IFRS Proposal From Heed Advisory Services To Arcon

PROPOSAL
ON
CONVERSION AND IMPLEMENTATION
OF
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (IFRS)
FOR
ARCHITECTS REGISTRATION
COUNCIL OF NIGERIA
(ARCON)
PREPARED
BY
HEED ADVISORY SERVICES LIMITED (HASL)

(Financial and Management Consultants)
Technical Proposal on IFRS Conversion and Implementation to ARCON
TECHNICAL PROPOSAL
CONTENTS
PAGES
Table of Contents
1-2
1.
Introduction
2.
Brief Description of Heed Advisory Services Limited
3.
Services
6 - 12
o Management Consultancy Services

o Training on IFRS
o Quality Control
o Firms Current Work Load
o Focus on Technical IFRS Excellence
o Similar IFRS Adoption and Implementation Engagements
4
IFRS Adoption in Nigeria
13
Challenges of IFRS to Medium-Sized Organizations in Nigeria
14
Current International Regulatory Development
14
Preparing for Conversion
15
Changes and Disclosures of Accounting Policies
15
Project Management Expertise
15
10
Project Management Methodology and Plan
16 - 24
o Accounting Changes
o First Time Adoption of IFRS
o Accounting Policies
o Consolidation and Boundary issues
o Subsidiaries
1
o Associates
o Joint Ventures
o Non-Current Assets
CONTENTS OF TECHNICAL PROPOSAL (Contd)
CONTENTS
PAGES
o Investment Property
o Property, Plant and Equipment
o Intangible Assets
o Debtors
o Leases
o Finance Leases
o Operating Leases
11
Scope/Coverage
25
12
Deliverables
25
13
Project staffing
26
14
Resume
27 - 28
15
Project Assistance
30
16
Tools
30
17
Independence and Statement of no Conflicts of Interest
30
18
Lessons Learned from the Private Sector
30-31
19
Professional fee
31
20
Proposed work plan for Conversion & Implementation
32 - 39
INTRODUCTION
Heed Advisory Services Limited is honoured and pleased to present this technical proposal
for consideration by the management of Architects Registration Council of Nigeria
(ARCON)
We believe that our IFRS Technical Department, which consists of experienced and highly
qualified team of IFRS specialists (IFRS Team) is perfectly suited to assist, provide guidance
and manage the implementation of IFRS in a medium-sized group, with significant interest,
such as Architects Registration Council of Nigeria (ARCON)
2. BRIEF DESCRIPTION OF HEED ADVISORY SERVICES LIMITED

Heed Advisory Services Limited provides business and financial advisory services to
entrepreneurs, investors, buyers, sellers, senior executives and business development teams.
We offer business and financial advisory services and our focused set of high-impact
financial services includes:
Merger and acquisition (M&A) & business valuation;

International Financial Reporting Standards (IFRS) Consulting & Training
Reconciliation & Financial recovery services (Excess charges recovery from Bank)
CFO services;
Strategic planning & business strategy assessment;
Outsourced write-ups e.g. Chairmans statement;

Credit and Lease consultancy;
Investment and project management;
Financial model design;
Acting as Nominees, Agents and Managers for individuals and organizations;
Financial planning and performance measurement;
Financial due diligence; and
Management due diligence.
At HASL, we are strategic and critical thinkers. We understand our core competency lies in
the integration of Strategy and Finance. It is from this platform that we leverage the business
services provided by HASL.
We also understand the power of inter-disciplinary collaboration and have established key
strategic alliances with select firms that provide Marketing, Sales, Research, Technology,
Strategy and Intellectual capital services to our clients.
We have the privilege of working with some of the best and brightest people in business
today. They all subscribe to our high standards of service and are able to roll up their sleeves
to get the job done.
BUSINESS ADVISORY SERVICES TO MEET YOUR NEEDS
HASL's business advisory services play an integral role in the leadership of business
development teams, business development strategy, and in the presentation of investment
opportunities to prospective investors and/or key stakeholders. Our job is to carefully analyze
and clearly communicate the value of each client's business strategy, financial projections,
and business plan.
THE BOTTOM-LINE ON FINANCIAL ADVISORY SERVICES
Our principal business strategy is to offer solid financial advisory services.
We work on mandates to make a real difference to our clients. The fees for our business
advisory services are competitive and can be structured to suite the specifics of your business
opportunity.
SERVICES
Heed Advisory Services Limited provides the client with objective analysis and
recommendations with respect to financial and investment opportunities, both business and
personal. The recommendations are developed from a total perspective of the client's
resources, objectives and investment temperament.
For many, our services provide the first opportunity to clearly think through their financial
and business goals.
Our programs are designed to help the client make informed decisions in terms of the client's
unique situation.
Heed Advisory Services Limited develops financial, investment and business programs
tailored towards individual and corporate entities goals:
FINANCIAL
1. Summarize the client's present resources - examining the economic mix and
positioning of capital in relation to the client's personal and business goals.
2. Co-ordinate the client's tax planning program.
3. Analyze present business opportunities - understanding the client's business and
assisting in making good business decisions.
4. Developing long term strategies to add value and accomplish the client's goals,
whether to an on-going business for sale at some future time or to own it forever for
transfer to the next generation.
5. Analyze the executive's compensation, retirement, and other benefit programs.
5
INVESTMENT
1. Examine the present investment program - assessing current investment risks and
returns to determine if any refinement or restructuring is appropriate to bring them in
line with the client's objectives.
2. Develop specific recommendations for future capital allocation as available for
investment.
3. Assist in assessing new investment opportunities that may arise to determine their
viability into individual or corporate plan.
The firm draws upon its broad financial backgrounds in the areas of accounting, taxation,
securities and investments to develop the client's coordinated program. Every aspect of the
service is performed under the strictest professional rules of confidentiality.
Heed Advisory Services Limited represents the client's interests exclusively.
TAX CONSULTING AND BUSINESS ADVISORY SERVICES
Strategic Tax Planning
Tax Due Diligence Reviews
Contract Structuring
Investment Structuring of Business Operations & Tax

Incentives
Structuring of Contract Agreements to maximize Business

Opportunities & Tax Incentives
Global Expatriate Cost Management (GECM)
Compensation Restructuring & Payroll Management.
OUR SERVICE SEGMENTATION

CFO SERVICES:
6
-Outsourced Accountancy services

-Banking & Lending Relationships
-Cost Reduction
-Financial Statements
-Cash flow preparation and management
-Profitability Improvement
RECONCILIATION/RECOVERY:
-Audit of clients bank statements to recover previously unnoticed cash leakages in
the bank statement.
-Bad debt recovery.
REVENUE ASSURANCE:
Companies with significant volume of transactions or invoices and complex billing
systems and product offerings often face the risk of revenue leakages.
LOAN MANAGEMENT:
Assisting clients in sourcing appropriate cash needed for business
operation/expansion with powerful and professional negotiation with the bank on
behalf of our clients.
We build business, banking and lending relationship to help our clients with their banking and
lending needs. We understand how best to present our client's financial information to them.
Any business that hires us will improve its chances to maximize business/banking
relationship.
Strong business, banking and lending relationships are key to a well financed business. A well
financed business can operate much more efficiently than cash strapped firms and can take
better advantage of business opportunities whenever they arise. Owners of businesses that are
well financed are better positioned than those who struggle with cash. Banks are the single
largest source of financing (cash) for businesses. Having strong business banking
relationships is paramount to having a well-financed and successful business.
Some companies, especially start-ups and those with little equity may have difficulty
borrowing from banks. There are times when other non-bank lenders can provide better
financing options than banks. Therefore, having strong relationships with other lenders such
as asset-based lenders, lessors, private investors and investment bankers can be very
important to business success.
Strong banking and lending relationships are based on trust and good communications
between the banker (lender) and the borrower. Providing lenders with accurate and timely
financial statements, good cash flow and income projections, and keeping them informed
about major business decisions and activities will go a long way in developing trust and
cementing a strong relationship.
7
Bankers/lenders will provide better financing for relationship-based borrowers who keep
them well informed about good news as well as otherwise in the business. Businesses that
have strong financial management and institute good financial procedures and controls
(corporate governance) will also be looked on favourably by bankers and other lenders.
HEED financing advisors on average, have worked and negotiated with lenders thereby
having strong relationship with many banks and alternative financing sources. Our business
financing advisors understand which banks and other lenders will serve your company the
best, based on your industry and company profile.
HEED Advisors will help you put together accurate and timely financial statements and
financial projections that will enable you secure a great financing package for your business.
In addition, HEED Advisors will determine the most appropriate mix and terms of financing
to best meet your companies needs, whether it be short term lines of credit, long term debt
and/or leases.
HEED Advisors will help you make better business decisions by helping you analyze your
business from a financial standpoint and by implementing a management reporting system
that gives you the information you need to make better and informed decisions. This will help
you increase profitability and drive your firm's growth, strengthening your company and its
business banking and lending relationships.
Working with banks and lenders can take substantial time and effort. HEED Advisors offers
CFO services that will take care of much of the work for you, allowing you to strategise for
improved business and increasing sales. Your banker/lender will also feel a sense of security
knowing that you have a top financial professional helping you with your financial
management and will reward your company with a stronger and more attractive financing
arrangement.
In summary, HEED Advisory Services can help you secure a better banking/lending
relationship which will ensure your firm is well-financed, has the most competitive rates and
terms; and will free you up to concentrate your time on growing the business. As an
additional benefit, knowing we are taking care of all your CFO services and needs; you will
be fully focused on pure business generation strategies.
ADVISORY SERVICES
-Strategic Planning
-Gross Profit Evaluation
-Increased Sales
-Integrated Performance Management
-Investment advisory services
-Tax advisory services
OUR BOARD
Good governance and leadership greatly determine the success of an organization. These are
essential throughout the changing phases of an organization's life. Heed Advisory Services
8
Limited is re-inforced with experienced team of leaders who contribute to its strong
foundation.
SAHEED OLADIRAN is a chartered accountant by profession and an associate of
Investment Advisers and Portfolio Managers. He is the Managing Director of Heed Advisory
Services Limited.
Saheed has over eleven (11) years working experience in various areas of accountancy and
finance such as financial reporting, debt management and collection, employees
compensation restructuring and strategic tax management in the financial services sector of
the economy before collaborating in the establishment of the HASL.
He has worked with Jeruti Industrial Services Limited as an accountant, Capital Bancorp
Limited as an accountant, Cornerstone Leasing & Investments Limited as Head, Finance &
Investments as well as Greenwich Trust Limited as Chief Financial Officer before his
resignation to steer the affairs of Heed Advisory Services Limited in June 2012.
Saheed, a year 2000 graduate of Accountancy & Finance with Upper credit division from
Yaba College of Technology, Yaba, Lagos has attended various trainings including:
2011 West Africa Regional Anti-Money Laundering/CFT Conference in Accra, Ghana
organized by Financial Intelligence Training Centre (FITC/GIABA);
Customers Service Excellence organized by Lagos Business School;
Accounting, Taxation and Legal Issues in Equipment Leasing organized by
Equipment Leasing Association of Nigeria (ELAN) ;
RECONCILIATION: Risks, Associated problems and Solutions organized by

Precise Financial Systems Limited; and
Financial Accounting & Reporting organized by ICAN, THE LAGOS AND

DISTRICT SOCIETY.
AYOBAMI YINUSA is a chartered accountant by profession and Board member of Heed

Advisory Services Limited. He brings to the Board a wealth of experience. He has vast
expertise in the telecommunications sector. He was Taxation and Employee Benefits Manager
with IHS Nigeria PLC.
For the past over ten (10) years, he has garnered experiences that cut across several areas of
finance and accounting such as taxation and strategic tax management, financial reporting
process, debt collection and account receivables management, account payables, and
employees compensation and remuneration structuring.
Ayobami is a year 2000 graduate of Accountancy & Finance from Yaba College of
Technology, Yaba, Lagos and an MBA Management from Lagos State University, Ojo,
Lagos.
He has attended various trainings including:
9
Intensive Training Programme on International Financial Reporting Standards

organized by David Raggay IFRS Consultants;
Tax Training for human resources function organized by Stransact Partners;
PriceWaterhouseCoopers Tax Academy January- December, 2011;
Seminar on International Financial Reporting Standards organized by Rossad

Business and Educational Services under the aegis of the Institute of Chartered
Accountants of India; and
Seminar on Strategies for Managing and Collecting Debts at the Lagos Business
School of the Pan African University, Ajah- Lekki, Lagos.
DR. GAFAR AMOO- Dr. Amoo is a medical doctor and Board member of Heed Advisory
Services Limited. He is a Medical Officer with the General Hospital Igbo-Ora, Oyo State,
Nigeria. He was the winner of 2012 most active NCD Clinic in Oyo State by Strategy For
Improving Diabetics Care in Nigeria (SIDCAIN).
4.
BRIEF DESCRIPTION OF HEED ADVISORY SERVICES

LIMITED (HASL) (Contd)
.1 REPUTABLE AND INTERNATIONAL RESOURCES COMPANY
HASL is a well-known management consultancy firm in Nigeria.
International Financial Reporting Standards (IFRS) services:
Consulting, researching and providing formal opinions on IFRS related

issues
Planning, developing and delivering training on IFRS for SMEs
Quality control and evaluate financial statements in terms of IFRS and

IFRS for SMEs
Performing GAAP analysis and assisting entities in transitioning from
local GAAP to IFRS and IFRS for SMEs
Accounting services
.2
Specialised financial services, including management advisory, wealth

management and taxation
Internal risk management, including internal audit and due diligence
Companys Current Workload

The extensive experience of our staff and low turnover in personnel provides stability
that will provide continuity and enable us to execute our services throughout the
planned project with little disruption to your day to day operations.
We understand the need to provide continuity in the client service team that works
with our clients Therefore barring unforeseen circumstances we will retain the
10
proposed engagement team on all future engagements We realize the investment our
clients make over time to help us better understand their organization, people and
goals. Like your investment in us we invest our people in you.
.3
Focus on Technical IFRS Excellence

The IFRS Technical and Learning Department at HASL is dedicated to providing technical
financial reporting (incl. IFRS, IFRS for SMEs and GRAP/IPSAs) training and consulting
services.
Our team consists of technical experts in their respective fields. These include
International Financial Reporting Standards (IFRS), IFRS for SMEs, Nigerian-GAAP
and International Public Sector Accounting Standards (IPSAS) - used in the public
sector.
Our IFRS team are well vast in the adoption and implementation of IFRS in the
private and public sectors of the Nigerian economy in view of the training received
locally and internationally.
Our vast experience in offering public courses gives our attendees the opportunity to
have first-hand information and to be well-informed on the array of topics they are
being trained on.
These experts can deliver tailor-made training programs, provide formal accounting
opinions, provide accounting guidance and assist you in addressing your financial
reporting and accounting issues.
.4
Similar IFRS Adoption and Implementation Engagements

HASL has extensive experience in performing consulting on IFRS issues and firsttime adoption projects. We have dedicated substantial resources to our IFRS Technical
and Learning Department.
We have rendered IFRS TRAINING, FIRST TIME ADOPTION AND
IMPLEMENTATION to the following Institutions and Companies:
5.
Ekili Investments Limited

Imo State Board of Internal Revenue
Zircon Advisory Partners Limited
GTI Microfinance Bank Limited
IBT Engineering Services Limited
IFRS ADOPTION IN NIGERIA
On 28 July 2010, the Nigeria Federal Executive Council approved 1 January 2012 as
the effective date for convergence of accounting standards in Nigeria with IFRS. The
Council directed the Nigerian Accounting Standards Board (NASB), under the
supervision of the Nigerian Federal Ministry of Commerce and Industry, to take
further necessary actions to give effect to Councils approval.
11
On 3 September 2010, the NASB announced a staged implementation of IFRS:
6.
Implementation of IFRS is required for all publicly listed entities and significant
public interest entities for financial year-ends on or after 31 December 2012.
Other public interest entities are expected to implement IFRS by 1 January 2013
Small and medium-sized entities are expected to implement by 1 January 2014.
CHALLENGES OF IFRS TO MEDIUM-SIZED ORGANIZATIONS

IN NIGERIA SUCH AS ARCHITECTS REGISTRATION
COUNCIL OF NIGERIA (ARCON)
7.
Consolidation and boundary issues (for non-departments only).

The use of fair value for land and buildings fixed assets and the entitys approach to
valuation of the assets.
The use of fair value or depreciated historic cost for non-property assets.
The approach used to valuing financial instruments.
The approach to valuing and depreciating intangible non-current assets.
The application of the revised inventories guidance (where applicable).
The calculation of employee benefits accruals.
The application of the revised related parties guidance.
The explanation of significant areas of judgement and uncertainties in accounting
estimates.
The approach to recognising and accounting for PPP / PFI arrangements.
Are there any adjustments to existing policies which, whilst not strictly required for IFRS
purposes, are proposed to aid the clarity and understanding of the financial statements?
Consolidation and Boundary Issues.
CURRENT INTERNATIONAL REGULATORY DEVELOPMENT

As at today, the IFRS has released the 13 th Standard which is on the
determination of fair value.
Fair value is the hallmark of IFRS.
8.
PREPARING FOR CONVERSION

IFRS 1 sets out detailed rules that entities must follow when adopting IFRS for the
first time. The standard also sets out a number of exemptions that may be applied
when adopting IFRS. If an entity wishes to apply either of these exemptions a full
audit trail must be produced to outline the assessment and sufficient evidence must be
provided to evidence that the application of the exemption is appropriate.
The main issues that bodies need to be aware of when adopting IFRS 1 are:
12
A full audit trail for all adjustments from SAS - Nigerian GAAP to IFRS will
be required;
9.
Additional reconciliations and disclosures will need to be produced, see

detailed sections below;
A significant amount of analysis and documented evidence will be required
even when proving nil adjustments;
Key issues need to be flagged early and discussed with auditors to ensure
there is timely agreement on accounting treatment;
The length of disclosures within the accounts as a result of IFRS will be
increased;
Early engagement with Audit Committees is essential to ensure they are
aware of the process and the impact of the change to IFRS; and
Significant investments in terms of time and resources are likely to be
required
to ensure that all issues with IFRS are resolved, especially for more complex
accounts.
CHANGES AND DISCLOSURES OF ACCOUNTING POLICIES

Accounting policies are defined in IAS 8 as the specific principles, bases,
conventions, rules and practices applied by an entity in preparing and presenting
financial statements. Some revisions to accounting policies will be required as a result
of the adoption of IFRS and the private sector saw a significant increase in the length
of accounting policy disclosures in the financial statements as a result of the transition
to IFRS. This increase in length was largely due to the need to provide more
explanation on application of the standards, but also due to the requirement to explain
areas of judgement and an indication of uncertainties in accounting estimates.
The adoption of IFRS is an opportunity for clients to revisit their accounting policies
and ensure that they comply with the guidance in all areas.
10.
CHANGES AND DISCLOSURES OF ACCOUNTING POLICIES (Contd)

Question that should be asked is:
Is the entity reviewing its accounting policies to confirm that they are compliant
with the requirements of IFRS?
Areas that entities will commonly need to revise include:
13

The use of fair value for land and buildings fixed assets and the entitys approach
to valuation of the assets.
The use of fair value or depreciated historic cost for non-property assets.
The approach used to valuing financial instruments.
The approach to valuing and depreciating intangible non-current assets.
11.
The explanation of significant areas of judgement and uncertainties in

accounting estimates.
The approach to recognising and accounting for PPP / PFI arrangements.
Are there any adjustments to existing policies which, whilst not strictly required
for IFRS purposes, are proposed to aid the clarity and understanding of the
financial statements?
Consolidation and Boundary Issues
PROJECT MANAGEMENT EXPERTISE

OUR PROJECT MANAGEMENT
We manage our projects with clients of International activities by deploying staff
locally noting project time delivery. We also take into consideration Project Net Work
Management and the identification of Critical Part Management.
Our International Affiliate takes charge of the International branch whilst the
consolidation shall be done locally.
In the same vein, if we have an assignment that requires an expertise that we cannot
source locally, our International Affiliates are always available to give such expertise.
SPECIFIC
Conversion benefit to our firm and our clients is principally, the globalisation of
financial statements.
It eases the consolidation of financial statements where a company has an off shore
branch.
It also facilitates the trading of local stocks in the International markets as the indices
and mode of determining the value of a company relying on the audited financial
statements are basically the same, globally.
It facilitates the current value of the company, since fair values of assets are used in
preparing the financial statements and making provision for impairment.
12.
PROJECT MANAGEMENT METHODOLOGY AND PLAN

.1
SPECIFIC TOPICS
Accounting Changes
In April 2008 the Treasury announced the Trigger Points for the
implementation of IFRS that lead to the first set of IFRS compliant
accounts for the year ending 31 December 2012. IFRS shadow accounts
for 2010-11 will also be produced.
Management will need to ensure that it is able to produce financial
reporting information on an IFRS basis to feed into restated comparatives.
Until 31 December 2010 Management will also need to produce
information on the current local, entity-specific GAAP basis for their
2010-11 published financial statements.
14
In overview there is a need for organisations to:
.2
Assess the areas of impact on its financial statements;

Capture the required data for the restatement figures required by
the trigger points;
Assess the impact of the revised standards on the format of the
financial statements; and
Review the accounting policies to identify any required revisions.
The Corporation need to consider the following standards in their
first time adoption review process:
IFRS 1 - First Time Adoption of IFRS;
IAS 1 Format of the Accounts;
IAS 8 Accounting Policies
First Time Adoption of IFRS

IFRS 1 sets out detailed rules that entities must follow when adopting IFRS for the
first time. The standard also sets out a number of exemptions that may be applied
when adopting IFRS. If an entity wishes to apply either of these exemptions a full
audit trail must be produced to outline the assessment and sufficient evidence must
be provided to evidence that the application of the exemption is appropriate.
The main issues that bodies need to be aware of when adopting IFRS 1 are:
.3
15
A full audit trail for all adjustments from SAS - Nigerian GAAP to IFRS will
be required;
Additional reconciliations and disclosures will need to be produced, see

detailed sections below;
A significant amount of analysis and documented evidence will be required

even when proving nil adjustments;
Key issues need to be flagged early and discussed with Management to

ensure that there is timely agreement on accounting treatment;
The length of disclosures within the accounts as a result of IFRS will be

increased;
Early engagement with Management is essential to ensure that they are

aware of the process and the impact of the change to IFRS;
Significant investments in terms of time and resources are likely to be

required to ensure that all issues with IFRS are resolved, especially for more
complex accounts.
Accounting Policies
Accounting policies are defined in IAS 8 as the specific principles, bases,
conventions, rules and practices applied by an entity in preparing and presenting
financial statements. Some revisions to accounting policies will be required as a
result of the adoption of IFRS and the private sector saw a significant increase in the
length of accounting policy disclosures in the financial statements as a result of the
transition to IFRS. This increase in length was largely due to the need to provide
more explanation on application of the standards, but also due to the requirement to
explain areas of judgement and an indication of uncertainties in accounting
estimates.
The adoption of IFRS is an opportunity for your company to revisit its accounting
policies and ensure that it complies with the guidelines in all areas.
Question that shall be asked and answered is:
Is your company reviewing its accounting policies to conform with the
requirements of IFRS?
.4
The areas we shall revise include:

The use of fair value for land and buildings, fixed assets and the
companys approach to valuation of the assets.
The use of fair value or depreciated historic cost for non-property
assets.
The approach used in valuing financial instruments.
The approach in valuing and depreciating intangible and non-current
assets.
The explanation of significant areas of judgement and uncertainties in
the accounting estimates.
The approach to recognising and accounting for PPP/PFI
arrangements.
Are there any adjustments to existing policies which, whilst not strictly
required for IFRS purposes, are proposed to aid the clarity and
understanding of the financial statements?
Consolidation and Boundary Issues

IAS 27, 28, 31 Areas of impact
We shall determine the effects of IFRS on the accounting boundary
.5
SUBSIDIARIES IAS 27
Are there relevant relationships which demonstrate the following factors that indicate
control and may, as a result, impact on the financial statements?
(Note one or more of these factors will be judged to indicate control and it is the
theoretical ability to control, not the exercise of it which is relevant)
16
Ownership of more than 50% of the voting power.

Power over more than 50% of the voting rights.
Power to govern financial and operating policies.

Power to appoint or remove the majority of the members of the board of
directors.
Power to cast the majority of votes at meetings of the board of directors.
Are there changes to the entitys consolidation process as a result of IFRS?
.6
ASSOCIATES IAS 28
Under IAS 28, investors must use the equity accounting method to account for all
Associates. Associates are classified as such if the investor has significant influence
over the investee, being the power to participate in the financial and operating policy
decisions of the investee but not control or joint control over those policies.
Are there relevant relationships which demonstrate the following that indicate
significant influence?
(Note As for control, one or more or these factors will indicate significant influence)
Representation on the board (greater than 20% of the voting power results in
significant influence).
Participation in the policy making process.
Material transactions with the investee.
Interchange of managerial personnel.
Provision of essential technical information.
Are there changes to the bodies which will be equity accounted as a result of the
transition to IFRS?
.7 JOINT VENTURES IAS 31
Joint ventures are defined in terms of a contractual arrangement, whereby two or
more parties undertake an economic activity that is subject to joint control.
Note IAS 31 only applies when decisions require unanimous consent. Three types of
joint ventures are identified, jointly controlled operations, jointly controlled assets
and jointly controlled entities.
What contractual arrangements whereby two or more parties undertake an activity
that is subject to joint control, and unanimous consent is required to take decisions,
exist?
If such arrangements exist then is the body accounting for them as follows, dependent
on the nature of the arrangement?
Jointly controlled operations:
17
The assets it controls and the liabilities it incurs.

The expenses it incurs.
Its share of the joint venture income.
Jointly controlled assets:
Its share of the jointly controlled assets.

Any liabilities it has incurred directly.
Its share of any liabilities incurred jointly.
Its share of the joint venture income and expense.
Any expenses it has incurred.
Jointly controlled entities the venturer will need to apply one of the following
treatments:
Proportional consolidation.
The equity method of accounting for the entity.\
.8
NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED

OPERATIONS IFRS 5
Are non-current assets held for sale classified appropriately and shown
separately on the SFP?
Are all such assets valued at the lower of carrying amount and fair value less
costs to sell and not being depreciated?
Has any impairment as a result of the change in valuation to lower of carrying
amount less costs to sell been recognised?
Note The recognition of subsequent gains is allowed, but only to the extent that they
reverse any impairment loss.
.9
INVESTMENT PROPERTY IAS 40

Is your company holding investment properties at fair value and not depreciating
them?
Is your company passing all revaluation gains/losses related to investment
property through the OCS?
Is your company classifying investment properties that they have developed for
sale as stock?
Is investment property that is to be occupied by your company being, correctly,
classified as property, plant and equipment?
.10
Non-Current Assets
Background
The transition to IFRS with regard to non-current (fixed) assets will affect your
company. The International standards require some significant changes in accounting
treatment that will result in adjustments:
The standards that impact on the accounting for non-current assets are:
18
IAS 16 Property, Plant and Equipment;
IAS 38 Intangible Assets;
IAS 23 Borrowing Costs;
IAS 36 Impairment.
Note These standards do not apply to assets held for sale, biological agricultural
assets, exploration and evaluation assets, mineral rights and reserves, or investment
properties.
.11
PROPERTY, PLANT AND EQUIPMENT

Background
IAS 16 is similar to the equivalent Nigerian SAS, in many respects though there are
some changes in emphasis and new rules. These are highlighted below.
We shall revisit your companys accounting for non-current assets as a result of the
adoption IFRS and introduce a more component based approach. This will require
material components of non-current assets to be capitalised and depreciated
separately, which will allow a more accurate reflection of the consumption of
economic benefits and the recapitalisation of components when they are replaced.
However, we shall take a pragmatic approach to the recognition of components under
IAS 16 and only recognise components if there is a clear case for doing so.
.12
Questions that shall be addressed are:

We shall determine if your company is valuing property fixed assets:
At valuation and not historic cost?

Using the most appropriate method?
As assets under construction as appropriate?
Using the most appropriate reserve to record the revaluation (revaluation reserve,
donated asset reserve or government grant reserve)?
If your company is recognising and valuing non-property fixed assets at fair value, or
depreciated historic cost for assets with a short life or low value;
If your company is capitalising donated assets at fair value with the credit entry made
to the donated asset reserve;
If your company is capitalising subsequent expenditure when it is probable economic
benefits will flow and the costs can be measured reliably;
If the company is taking revaluation losses, first to reserves, then to the OCS for any
loss in excess of previous revaluation gains;
19
(Note We shall post donated assets to the donated asset reserve, grant financed to
government grant reserve).
If the companys non-current assets have a residual value;
Note - If so then this residual value, where material, must be revisited by us at every
reporting date with depreciation adjusted accordingly.
If the company values assets that have been purchased for non-monetary assets at fair
value;
.13
INTANGIBLE ASSETS
Question that we shall address is:
Is the company recognising intangible assets, when they are separately identifiable
from the business and meeting the criteria of IAS 38?
If your company is holding intangible assets at the appropriate values;
On first time adoption, IAS 38 allows entities to elect to used deemed cost for initial
recognition of the intangible asset where that asset meets the recognition criteria in
IAS 38 and the revaluation criteria. That deemed cost may be fair value, or cost or
depreciated replacement cost (DRC). Under IFRS 1 an entity can only elect to use
these routes if the intangible asset meets both recognition criteria in IAS 38, including
reliable measurement of original cost. Thus, an entity can only use retrospective
capitalisation where it holds reliable original cost information in relation to the
internally generated asset.
For subsequent measurement IAS 38 allows the use of either the cost or revaluation
model for each class of intangible asset.
Note Intangibles will have to be retrospectively valued at the date of adoption of
IFRS.
If your company is capitalising development costs (they shall be capitalised
under IAS 38). To do so, the management shall demonstrate the following:
20
the technical feasibility of completing the intangible asset so that it will be

available for use or sale;
the intention to complete the intangible asset and use or sell it;
the ability to use or sell the intangible asset;
how the intangible asset will generate probable future economic benefits.
Among other things, the entity can demonstrate the existence of a market for
the output of the intangible asset or the intangible asset itself or, if it is to be
used internally, the usefulness of the intangible asset;
the availability of adequate technical, financial and other resources to

complete the development and to use or sell the intangible asset; and
the ability to measure reliably the expenditure attributable to the intangible

asset during its development.
If your company is capitalising internally generated software as an intangible asset;

If your company expensing website costs rather than capitalising them, unless the
entity can prove that the site is used to deliver future service potential;
Note If the website is simply for the purpose of informing stakeholders of the
services or objectives of the reporting your company, we shall capitalise the cost.
.14
DEBTORS
IAS 39 has one specific rule relating to bad debt provisions that may impact on the
government sector.
Is your company providing for specific bad debts (specifically stated in IAS 39)?
.15
LEASES
Background
IAS 17 is similar in many respects to Nigerian SAS, but the focus on the assessment
of the finance/operating lease split is based solely on the whether substantially all of
the risks and rewards of ownership of the asset have been transferred to the lessee.
In addition IAS 27 states that any land and building leases should be subject to
separate assessments for the land and building elements. This is likely to lead to more
buildings being included on public sector balance sheets.
IFRIC 4 extends the scope of the lease based accounting treatment beyond the legal
form or leases to lease type arrangements, which will increase the disclosure and
recognition requirements for some entities.
The following issues shall be addressed:
Following a review of material contracts, extensive changes are required to ensure
that the classification of operating/finance leases are correct;
The lease classification test is based on the balance of risk and rewards of ownership.
Indicators that a lease should be classified as a finance lease include:
21
The lease transfers ownership to the lessee at the end of the term.
The lease contains a bargain purchase option.
The present value of the minimum lease payments covers at least

substantially all of the fair value of the asset.
The asset is specialised.
The lessee has an obligation to compensate for the lessors losses.
The lessee is exposed to the residual value of the asset.
The lease can be extended at a rent substantially lower than the market
rent.
IFRIC 4 requires the recognition of a lease (finance or operating) together with the
appropriate disclosure. (Two criteria must be met: the arrangement must be based on
the right to use a specific asset; and the arrangement must contain a right to control
the use of an asset, for example an outsourcing arrangement or a telecoms contract
that provides the right to capacity/bandwidth). If the arrangement falls under the
scope of IFRIC 4 then the standard risk and rewards tests will need to be applied to
assess the operating/finance lease split as detailed above.
If your company is reviewing all finance leases for land and buildings;
Such leases will need to be revisited and reassessed using the above classifications as,
under IAS 17, land elements must be separated from buildings elements in combined
leases and classified as operating leases unless the land transfers to the lessee at the
end of the lease term.
If any of the companys leases include incentives such as rent free periods or
minimum incremental increases; If so, they shall be included in the classification
assessment and accounted for appropriately within the finance/operating lease;
If the company is disclosing operating lease payments on the basis of the year they are
paid rather than the year in which the commitment expires;
.16
.17
Finance lease:
Initially recognise the asset as a receivable at an amount equal to the net

investment in the lease (gross investment discounted using the implicit interest
rate).
Subsequently recognises income on a pattern reflecting a constant periodic

rate of return on the lessors net investment in the finance lease.
Operating leases:
Present the asset as appropriate to its nature.
Recognise lease income in a straight line basis over the lease term.
22
Include the transaction expenses with the asset and depreciate in line with the
entities policy.
Other Areas of Impact

Borrowing costs
Is the entity capitalising any finance costs related to fixed assets while being
prepared for intended use or sale (except cost of capital)?
12.
SCOPE/COVERAGE
Prior to the start of the engagement we will schedule a meeting with management to
discuss possible issues, establish an overall liaison for the project and make
arrangements for workspace and other needs. Additionally, Management will be kept
up to date on the status of the project and required reports during the course of the
engagement.
In order to accomplish our IFRS objectives and meet your deadlines for delivery the
sequence and timing of our procedures are critical. We will provide ARCHITECTS
REGISTRATION COUNCIL OF NIGERIA (ARCON) with a detailed plan for the
project soon after being notified that we have been selected as your consultant.
As the project is on-going, the ARCHITECTS REGISTRATION COUNCIL OF
NIGERIA (ARCON) Finance and Accounts staff shall be carried along to understand
and implement independently the IFRS.
With the on-the-job training, they shall be able to catch up quickly during the training
at the end of the exercise.
23
13.
DELIVERABLES
DELIVERABLES INCLUDE:
Business Impact Analysis Report
Organisational Readiness
Financial Statement Disclosures
Accounting Manual and Guidelines
System change plan
Preparation of the Comparative Amounts in Accordance

with IFRS
Training
Development of Training Plan
Preparation of Training Material
Delivery of Training
Implementations
Follow-up on implementation
14.
PROJECT STAFFING
OUR TEAM
ORGANISATIONAL STRUCTURE OF PROJECT TEAM

ENGAGEMENT ORGANOGRAM
Managing
Partner
IFRS
Technical
Partner
24
IFRS Training
Partner
Managers
Managers
Supervisors
Supervisors
15.
RESUME OF OUR PROPOSED PROJECT TEAM
SAHEED OLADIRAN is a chartered accountant by profession and an associate of

Investment Advisers and Portfolio Managers. He is the Managing Director of Heed Advisory
Services Limited.
Saheed has over eleven (11) years working experience in various areas of accountancy and
finance such as financial reporting, debt management and collection, employees
compensation restructuring and strategic tax management in the financial services sector of
the economy before collaborating in the establishment of the HASL.
He has worked with Jeruti Industrial Services Limited as an accountant, Capital Bancorp
Limited as an accountant, Cornerstone Leasing & Investments Limited as Head, Finance &
Investments as well as Greenwich Trust Limited as Chief Financial Officer before his
resignation to steer the affairs of Heed Advisory Services Limited in June 2012.
Saheed, a year 2000 graduate of Accountancy & Finance with Upper credit division from
Yaba College of Technology, Yaba, Lagos has attended various trainings including:
25
2011 West Africa Regional Anti-Money Laundering/CFT Conference in Accra, Ghana

organized by Financial Intelligence Training Centre (FITC/GIABA);
Customers Service Excellence organized by Lagos Business School;
Accounting, Taxation and Legal Issues in Equipment Leasing organized by
Equipment Leasing Association of Nigeria (ELAN) ;
RECONCILIATION: Risks, Associated problems and Solutions organized by

Precise Financial Systems Limited; and
Financial Accounting & Reporting organized by ICAN, THE LAGOS AND

DISTRICT SOCIETY.
AYOBAMI YINUSA is a chartered accountant by profession and Board member of Heed

Advisory Services Limited. He brings to the Board a wealth of experience. He has vast
expertise in the telecommunications sector. He was Taxation and Employee Benefits Manager
with IHS Nigeria PLC.
For the past over ten (10) years, he has garnered experiences that cut across several areas of
finance and accounting such as taxation and strategic tax management, financial reporting
process, debt collection and account receivables management, account payables, and
employees compensation and remuneration structuring.
Ayobami is a year 2000 graduate of Accountancy & Finance from Yaba College of
Technology, Yaba, Lagos and an MBA Management from Lagos State University, Ojo,
Lagos.
He has attended various trainings including:
Intensive Training Programme on International Financial Reporting Standards

organized by David Raggay IFRS Consultants;
Tax Training for human resources function organized by Stransact Partners;
PriceWaterhouseCoopers Tax Academy January- December, 2011;
Seminar on International Financial Reporting Standards organized by Rossad

Business and Educational Services under the aegis of the Institute of Chartered
Accountants of India; and
Seminar on Strategies for Managing and Collecting Debts at the Lagos Business
School of the Pan African University, Ajah- Lekki, Lagos.
DR. GAFAR AMOO- Dr. Amoo is a medical doctor and Board member of Heed Advisory
Services Limited. He is a Medical Officer with the General Hospital Igbo-Ora, Oyo State,
26
Nigeria. He was the winner of 2012 most active NCD Clinic in Oyo State by Strategy For
Improving Diabetics Care in Nigeria (SIDCAIN).
16.
PROJECT ASSISSTANCE
The Project may, inter alia, require the following from Architects Registration Council
of Nigeria (ARCON) (vis--vis Financial, Operational, Information Technology and
other relevant Systems):
Prompt provision of information and answers to our enquiries
The availability of documents and records as and when needed.
RESOURCES AND KNOWLEDGE AS UNDERSTOOD BY MANAGEMENT:
27
Key impacts on the organisation and its financial reporting arising from the
implementation of IFRS.
Key changes to accounting policies.
Level of resource required to successfully manage the transition.
IFRS staff training required.
Note Consideration should be given to training finance and non-finance staff
(such as procurement staff and business managers) in the impacts of IFRS.
Actions required to ensure that subsidiaries that are consolidated into the financial
statements will successfully implement IFRS.
Role of internal audit have in aiding the transition.
The potential impact on the accounts preparation timetable as a result of the
transition to IFRS.
Plan to keep the Management informed of the timetable and progress being made
towards adoption of the revised standards.
Potential budgetary impact of the move to IFRS.
How and when the engagement with the external auditor will take place.
Will the 2011 Accounts include a statement on preparedness and the potential
impact of the transition to IFRS?
PREPARATIONS SYSTEMS AND DATA
Implications on the configuration of financial systems arising as a result of the

transition to IFRS.
Balances and disclosures for which there is a need to capture new and revised
data with regard to IFRS.
Note Areas such as leases, financial instruments and fixed assets may require
additional data capture.
17.
Anticipated management accounting processes which need to be re-engineered to

ensure they are compatible with IFRS.
Reformatting of the accounts format, i.e. account structure and numbering
conventions, to ensure it is line with the new requirements.
Possible parallel systems needed for 2011, for IFRS and SAS based information,
to ensure that comparative information can be accurately produced.
TOOLS
To facilitate our work, ARCHITECTS REGISTRATION COUNCIL OF NIGERIA (ARCON)
should provide us with access to the computer system, avail us with passwords to be able to
assess the data/information in the computer system.
Avail us with both office and hotel accommodation facilities.
Provide means of transportation as we shall be required to move from one place to the other.
Sensitise the staff to co-operate with us as we shall be asking question and also be liaising
with them.
18.
INDEPENDENCE AND STATEMENT OF NO CONFLICTS OF

INTEREST
Heed Advisory Services Limited (HASL) is independent of ARCHITECTS REGISTRATION
COUNCIL OF NIGERIA (ARCON) as defined by International Standards of Auditing (IAS)
and there is no conflict of Interest.
19.
LESSONS LEARNED FROM THE PRIVATE SECTOR

The introduction of IFRS in the private sector caused a number of difficulties. The
standards that created the most problems were IAS 32, 39 and IFRS 7 on Financial
Instruments; IAS 27, 28 and 31 on Subsidiaries, Associates and Joint Ventures; IFRS
28
2 on Share Based Payment; and IAS 12 on Income Taxes. IFRS 2 and IAS 12 will not
apply to the public sector in general, but the other standards will be applied, which
will result in significant impacts for some organisations.
The key lessons from the private sector transition to IFRS are as follows:
Early preparation is essential to ensure that there is no knock-on impact on the

timetables for the first year of IFRS compliant Accounts;
The level of disclosure required under IFRS and therefore the length of
accounts, increased significantly as a result of the transition and the new
standards;
For most organisations the impact assessment and understanding of the new
standards took considerably longer than was expected;
19.
A significant investment in staff training was required;
LESSONS LEARNED FROM THE PRIVATE SECTOR (CONTD)
Flagging up and discussing key issues and potential areas of difficulty with
key stakeholders early aided smooth transition;
Board and Audit Committee engagement is crucial, to ensure that they are
involved in the project and aware of the areas of impact and the potential risks
involved in the transition.
19. PROFESSIONAL FEE

Our fee for this service shall be one million four hundred and sixty
thousand Naira Only (N1,460,000) broken down as follows:
=N=
Professional fee
VAT (5%)
Disbursements
Total
29
1,200,000
60,000
200,000
1,460,000
PROPOSED WORK PLAN FOR

CONVERSION & IMPLEMENTATION
30
WORK PLAN
DETAIL WORK REQUIRED
Conversion
of
opening balances as
at 1 January 2012 to
IFRS
Recognize all assets and liabilities

whose recognition is required by
IFRSs;
Not recognizing items as assets
or liabilities if IFRSs do not permit
such recognition
Reclassify items in accordance
with IFRSs and
Apply IFRSs in measuring all
recognised assets and Liabilities
Prepare reconciliation Statement
of Nigeria GAAP and IFRS.
AVERAGE NUMBER
OF HOURS
16 hrs
However, to carry out this exercise,

some key accounting staff will be
involved
to
give
some
vital
information during conversion
31
32
Creating new charts of

accounts in line with
IFRS
Incorporation of
opening balances as at
1 January, 2013
Review the accounting

Manual and Guidelines
for the institution
Implementation
33
Review the already existing charts

of accounts
Not those items no longer
required
Note the additional account heads
to be added due to conversion to
IFRS
Creating the charts of accounts
Open an accounting period for

2011 to run concurrently with the
local GAAP
Incorporate the already converted
opening financial positions into
the period
Monitor and review the progress
of the project against the agreed
roadmap
Manage and supervise those
individuals charged with specific
responsibilities
Overall quality control of the
project.
Posting proper
Review all the postings done by

staff
Preparation of financial statements

in accordance with International
Financial Reporting Standards
(IFRS)
Analytical review of financial

statements
Retraing staff where they are not

clear
8 hrs
20 hrs
32 hrs
46 hrs

Post
implementation
34
Review all the postings done by

staff
Preparation of financial
statements in accordance with
International Financial
Reporting Standards (IFRS)
Analytical review of financial
statements
Retrain staff where they are not
clear
24 hrs
PROGRAMME ON SOME MAJOR IASs /IFRSs

IAS/IFRS
Property, plant and
equipment - IAS 16
Investment
property-IAS 40
PROGRAMME
Ensure that PPE are recognised with its initial costs and
included in the financial statements at carrying
amount. The costs to include purchase price,
handling cost, installation cost, import duties, etc
and less trade discounts or rebate
Ensure that the depreciation rates are determined by
the economic useful life of the assets.
Identify assets to be regarded as investment property
i.e. held in order to earn rentals and/or for capital
appreciation
Identify the accounting for investment property
Ensure appropriate recognition and measurement of the
Investment property
Ensure adequate treatment for gain or loss on disposal.
Ensure that owner occupied property or property held
on sale are not included.
Ensure that derecognition is carried out when the
investment properly is permanently withdrawn from
use and no future economic benefits are expected
from its disposal
Identify assets that qualify as good will and intangible

Intangible
assets
assets/goodwill- IAS Separate intangible assets from goodwill
38
Ensure reliable measurement as specified by the
standards
Ensure that the appropriate disclosure requirements are
applied
Leases-IAS 17
Inventories- IAS 2
35
Ensure that the primary and secondary indicators are

used to classify leases into financial and operating.
Ensure that the disclosure requirement applicable to
each are met.
Ensure that the correct measurements are applied.
Ensure adequate computations on the leases.
Ensure that inventories are recognised at lower of cost
and net
realisable value
Ensure that the costs are measured either at weighted
average method or first in first out (FiFo) depending
on the policy of the company.
Ensure that cost incurred in bringing the inventories to
their present location and condition are recognised
as the cost.
36
PROGRAMME ON SOME MAJOR IASs /IFRSs

IAS/IFRS
PROGRAMME
Insurance Contract1FRS 4
Borrowing cost IAS 23
Non Current assets for

sale & discontinued
operation- IFRS 5
Events after the

Reporting date - IAS 10
37
Ensure that claims recognized are in existence at the end of

the reporting period e.g. provision for unexpired risk etc.
Ensure that insurance liabilities are removed from financial
position when discharged or cancelled
Ensure that insurance liabilities are not offset against
insurance assets.
Carry out liability adequacy test
Carry out impairment test on reinsurance assets
Identify various borrowing costs

Ensure that borrowing cost associated with acquisition,
constitution or production of a qualify assets is capitalized.
Identity period of capitalization of the borrowing costs.
Recognise & separate non current assets held for sale and
discontinued operation from other assets.
Ensure that these non current assets are not depreciated
Ensure appropriate disclosures and measurement
Identify events that occurred after the reporting date

Classify them into adjustable and non adjustable items.
OUR IFRS CONVERSION APPROACH

Our approach is tailored towards achieving great success in any sector of the Nigerian
economy.
For companies searching for a solution to guide them through the intricacies of GAAP
conversion, our approach allows a firm to move quickly from establishing a conversion plan
through the use of pre-defined templates to assigning responsibilities and monitoring the
conversion process through real-time workflow and reporting tools.
This approach provides a phased work plan for conversion that is specific to the issues faced
by finance officers in different industries. It allows for the creation of the project plan, the
identification of significant accounting policy changes and the management of concurrent
dual reporting requirements for existing GAAP and IFRS.
Benefits of our approach
38
Industry specific conversion plans and templates
Assignment of required tasks to task leaders and sub-task owners
Progress charting and monitoring
Audit committee and monthly management reporting
Complete audit trails are maintained
Complete document management

IFRS Proposal From Heed Advisory Services To Arcon

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PROPOSAL

HEED ADVISORY SERVICES LIMITED (HASL)

Technical Proposal on IFRS Conversion and Implementation to ARCON

Brief Description of Heed Advisory Services Limited

o Management Consultancy Services

IFRS Adoption in Nigeria

Challenges of IFRS to Medium-Sized Organizations in Nigeria

Current International Regulatory Development

Preparing for Conversion

Changes and Disclosures of Accounting Policies

Project Management Expertise

Project Management Methodology and Plan

Technical Proposal on IFRS Conversion and Implementation to ARCON

Independence and Statement of no Conflicts of Interest

Lessons Learned from the Private Sector

Proposed work plan for Conversion & Implementation

Technical Proposal on IFRS Conversion and Implementation to ARCON

Technical Proposal on IFRS Conversion and Implementation to ARCON

2. BRIEF DESCRIPTION OF HEED ADVISORY SERVICES LIMITED

Merger and acquisition (M&A) & business valuation;

Outsourced write-ups e.g. Chairmans statement;

Investment and project management;

Financial model design;

Acting as Nominees, Agents and Managers for individuals and organizations;

Financial planning and performance measurement;

Financial due diligence; and

Management due diligence.

Technical Proposal on IFRS Conversion and Implementation to ARCON

Technical Proposal on IFRS Conversion and Implementation to ARCON

TAX CONSULTING AND BUSINESS ADVISORY SERVICES

Strategic Tax Planning

Tax Due Diligence Reviews

Investment Structuring of Business Operations & Tax

Structuring of Contract Agreements to maximize Business

Global Expatriate Cost Management (GECM)

Compensation Restructuring & Payroll Management.

OUR SERVICE SEGMENTATION

Technical Proposal on IFRS Conversion and Implementation to ARCON

-Outsourced Accountancy services

Technical Proposal on IFRS Conversion and Implementation to ARCON

Technical Proposal on IFRS Conversion and Implementation to ARCON

RECONCILIATION: Risks, Associated problems and Solutions organized by

Financial Accounting & Reporting organized by ICAN, THE LAGOS AND

AYOBAMI YINUSA is a chartered accountant by profession and Board member of Heed

Technical Proposal on IFRS Conversion and Implementation to ARCON

Intensive Training Programme on International Financial Reporting Standards

PriceWaterhouseCoopers Tax Academy January- December, 2011;

Seminar on International Financial Reporting Standards organized by Rossad

BRIEF DESCRIPTION OF HEED ADVISORY SERVICES

International Financial Reporting Standards (IFRS) services:

Consulting, researching and providing formal opinions on IFRS related

Quality control and evaluate financial statements in terms of IFRS and

Specialised financial services, including management advisory, wealth

Companys Current Workload

Technical Proposal on IFRS Conversion and Implementation to ARCON

Focus on Technical IFRS Excellence

Similar IFRS Adoption and Implementation Engagements

Ekili Investments Limited

Technical Proposal on IFRS Conversion and Implementation to ARCON

On 3 September 2010, the NASB announced a staged implementation of IFRS:

Small and medium-sized entities are expected to implement by 1 January 2014.

CHALLENGES OF IFRS TO MEDIUM-SIZED ORGANIZATIONS