Empirical Analysis of the Effect of International Financial Reporting Standards (IFRS) Adoption on Accounting Practices in Nigeria

Fasina Hassan Taiwo · Adegbite Tajudeen Adejare

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Accounting and Financial Management

Abstract

This study empirically analyses the effect of international financial reporting standards (IFRS) adoption on accounting practices in Nigeria. The study adopted personal interview and questionnaire methods as the major techniques for primary data collection. Data collected were analyzed using both descriptive such as tables, frequencies and percentages and inferential statistics of Chi-square and ANOVA respectively. The study concluded that that there is a strong positive relationship between the adoption of IFRS and financial performance due to cost reduction of an organisation. IFRS adoption improves business efficiency and productivity for effective business performance. The adoption of IFRS saves Multinational Corporations the expense of preparing more than one set of accounts for different national jurisdictions. It is recommended that the financial reporting practice in Nigeria should cut across the public and private sector to bring uniformity in accounting practice regarding annual preparation of financial reports to the owner of companies and other interested parties.

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References

2008International Accounting Standards and Accounting Quality 2001Financial accounting information and corporate governance 2001Domestic Accounting Standards, International Accounting Standards, and the Predictability of Earnings 2010The Role of International Financial Reporting Standards in Accounting Quality: Evidence from the European Union 2011Analyst Following and Forecast Accuracy After Mandated IFRS Adoptions 2006Implementing IFRS from the perspective of EU publicly traded companies 2009International Financial Reporting Standards 2007Research, Standard Setting, and Global Financial Reporting

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