NSE grants companies 60-day forbearance on Q1 results
By Taofik Salako, Deputy Group Business Editor
THE Nigerian Stock Exchange (NSE) at the weekend granted quoted companies 60-day extended deadline to file their first quarter report as part of regulatory forbearance to ameliorate the disruptions caused by the Coronavirus pandemic.
The Exchange also extended similar 60-day waiver that had been granted to companies with December 31, 2019 year-end on filing of their full-year audited financial statements to companies with March 31, 2020 year-end.
Listing and regulatory rules at the stock market require all quoted companies to submit their annual audited report and financial statement not later than 90 days after the end of the financial year. The rules also require companies to submit quarterly unaudited interim report not later than 30 days after the end of the period.
More than 85 per cent of quoted companies including all banks, insurers, major manufacturers, oil and gas companies and conglomerates use the Gregorian calendar year ending December 31, with due date for annual audited statement and interim first quarter report on March 30 and April 30, 2020. The Exchange had extended the deadline for the audited results to May, 29, 2020.
The Exchange at the weekend stated that it has also decided to extend the due date for the submission of the audited financial statements for listed companies with March 31, 2020 year-end by 60 days from previous due date of June 29, 2020 to August 28, 2020.
The Exchange added that in line with its rule that states that companies must not announce their interim accounts without having first filed their last audited financial statements, it decided to grant a 60-day extension for submission of quarterly results. Companies now have till June 29, 2020 to submit their first quarter results.
Source:https://www.google.com/amp/s/thenat...mpanies-60-day-forbearance-on-q1-results/amp/
By Taofik Salako, Deputy Group Business Editor
THE Nigerian Stock Exchange (NSE) at the weekend granted quoted companies 60-day extended deadline to file their first quarter report as part of regulatory forbearance to ameliorate the disruptions caused by the Coronavirus pandemic.
The Exchange also extended similar 60-day waiver that had been granted to companies with December 31, 2019 year-end on filing of their full-year audited financial statements to companies with March 31, 2020 year-end.
Listing and regulatory rules at the stock market require all quoted companies to submit their annual audited report and financial statement not later than 90 days after the end of the financial year. The rules also require companies to submit quarterly unaudited interim report not later than 30 days after the end of the period.
More than 85 per cent of quoted companies including all banks, insurers, major manufacturers, oil and gas companies and conglomerates use the Gregorian calendar year ending December 31, with due date for annual audited statement and interim first quarter report on March 30 and April 30, 2020. The Exchange had extended the deadline for the audited results to May, 29, 2020.
The Exchange at the weekend stated that it has also decided to extend the due date for the submission of the audited financial statements for listed companies with March 31, 2020 year-end by 60 days from previous due date of June 29, 2020 to August 28, 2020.
The Exchange added that in line with its rule that states that companies must not announce their interim accounts without having first filed their last audited financial statements, it decided to grant a 60-day extension for submission of quarterly results. Companies now have till June 29, 2020 to submit their first quarter results.
Source:https://www.google.com/amp/s/thenat...mpanies-60-day-forbearance-on-q1-results/amp/
