Problems Of Adoption And Application Of International Financial Reporting Standards (IFRS) In Nigeria (A Study Of Selected Banks In Umuahia)

ABSTRACT

This research  focused on the adoption and application of IFRS in Nigeria and the problems relating thereto using selected banks in Umuahia as a case study. This study was carried out to identify and analyze the problems faced by Nigerian banks in adoption and application of IFRS and to ascertain whether the adoption and application of IFRS in Nigeria will be to the betterment of the nation or not. In the study of this work, primary and secondary data were sourced for; also works of Other scholars and journals were used. Simple random sampling techniques were used. The population of the study was 32 and the sample size which was determined using Yaro Yamen's formula was 30. Questionnaires were designed using 5 point Likert scale, distributed to 30 respondents and were correctly filled and returned. Simple descriptive statistic was used in answering the research questions while T-test was used in analyzing the 2 hypothesis formulated. The study however concluded that adoption and application of IFRS, despite its cumbersomeness and problems would be to the betterment of the nation in view of the fact that it enhances better accountability and transparency and improve quality of reporting. This study at the end. recommends that Nigeria should still go ahead in the implementation of IFRS because of the significant roles it plays; the benefits of IFRS outweighs the problems.