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NASB Releases New Draft Accounting Standards Finance Nigerian Accounting Standards Board (NASB) has released two new draft accounting standards on interim financial reporting and segmental reporting. According to a statement signed by the Executive Secretary/Chief Executive of the Board, Mr. Godson Nnadi, the interim financial reporting and segmental reporting draft standard is concerned with accounting information covering the operations of an organisation for a period less than a full financial year, developed at various points during the year. Such reports, Nnadi said, usually cover between three and nine months. He said that most recent annual financial statements of companies may not be suitable for investment and credit decisions due to events that might have taken place since the end of the financial year. This he argued, makes it necessary to have interim financial reports. Such reports, he added would provide vital information on the current state of business and also enable prospective investors or analysts to assess the effects of trends of activities of the organisation. Nnadi listed the primary objectives of the draft standard to include specification of the minimum content of interim financial reports; identification of the accounting recognition and measurement principles that should he applied in interim financial report; and standardisation of the formats for presentation of interim financial reports. On the draft accounting standard on segmental reporting, Nnadi stated that the objectives of the statement are to require classification by segment in terms of business and location; determine what constitutes material segments; and specify formats for the presentation of financial statements by segments. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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