The research focused on the adoption procedure for International Economical Reporting Criteria (IFRS) on the developing economic climate, with particular reference to Nigeria. The conventional paper is based on the data obtained from books survey and archival sources in the circumstance of the globalization of Intercontinental Financial Confirming and the usage of International Financial Reporting Standards (IFRS). Nigeria provides embraced IFRS in order to engage in the benefits it gives, including bringing in foreign immediate investment, reduction of the cost to do business, and cross line listing. In implementing IFRS Nigeria can face challenges including the progress a legal and regulatory structure, awareness campaign, and schooling of employees. Recommendations were made to forestall such difficulties which include conditioning education and training, business of an independent body to monitor and enforce accounting and auditing standards.
Nigeria has decided to adopt Intercontinental Financial Revealing Standard (IFRS) from initial January 2012. Globalization and Information and Communication Technology (ICT) include reduced the earth to a global village. It has given rise to the continuous integration of the world economy and capital markets which includes in turn bring increase in the interdependence of international economical markets. Because of this, there exists increased mobility of capital across limitations of the world. Therefore , to be able to ensure and sustain investors' confidence inside the capital market, the issue of corporate governance has now been brought to the front burner because that is the only approach corporate economic reporting is seen to be clear.
However , to use in the global financial markets you have the urgent requirement for a homogeneous global financial confirming, hence many countries have embraced IFRS either by simply adoption, edition or concurrence. It is therefore, the intention of the paper to critically take a look at the re-homing of IFRS, its challenges and to proffer solutions that will ensure smooth transition in Nigeria.
INTRODUCTION Globalization of capital markets is an permanent process, in addition to many potential benefits being gained via mutually recognized and respected international accounting criteria. The adoption of standard standards slice the costs to do business across borders simply by reducing the need for supplementary information. They make information more similar, thereby boosting evaluation and analysis by simply users of economic statements (Adekoye, 2011). Users become more comfortable of the info they are provided with and presumably, this minimizes uncertainty, promotes an efficient share of assets and decreases capital costs (Ahmed, 2011). To connection the distance between accounting standards among countries, the International Accounting Standards Panel (IASC) started in 1973 by a group of professional accounting practitioners. The IASC was to formulate standard and global accounting standards aimed at reducing the mistakes in international accounting principles and reporting practices.
In this light, the Intercontinental Accounting Standards Committee (IASC) was established. As its establishment the IASC has actively been promoting the uniformity and standardization of accounting principles over two decades (Carlson, 1997). In April 2001, the International Accounting Criteria Board (IASB) took over the setting of International Accounting Standards in the International Accounting Standards Panel (IASC). Therefore, the IASB updated the already existing International Accounting Criteria and labeled them since International Economic Reporting Specifications (IFRS).
In Nigeria, usage of IFRS was launched in September 2010, by the Ethical Minister, Federal government Ministry of Commerce and Industry, Senator Jubril Martins-kuye (OFR). The adoption was organized...
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