POTENTIAL EFFECTS OF THE ADOPTION AND IMPLEMENTATION OF INTERNATIONAL FINANCIAL ACCOUNTING STANDARDS (IFRS) IN NIGERIA

Chinwuba A. Okafor · Killian Osikhena Ogiedu

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

Abstract

The objective of this study is to examine the potential effects of the adoption and implementation of IFRS in Nigeria from the perspective of stakeholders. It presents the results from a questionnaire survey of a sample of accounting lecturers, auditors and accountants. The data were analyzed using the Chi Square. The study found that International Financial Reporting Standards have the potential for yielding greater benefits than current GAAP, improve business performance management and impact on other business functions apart from financial reporting. The study also finds that IFRS adoption will add to financial reporting complexities and increase compliance with accounting standards. The study recommends that management should start making comprehensive plans ahead of IFRS adoption.

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References

2003Conservatism in Accounting Part I: Explanations and Implications 2018MANAGING PUBLIC RELATIONS 1999The Economic Consequences of Increased Disclosure 2003Conservatism in Accounting Part II: Evidence and Research Opportunities 2007Financial statement effects of adopting international accounting standards: the case of Germany 1998Why Firms Comply Voluntarily with IAS: an Empirical Analysis with Swiss Data 2003Compliance with the Disclosure Requirements of Germany's New Market: IAS Versus US GAAP 1994Business and Its Environment

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2014Impact of the IFRS Adoption on Stock Market Movement in Nigerian Corporate Organization 2012Perspectives on Consumerism and Consumer Protection Act in Nigeria 2014International Financial Reporting Standards(IFRS)for SMES Adoption Process in Nigeria 2016IFRS Adoption and Foreign Direct Investment: Evidence from Nigerian Quoted Firms

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