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Reuters news is reporting that Access Bank and First Bank will be adopting the International Financial Reporting Standards (IFRS).
Access Bank (ACCE.LG) and First Bank (FBNP.LG) both said this week they were adopting international financial reporting standards (IFRS), joining Guaranty Trust Bank (GTB.LG) as the few Nigerian financial services firms to have done so.
One of the major complaints of international investors has been the lack of openness in Nigerian institutions. The move by these banks will help ease that fear. And I believe that more companies will move to adopt these standards.
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1 Response to Access Bank and First Bank To Adopt IFRS
Best posts on Naija Lo Wa from Apr 2009 - Naija Lo Wa
May 1st, 2009 at 6:00 am
[...] Access Bank and First Bank To Adopt IFRS Posted on Wednesday, April 8th, 2009 in business – Comments: (0) Reuters news is reporting that Access Bank and First Bank will be adopting the International Financial Reporting Standards (IFRS).Access Bank (ACCE.LG) and First Bank (FBNP.LG) both said this week they were adopting international financial reporting standards (IFRS), joining Guaranty Trust Bank (GTB.LG) as the few Nigerian financial services firms to have done so.One of the major complaints of international investors has been the lack of openness in Nigerian institutions. [...]