The Financial Reporting Council of Nigeria on 5 August 2019 issued a notice revoking “Rule 4”—a rule that required the registration of certain transactions by statutory bodies (such as the National Office for Technology Acquisition and Promotion).
Rule 4 provided that transactions that require the approval of, and or registration with, a statutory body in Nigeria could have financial reporting implication only when the relevant regulatory approval is obtained and or registration is completed. Consequently, companies that failed to meet these registration requirements were unable to recognize related expenses in their financial statements.
The effective date of the revocation is 11 July 2019.
Read an August 2019 report [PDF 180 KB] prepared by the KPMG member firm in Nigeria
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