In brief - Key financial reporting implications of COVID-19 on organisations in Nigeria

In response to this pandemic, the federal and state governments as well as the Nigeria Center for Disease Control (NCDC) have implemented various measures to curb the spread of COVID19 in the country. The federal and state tax authorities have implemented measures to relieve some of the burdens on taxpayers. Also, regulators such as the Central Bank of Nigeria (CBN) have developed some policy measures such as the extension of moratorium and reduction in interest rate on certain facilities amongst others to cushion the impact of the pandemic. The Financial Reporting Council (FRC) of Nigeria has provided guidance to preparers of financial statements on specific issues such as events after the reporting period, going concern, effects on interim financial reporting, changes in expected credit losses for financial assets amongst others.

Even though the effects of COVID-19 are gradually phasing out and the country is on the pathway to recovery, it has become imperative for organisations to pay attention to the key financial reporting implications of COVID-19 as they remain considerations in the light of any future disruptions to business resulting in a similar economic impact.