Akintola Williams Deloitte (AWD) and the Manufacturers Association of Nigeria (MAN) have entered into a strategic partnership, geared towards assisting Small and Medium Enterprises to successfully achieve the International Financial Reporting Standard (IFRS) implementation, which is due to come into effect from 1 January 2013.

Oduware Uwadiae, IFRS Leader for Deloitte West and Central Africa assisted by Osasere Eguakun, IFRS Consultant for AWD  introduced IFRS for SMEs and spoke on a range of issues such as the benefits and challenges of IFRS reporting for SMEs, IFRS conversion process and the need for early preparation.

MAN already has approached Akintola Williams Deloitte to take the seminar to other regions in Nigeria, where its other SME members, who could not attend are located. Deloitte is also partnering with MAN after signing an MOU to organize elaborate training and assist in IFRS implementation for all SMEs under the platform of MAN.

The seminar, which was hugely applauded by participants and stakeholders, comes as the third phase of the adoption of IFRS in Nigeria draws nearer and highlights the need to create awareness and sensitize the applicable entities.

According to the roadmap for IFRS adoption in Nigeria, this phase of the adoption statutorily requires SMEs to issue financial statements based on the framework of IFRS for SMEs at the end of 31st December 2014.