Implementation of International Financial Reporting Standards (Ifrs), Prospects and Challenges: A Study of Selected Listed Companies in Nigeria

Description

– Implementation of International Financial Reporting Standards (Ifrs), Prospects and Challenges: A Study of Selected Listed Companies in Nigeria –

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Abstract

The International financial reporting standards (IFRS) adoption is already an -issue of global relevance among various countries of the world due to the quest for uniformity, reliability and comparability of financial statements of companies.

The implementation of International Financial Reporting Standards (IFRS) in Nigeria like in many countries has prospects and challenges, thus Low level of public awareness by regulators and other stakeholders on the use of IFRS in Nigeria,

Poor knowledge of IFRS procedures and implementation of the standards in Nigeria are some of the problems in which this research wants to measure. The population consists of listed companies in Nigeria, 60 structured questionnaires –was administered Using Z- test and ANOVA for the analysis of questionnaires.

Findings showed that International Financial Reporting Standards have the -potential for yielding greater benefits than current Generally Acceptable Accounting Principle (GAAP) and there is wide gap between practical implementation of IFRS and accounting education and training among regulatory authorities and stake holders.

It is duly recommended that Nigeria government should endeavor to raise awareness of professionals, regulators and preparers to improve the knowledge gap and Professional accounting bodies in Nigeria should make IFRS training a part of MCPE at a reduce cost.

With implementation, Nigeria companies will produce a more credible financial statements that will not only be uniformed but also provide a basis for better interpretation.

Introduction

1.1 Background of the Study

The International financial reporting standards (IFRS) adoption is already an -issue of global relevance among various countries of the world due to the quest for uniformity, reliability and comparability of financial statements of companies.

The implementation of International Financial Reporting Standards (IFRS) in Nigeria like in many countries has prospects and challenges, thus Low level of public awareness by regulators and other stakeholders on the use of IFRS in Nigeria.

Poor knowledge of IFRS procedures and implementation of the standards in Nigeria are some of the problems in which this research wants to measure.

1.2 Statement of the Problem

International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standard board (IASB) that is becoming the global standard for the preparation and presentation of public company financial statement.

Currently, there are thirteen IFRSs and 29 IASs that are used to drive businesses globally. In the same vein, there are 15 interpretations under the new IFRS.

All these are expected to guide firms in the preparation of financial statements (Micheal.O, 2013) this end concluded that the global adoption of a single set of financial reporting standard will in no small measure enhance comparability

and create an enabling environment for all investors to be able to compare effectively investment opportunities across the global market.

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