Kehinde Kassim & Co.
The decision to convert to International Financial Reporting Standards (IFRS) is rarely just a technical accounting exercise — it is an opportunity to re-engineer the way your business measures, reports and explains itself. For mid-sized Nigerian firms, the challenge is doing it without losing operational momentum or distracting the finance team from year-end close.
Begin with a structured comparison of your current accounting policies against IFRS requirements — focusing first on revenue recognition (IFRS 15), leases (IFRS 16), financial instruments (IFRS 9), and impairment. The output is a gap register, not a redesigned chart of accounts. Treat the first four to six weeks as diagnostic only.
The second phase converts the gap register into accounting policy decisions: how will you measure expected credit losses, how will you treat lease modifications, how will you classify property revaluations. This is also where your auditors are formally engaged — early enough that disagreements are policy conversations rather than year-end emergencies.
Most conversion programs underestimate this phase. Even simple policy changes (for example, a lessee's right-of-use asset under IFRS 16) require a feed from procurement or property management into the general ledger. Map the data flows before you draft the journals.
Finally, restate the comparative year, document the transition, and train the wider business — not just finance. Sales teams, commercial managers and the board all need to understand why headline numbers have moved.
IFRS adoption is an opportunity to re-engineer business processes — not just a technical accounting exercise.
We have built our resources, methodology, skills and exposure to deliver IFRS training, conversion and implementation projects across the Nigerian mid-market — from initial diagnostic through to first reporting cycle.
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