Perceived Challenges of International Financial Reporting Standards (IFRS) Adoption in Nigeria
Keywords:
Financial, Standard, Benefits, Problems, NigeriaAbstract
The International Financial Reporting Standards (IFRS) has become a global financial standards in the accounting sector and industry of developed and developing countries. The spread of IFRS has seen its adoption by developed and developing countries (like Nigeria). This paper takes a critical look at the whole concept of IFRS, its benefits and the challenges associated with its adoption in Nigeria. It highlighted some of the challenges of adopting IFRS in Nigeria to include resistance and problem of acceptance, cost of conversion in terms of material and financial resources; leadership challenges, frequent regime changes, etc. Based on this, the paper recommends the need for government to support the conversion process by creating the necessary structures and making financial provision for its implementation. The paper also recommends the sensitization of the public of the benefits associated with IFRS.
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