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IFRS IMPLEMENTATION IN NIGERIA

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IFRS IMPLEMENTATION IN NIGERIA
Research Journal of Finance and Accounting
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol 3, No 10, 2012

www.iiste.org

International Financial Reporting Standard (IFRS): Benefits, Obstacles
And Intrigues For Implementation In Nigeria
*IKPEFAN, OCHEI AILEMEN Ph.D (Banking &Finance), ACA,ACIB
Department of
Banking & Finance, Covenant University, Ota, Ogun State E-mail: ochei_ikpefan@yahoo.co.uk; Tel:234- 08053013418
**AKANDE, A.O B.Sc (Business Administration), MBA; Department of Business Studies,
Covenant University, Ota
E-mail: Akandemeji@gmail.com Tel: 234-08035034209
Abstract
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. Key words: IFRS,


References: Bansal Atul and Bansal Shweta (2010): “Challenges for IFRS Implementations in India – An Accounting Revolution”, International Journal of Research in Commerce Ball, Ray (2005): “International Financial Reporting Standards (IFRS): Pros and Cons for investors”, Accounting and Business Research, Forthcoming. Callao Susana, Ferrer Cristina, Jarne Jose I. and Lainez, Jose A. (2009): “The impact of IFRS on the European: Is it related to the Accounting Tradition of the Countries” ? Journal of Applied Accounting Research, 10 (1), pp 33-55 Juan Jose Fermin Del Valle (2005): “International Convergence and Implementation of International Financial Reporting Standard”, Vill Annual Assembly of the Association of Supervisors of Banks of Obazee, Jim Osayande (2009): “Enhancing Enforcement of Accounting Standards in Nigeria and Efforts at Aligning with International Standards”, “Seminar for Lecturers of Accounting and Related By Nigerian Oyedele, Taiwo (2010): “Taxation Implications of IFRS Conversion for Companies Operating in Nigeria”, BusinessDay, September 6, www.businessdayonline.com ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 10, 2012 Selltize, C (1977): Research Methods in Social Relations, Methuen, London, p. 335. Shuaib A. Ahmed (2002): “Accounting and Auditing Standards for the Operations of NonInterest/Profit Sharing Banking in Banking”, The Nigerian Banker, July- December, pp. 22-23. The Concise Oxford English Dictionary Wong Peter (2004): “Challenges and Successes in Implementing International Standards: Achieving Convergence
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