRS advisory needs and explore how we can help.

Phone: +234 802 320 0801, +234 807 576 5799

Email: info@qeeva.com

Address: 5, Ishola Bello Close, Off Iyalla Street, Alausa, Ikeja, Lagos, Nigeria

Business Hours: Monday to Friday, 8:00 AM – 6:00 PM WAT

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IFRS Advisory Service

Why Nigerian Organisations Need IFRS Advisory

The Solution: Strategic IFRS Advisory