has begun the implementation of the accounting separation framework in the telecoms industry, a statement has said.
It is considered to be an effective, least invasive and less costly solution to implement to meet regulatory objectives. The policy document, “Determination on the Implementation of an Accounting Separation Framework for the Nigerian Telecoms Industry”, which was developed via a consultative process in 2015, has undergone a comprehensive review by the regulator in collaboration with telecoms licensees and other critical industry stakeholders.
The statement explained that submission of RFS in line with the new framework is currently limited to and mandatory for only six telecom licensees, adding that this will subsist for an initial period of two years after which the regulator may review the list to include other operators. Mr Danbatta said any licensee willing to prepare its financial statements in line with the new framework is allowed to voluntarily do so.
Licensees shall also be required to prepare their financial and non-financial reports in line with the Guidelines for the ASF while reports shall be furnished by the licensees for every accounting year beginning from the 2020 financial year-end.