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Internal Control Over Financial Reporting: Understanding the Context and Implementation of ICFR

In today’s dynamic business environment, having strong financial reporting systems is essential. It is in recognizing this that regulators like the Securities and Exchange Commission (SEC) and the Financial Reporting Council (FRC) now require entities under their oversight to conduct annual assessments of their Internal Control over Financial Reporting (ICFR) function. This measure ensures the […]

Ensuring Compliance with Modern Business Practices: FHC Upholds Single-Shareholder Transition for Pre-CAMA 2020 Companies

IN CASE YOU MISSED IT On Tuesday, July 30, 2024, the Federal High Court sitting in Abuja delivered a judgment stating that the Corporate Affairs Commission (CAC) lacks the authority to prevent companies incorporated prior to the enactment of the Companies and Allied Matters Act (CAMA) 2020 from transitioning to single-shareholder statuses. The FHC determined […]

Finance-Act-Amendment bill 2024

What’s New with the Finance Act Amendment Bill 2024: An Analysis

I n this briefing, we examine the Finance Act Amendment Bill of 2024, a legislative proposal that aims to introduce new sections to the Finance Act of 2023. This Bill introduces a new “windfall tax” provisions designed to specifically impact commercial banks. Our analysis will explore the specific amendments proposed, their broader economic implications, and […]

New Witholding Tax Regulation

What You Should Know About The New Withholding Tax Regulations

T he Federal Government through the Minister of Finance has issued a Deduction of Tax at Source (Withholding) Regulations 2024 (“the Regulations”) which takes effect from July 1, 2024. This Regulation effectively replaces the 2006 Regulations and introduces significant changes to the existing tax deduction framework. These regulations reflect a comprehensive update aimed at enhancing […]

advisory-on-IASB

Advisory on IASB Issuance of IFRS 18

O n April 19, 2024, the International Accounting Standards Board (IASB) issued a new standard, IFRS 18, which revolutionizes the way companies present and disclose information in the financial statements. This Standard was issued separately and does not form part of teh compendium issued by the IASB in 2024.

ICFR In Focus

I n May 2023, the Federal Government of Nigeria through the Presidency, signed the Financial Reporting Coucil of Nigeria Amendment Act No. 42 of 2023 (“the Amendment Act”) into law. This legislation introduced amendments to selected sections of the Financial Reporting Council of Nigeria Act No. 6 of 2011 which remains in force.

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