IFRS Reporting: NSE Extends Submission Date For Listed Companies

By Festus Okoromadu

Companies listed on The Nigerian Stock Exchange (NSE) now have an additional 30 days grace period to submit their audited accounts for the 2012 fiscal year as well as their 2013 interim Accounts. By implication, companies which had their year ended December 31, 2012 and were mandatorily expected to have submitted the audited accounts by the end of March 2013 now have up till the end of April 2013 to do so.

The extension according to the NSE is in response to the challenges being experienced by quoted companies in adopting the International Financial Reporting Standards (IFRS) as well as increased levels of regulatory approvals, including the Financial Reporting Council of Nigerian (FRCN).

ThePost gathered that some quoted companies have been having difficulties in meeting the mandatory 90 days period required for the publication of audited accounts after the close of a financial year. It was observed that out of more than 50 quoted companies which had their year ended on December 31, 2012 and by extension should have submitted their accounts to the Exchange by the end of March, 2013, only three companies, namely Nestles Nigeria Plc, Nigerian Breweries Plc and Pharma Deko Plc were able to beat the deadline.

A statement signed by Dante Martins, Head, Corporate Communication, NSE while approving the request for extension of the period stated that, “In response to the challenges being experienced by listed entities in meeting their regulatory periodic filling obligations with the Exchange for fiscal 2012 audited accounts and 2013 interim accounts, The Exchange confirmed on Thursday, March 28, 2013 that it will grant all listed entities an extension of time of 30 days from the due date of the required periodic financial submissions”.

“The extension offers fresh assurance to businesses and advisors challenged with the adoption of International Financial Reporting Standards (IFRS) as well as increased levels of regulatory approvals, including from the Financial Reporting Council of Nigeria (FRCN)”.