By Ify Onye InvestAdvocate

Lagos INVESTADVOCATE)-Total Nigeria Plc, operating in the Petroleum Marketing Sector of the Nigerian Stock Exchange (NSE) Wednesday announced that its Board of Director (BOD) will meet to consider and approve adopting the International Financial Reporting Standards (IFRS) in its Accounting policies.

The Firm made this announcement through a notice to the Nigeria’s Exchange in Lagos Nigeria.

According to the notice, Total Nigeria said its Board of Directors is scheduled to meet on Thursday 01 December 2011 at Total House in Lagos.

“At the meeting the Directors will receive a brief report on the company’s activities and a letter of resignation from a Director; and also appoint a new Director. The Board will in the same vein receive the company’s highlights of its proposed 2012 budget and consider and approve Accounting Policies on IFRS migration” the notice said.

The Federal Government in July signed into law the Financial Reporting Council Bill as a result of strong concerns raised about the importance of the Financial Reporting Council (FRC) towards the implementation of the IFRS.

This law will guarantee credible financial reporting in Nigeria, following this development, the Financial Reporting Council will replace the Nigerian Accounting Standards Board (NASB).