World Bank2013-02-112013-02-112011-06-06https://hdl.handle.net/10986/12300This report finds that there has been limited implementation of the 2004 Country Action Plan and limited improvement in financial reporting practices in Nigeria. Nigerian authorities have successfully implemented only 6 of 14 action plans emanating from the 2004 review leaving significant areas yet to be addressed. This 2011 ROSC presents policy recommendations that take into account international experience, good practice, and local circumstances.en-USCC BY 3.0 IGOACCOUNTACCOUNTABILITYACCOUNTANCYACCOUNTANTACCOUNTANTSACCOUNTINGACCOUNTING CURRICULAACCOUNTING FIRMACCOUNTING PERIODACCOUNTING POLICIESACCOUNTING PRINCIPLESACCOUNTING RECORDSACCOUNTING RULESACCOUNTING STANDARDACCOUNTING STANDARDSACCOUNTSACTUARIESARBITRAGEASSET PRICEASSET QUALITYAUDIT COMMITTEEAUDIT COMMITTEESAUDIT EVIDENCEAUDIT REPORTSAUDIT STANDARDSAUDITED ACCOUNTSAUDITED FINANCIAL INFORMATIONAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PROFESSIONAUDITING STANDARDSAUDITORSAUDITSBALANCE SHEETBALANCE SHEETSBANK SUPERVISIONBANKING SECTORBANKING SUPERVISIONBIDBOOKKEEPINGBORROWING CAPACITYBUSINESS ETHICSBUSINESS EXPANSIONCAPACITY BUILDINGCAPITAL ADEQUACYCAPITAL MARKETCENTRAL BANKCOMPLIANCE GAPSCONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATED SUPERVISIONCONSOLIDATIONCONTINGENT LIABILITIESCOOPERATIVESCORPORATE GOVERNANCECOST ACCOUNTINGCREDITORCREDITOR RIGHTSDEPOSITDEPOSIT INSURANCEDEPOSIT MONEY BANKSDEVELOPMENT FINANCEDISCLOSURE OF INFORMATIONDISCLOSURE REQUIREMENTDISCLOSURE REQUIREMENTSDISCLOSURE STANDARDSDOMESTIC BANKINGDUE DILIGENCEEMPLOYMENTENFORCEMENT MECHANISMENFORCEMENT MECHANISMSENTRY REQUIREMENTSEXCHANGE COMMISSIONEXPORTEREXTERNAL AUDITORSFAIR VALUEFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL PERFORMANCEFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL SERVICESFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL SYSTEMFOREIGN INVESTORSGOOD PRACTICEGROSS DOMESTIC PRODUCTHUMAN RESOURCEHUMAN RESOURCESINCOME STATEMENTSINCOME TAXINFORMATION DISCLOSUREINSTITUTIONAL CAPACITYINSTITUTIONAL DEVELOPMENTINSTRUMENTINSURANCEINSURANCE COMPANIESINSURANCE CORPORATIONINSURANCE POLICIESINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINTERNATIONAL STANDARDINTERNATIONAL STANDARDSINVESTMENT DECISIONSINVESTOR CONFIDENCEISSUANCELAWSLIABILITYLIABILITY SIDELIQUIDITYLOAN EXPOSURESLOCAL BANKSMANDATESMERGERSMICROFINANCEMINIMUM CAPITAL REQUIREMENTMINIMUM CAPITAL REQUIREMENTSMONETARY FUNDMORTGAGENATURAL RESOURCESNON-PERFORMING LOANNPLOPERATING LEASESOWNERSHIP STRUCTUREPEER REVIEWPENALTIESPENSIONPENSION FUNDPENSION REFORMPORTFOLIOPRICE EARNINGS RATIOPROCUREMENTPRUDENTIAL REQUIREMENTSPUBLIC ENTERPRISESQUALITY ASSURANCEQUALITY CONTROLRATING AGENCIESREGULATORY AUTHORITIESREGULATORY FRAMEWORKREGULATORY OBJECTIVESRETURNSSECURITIESSECURITIES MARKETSHAREHOLDERSSMALL BANKSSTATUTORY AUDITORSSTOCK EXCHANGESTOCK MARKETSTOCK MARKET CAPITALIZATIONSUBSIDIARIESSUBSIDIARYSUPERVISORY AUTHORITIESTAXATIONTRANSPARENCYUNIVERSAL BANKINGVALUATIONVALUATION STANDARDSVALUATIONSWARRANTSWorld Bank10.1596/12300