Title: Adoption of International Financial Reporting Standards in Developing Countries: The Case of Nigeria
Abstract:The study focused on the adoption process of International Financial Reporting Standards (IFRS) on adeveloping economy, with particular reference to Nigeria. The paper is based on the data obtained fr...The study focused on the adoption process of International Financial Reporting Standards (IFRS) on adeveloping economy, with particular reference to Nigeria. The paper is based on the data obtained from literaturesurvey and archival sources in the context of the globalization of International Financial Reporting and theadoption of International Financial Reporting Standards (IFRS).Nigeria has embraced IFRS in order toparticipate in the benefits it offers, including attracting foreign direct investment, reduction of the cost of doingbusiness, and cross border listing. In implementing IFRS Nigeria will face challenges including the developmentof a legal and regulatory framework, awareness campaign, and training of personnel. Recommendations weremade to forestall such challenges which include strengthening education and training, establishment of anindependent body to monitor and enforce accounting and auditing standards.Read More