ABSTRACT
The study examined the problems and prospect of
international financial reporting standards implementation in Nigeria using
selected listed companies in Aba as case studies. While converting to IFRS can
be a complex process those standards have important and positive implications
for nations and companies, it allows them to present their financial statement
in the same basis as their foreign competitors. And the objective of this work
includes to identify the complexity and structure of IFRS in Nigeria, to
examine the technical competency of preparers, auditors and users of IFRS in
Nigeria, to evaluate the legislative requirement of IFRS in Nigeria .For
investors, it offers better information for decision making. The descriptive
research design was adopted for the study. Also, the primary source of data
through the use of a well drafted questionnaire was employed for this study
with a sample size of 144 respondents consisting of accountants, auditors and
management staff of eight (8) selected listed companies in Aba, Abia State.
Also, the data collected for the study was analyzed using Spearman rank
correlation analysis. Meanwhile, the empirical results emanating from the
analysis revealed that there is a significant relationship between the
implementation of IFRS and the structure and complexity in Nigeria. Also, there
is a significant relationship between the implementation of IFRS and technical
competency of preparers, auditors and users. The study equally revealed that
there is a signiflcant relationship between the implementation of IFRS and
system capability and internal capability in Nigeria. It is recommended that
companies should employ the services of experienced and competent account
personnel/auditors in order to successfully implement the details of IFRS.
Also, academic curriculum should cover the details, meaning and interpretations
of the IFRS so as to boost the technical ability of accounting personnel in
Nigeria.
IHEKE, O (2021). Problems And Prospects Of International Financial Reporting Standards Implementation In Nigeria (A Study Of Selected Listed Companies In Aba). Mouau.afribary.org: Retrieved Nov 01, 2024, from https://repository.mouau.edu.ng/work/view/problems-and-prospects-of-international-financial-reporting-standards-implementation-in-nigeria-a-study-of-selected-listed-companies-in-aba-7-2
O, IHEKE. "Problems And Prospects Of International Financial Reporting Standards Implementation In Nigeria (A Study Of Selected Listed Companies In Aba)" Mouau.afribary.org. Mouau.afribary.org, 16 Sep. 2021, https://repository.mouau.edu.ng/work/view/problems-and-prospects-of-international-financial-reporting-standards-implementation-in-nigeria-a-study-of-selected-listed-companies-in-aba-7-2. Accessed 01 Nov. 2024.
O, IHEKE. "Problems And Prospects Of International Financial Reporting Standards Implementation In Nigeria (A Study Of Selected Listed Companies In Aba)". Mouau.afribary.org, Mouau.afribary.org, 16 Sep. 2021. Web. 01 Nov. 2024. < https://repository.mouau.edu.ng/work/view/problems-and-prospects-of-international-financial-reporting-standards-implementation-in-nigeria-a-study-of-selected-listed-companies-in-aba-7-2 >.
O, IHEKE. "Problems And Prospects Of International Financial Reporting Standards Implementation In Nigeria (A Study Of Selected Listed Companies In Aba)" Mouau.afribary.org (2021). Accessed 01 Nov. 2024. https://repository.mouau.edu.ng/work/view/problems-and-prospects-of-international-financial-reporting-standards-implementation-in-nigeria-a-study-of-selected-listed-companies-in-aba-7-2