Accurate, compliant, and decision-ready statutory and management financial statements prepared in strict accordance with IFRS and Nigerian regulatory standards.
Overview
Transform Raw Bookkeeping into Strategic Financial Intelligence
Financial statements are much more than a routine regulatory filing. They are the single most comprehensive record of your business’s financial health, performance, and trajectory. Whether you are submitting returns to the Federal Inland Revenue Service (FIRS), filing annual returns with the Corporate Affairs Commission (CAC), pitching to investors, or negotiating credit lines with lenders, the quality and compliance of your accounts define your credibility.
However, maintaining books that comply with the complex and ever-evolving requirements of International Financial Reporting Standards (IFRS) and the Companies and Allied Matters Act (CAMA 2020) is a major operational challenge. Errors in accounting treatment, classification, or disclosures can lead to rejected filings, severe tax penalties, or delayed audits.
Phillip Eze Osuji & Co. bridges the gap between raw transactions and board-ready reporting. We work with your internal accounting team to review, adjust, and compile your financial records into structured, compliant financial statements that present a true and fair view of your operations, providing peace of mind to directors, auditors, and regulators alike.
Our Scope
Financial Reporting Solutions We Deliver
We tailor our reporting engagements to the size, complexity, and specific regulatory demands of your business.
Statutory Financial Statements
Preparation of full year-end financial statements in strict accordance with the Companies and Allied Matters Act (CAMA 2020) and relevant International Financial Reporting Standards (IFRS / IFRS for SMEs) for filing and audit purposes.
Management Accounts & Reporting
Monthly, quarterly, or bi-annual reporting packages structured to provide immediate operational visibility. Includes detailed Income Statements, Statements of Financial Position, Cash Flow Statements, and Variance-to-Budget analysis.
IFRS Conversion & Adoptions
Assisting organizations to transition seamlessly from Local GAAP (Nigerian SAS) to IFRS, and managing the implementation of complex new reporting standards (such as IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts, and IFRS 16 Leases).
Group Accounts & Consolidations
Structuring consolidated financial statements for parent companies with local or international subsidiaries. We handle complex intercompany transactions, eliminations, currency translations, and non-controlling interest allocations.
Accounts Reconstruction
For companies with incomplete records, data loss, or legacy bookkeeping errors. We forensically trace bank activities, invoices, and ledgers to reconstruct accurate prior-period accounts and restore reporting integrity.
Audit Readiness & Liaison
We compile detailed audit files containing lead schedules, bank reconciliations, and balance sheet support. We also liaise directly with your external auditors, addressing technical queries to complete audits quickly.
Our Process
How We Prepare Your Financial Statements
- 01
Information Gathering & Trial Balance Review
We extract the year-end Trial Balance, General Ledger, and supporting schedules from your accounting software. We review these initial records to identify obvious errors, missing accounts, and areas requiring close attention.
- 02
Balance Sheet Reconciliation
We perform rigorous reconciliations of all key Balance Sheet items — including bank accounts, fixed asset registers, inventory valuations, trade receivables, trade payables, and related-party balances — posting necessary adjustments.
- 03
Adjusting Journals & Period-End Closures
We compute and post critical year-end adjusting entries, including depreciation, amortization, accruals, prepayments, bad debt provisions, employee benefits, and income tax/deferred tax provisions.
- 04
Drafting Primary Financial Statements
We construct the draft primary statements: Statement of Financial Position, Statement of Comprehensive Income, Statement of Cash Flows, and Statement of Changes in Equity, in accordance with the prescribed IFRS layout.
- 05
Notes & Disclosure Compilation
We compile the detailed explanatory notes to the financial statements, detailing key accounting policies, statutory disclosures required by CAMA 2020, and technical breakdowns of major financial items.
- 06
Quality Control, Sign-Off & Delivery
The draft statements undergo a partner-level review against compliance checklists before we present them to your directors. Once approved, the statements are finalized for auditing, CAC annual returns, or FIRS tax filing.
Quality Checks
What We Verify in Every Statement
Why Choose Us
Rigorous Standards, Regulated Compliance
In financial reporting, there is no margin for error. A misplaced classification or missing disclosure can delay audits and complicate regulatory filings. We combine a deep understanding of corporate reporting with practical tax and regulatory experience to deliver financials that stand up to the closest scrutiny.
Our firm is registered with the Financial Reporting Council of Nigeria (FRCN), the regulatory body that oversees professional financial reporting. Our team members are qualified members of the Institute of Chartered Accountants of Nigeria (ICAN), ensuring that every engagement is led by certified professionals adhering to the highest standards of professional ethics and technical expertise.
- ✓ Registered with the Financial Reporting Council of Nigeria (FRCN)
- ✓ Strict adherence to IFRS, IFRS for SMEs, and CAMA 2020 guidelines
- ✓ Preparation of comprehensive, audit-ready support files
- ✓ Extensive experience across corporate, non-profit, and SME reporting
- ✓ Seamless coordination with external auditors to resolve technical queries
- ✓ Alignment with FIRS corporate tax computations and CAC requirements
