SAS 1 - Disclosure of accounting policies
This standard prescribes the specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements.
SAS 2 - Information to be Disclosed in Financial Statements
This standard prescribes the basis for presentation of general purpose financial statements, in order to ensure comparability both with an enterprise's own financial statements of previous periods and with the financial statements of other enterprises.
SAS 3 - Accounting for Property, Plant and Equipment
This standard deals with accounting for property, plant and equipment under the historical cost concept and the revaluation of specific items of property, plant and equipment
SAS 4 - On Stocks
This standard prescribes the accounting treatment for inventories under the historical cost system. A primary issue in accounting for inventories is the amount of cost to be recognized as an asset and carried forward until the related revenues are recognized.
SAS 5 - Construction Contracts
This standard prescribes the accounting treatment of revenue and costs associated with construction contracts that are specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use.
SAS 6 - On Extraordinary Items & Prior Year Adjustments
This standard aimed at examining the issues involved in the determination of operating income in any given accounting period and to prescribe the accounting treatment of extraordinary and unusual items and prior year adjustments as well as their appropriate disclosure in financial statements.
SAS 7 - On Foreign Currency Conversions & Translations
This standard is to provide uniform accounting treatment for foreign exchange transactions and the translation by a Nigerian enterprise of the financial statement of its foreign branches, subsidiaries, associates, or joint ventures based in a country other that Nigeria
SAS 8 - Accounting for Employees' Retirement Benefits
This standard prescribes when the cost of providing retirement benefits should be recognized as an expense and the amount that should be recognized and information to be disclosed in the enterprise's financial statements.
SAS 9 - Accounting for Depreciation
This standard is to provide a guide for uniform and acceptable methods of determining and reporting depreciation on items of property, plant and equipment whether such items are stated at their historical costs or revalued amounts.
SAS 10 - Accounting by Banks and Non-Bank Financial Institutions (Part I)
This standard seeks to provide a guide for accounting policies and accounting methods that should be followed by banks in the preparation of their financial statements. Improved accounting and reporting practices are important in ensuring reliable financial statements that are comparable across the industry.
- On Leases
This standard is to ensure that published financial statement contain sufficient information about lease transactions to make it possible for users of such statements to determine the effects of lease commitments on the present and future operations of the reporting enterprises and to ensure uniform disclosure of terms and classes of leases in financial statements.
SAS 12 - Accounting for Deferred Taxes
This standard is to provide a guide for uniform and acceptable methods and bases used in providing for deferred taxes, computation of deferred taxes and presentation in the financial statements
SAS 13 - Accounting for Investments
This standard deals with situations where the size of the investments do not enable the investor to exercise significant influence or control over the financial and operating decisions of the investee companies.
SAS 14 - Accounting in the Petroleum Industry: Upstream Activities
This standard deals with accounting and reporting for upstream activities which involves the acquisition of mineral interest in properties, exploration (including prospecting), development, and production of crude oil and gas.
SAS 15 - Accounting by Banks and Non-Bank Financial Institutions (Part II)
This standard seeks to provide a guide for accounting policies and accounting methods that are to be followed by Non-Bank Financial Institutions with focus on Income recognition, Loss recognition and Classification and disclosures in Financial Statements.
SAS 16 - Accounting for Insurance Business
This standard establishes financial accounting and reporting standards for the financial statements of non-life and life assurance undertakings and also intended to apply to the financial statements prepared in accordance with the requirements of the Companies and allied Matters Decree, 1990 and the Insurance Decree, 1997.
SAS 17 - Accounting in the Petroleum
This standard therefore provides a guide on accounting practices and reporting formats to be followed by companies operating in the downstream sector of the Nigerian petroleum industry, such companies; Refining and Petrochemicals, Marketing and Distribution and Liquefied Natural gas.
SAS 18 - Statement of Cash Flows
This standard provides information about the cash receipts and cash payments of an enterprise over a given period, it indicates the pattern of cash generation and utilization, it reveals how cash is generated from operations or through new capital raised and how payments are made for taxes, dividends, new investments and debts. It is designed to shed light on ail enterprise's financial strength.
SAS 19 - Accounting for Taxes
This standard covers taxes on business organizations. These include companies Income Tax, Petroleum Profits Tax, Capital gains Tax, Value Added Tax and Education Tax; it therefore replaces the statement of accounting Standard No.12.
SAS 20 - On Abridged Financial Statements
The primary objectives of this standard are to specify the minimum contents of abridged financial statements standardize formats for presentation of abridged financial statements and improve comparability and usefulness of abridged financial statements.
SAS 21 - On Earnings Per Share
This standard is to prescribe principles for the determination and presentation of earnings per share which will improve performance comparisons among different enterprises in the same period and among different accounting periods for the same enterprise. The focus is on the denominator of the earnings per share calculation.
SAS 22 - On Research and Development Costs
This standard prescribes the accounting treatment for research and development costs and is expected to provide an acceptable and uniform accounting practice for entities that engage in research and development activities whether for product/service development or as a grant to research entities for related purposes.
SAS 23 - On Provisions, Contingent Liabilities and Contingent Assets
This standard deals with financial transactions of significant impact on the result of an entity that may not have been concluded with certainty at the end of a financial year and order to ensure systematic and consistent basis of accounting for provisions, contingent liabilities and contingent Assets, there is need to standardize their recognition, treatment and disclosure in financial statements.
SAS 24 - Segment Reporting
This Statement establishes acceptable guide for:- -Classification by segments in terms of business and location; -Determining what constitutes material segment; and -Formats for the presentation of financial statements by segments.
SAS 25 - Telecommunications Activities
This Standard aims at streamlining the accounting treatment so as to enhance the comparability and usefulness of financial statements prepared for telecommunications activities.
SAS 26 - Business Combinations
A business combination is the bringing together of separate entities or businesses into one reporting entity. The result of nearly all business combinations is that one entity, the acquirer, obtains control of one or more other businesses, the acquirees.
SAS 27 - Consolidated and Separate Financial Statements
The main objective of this Statement is to reduce alternative methods in accounting for subsidiaries in consolidated financial statements and in accounting for investments in the separate financial statements of a parent, venturer or investor.
SAS 28 - Investments in Associates
This Standard sets out the criteria to establish significant influence and provides specific requirements on accounting for associates in the consolidated financial statements under the equity method and the disclosures required.
SAS 29 - Interests in Joint Ventures
This Standard establishes guidelines as to the scope of accounting for interests in Joint Ventures, the alternative methods that might be adopted and the limited circumstances under which interests in Joint Ventures might be accounted for at cost, less any provision for impairment.
SAS 30 - Interim Financial Reporting
Interim financial reports are accounting information covering the operations of an organisation for a period less than a full financial year, developed at various points during the year. Such reports usually cover a period of three, six or nine months.
SAS 31 - Intangible Assets