Potential Effects of the Adoption and Implementstion of International Financial Accounting Standards (IFRS) in Nigeria

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.

Keywords: Adoption, implementation, business functions, compliance, business performance mangement, gaap (sas)