INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS): BENEFITS, OBSTACLES AND INTRIGUES FOR IMPLEMENTATION IN NIGERIA
No Thumbnail Available
Date
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
Description
IFRS is International Financial Reporting System and International Accounting Standard Board – (IASB) provided the framework
for its working. IFRS adopted by IASB has gained worldwide acceptance amongst many countries and some listed companies in
European nations have embraced it. IFRS employs a uniform, single consistent accounting framework that is gravitating towards General
Accepted Accounting Practice (GAPP) in the future. IFRS since its introduction in 2001 had provided uniform accounting in financial
reporting which would enable investors to interpreted financial statements with minimum effort. Other countries, including Canada and
India are expected to transit to IFRS by 2011. The Nigerian Accounting Standard Board (NASB) is not expected to lag behind in the
implementation. This paper looks at the benefits of adopting IFRS, obstacles and intrigues expected from the implementation of IFRS.
The article also analyzed the requirements that would assists in the implementation of IFRS in Nigeria. Using content analysis method,
the paper amongst others recommended a continuous research in order to harmonize and converge with the international standards
through mutual international understanding of corporate objectives and the building of human capacity that will support the preparation
of financial statements in organization.
Keywords
H Social Sciences (General), HG Finance