Efforts and challenges in adopting international financial reporting standards (IFRS) in Nigeria
Financial reporting in emerging and developed economies has been a challenging debate, due to the frequent changes as well as updates on accounting rules and regulations.Nigeria, being an emerging economy has witnessed a dramatic change and improvement on the accounting reporting since after politi...
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| Format: | Article |
| Language: | English |
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Institute for Management and Business Research (IMBRe), Universiti Utara Malaysia
2012
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| Online Access: | https://repo.uum.edu.my/id/eprint/20692/1/JBMA%202%202%202012%2081%2099.pdf |
| _version_ | 1825804417945829376 |
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| author | Alkali, Muhammad Yusuf Lode, Nor Asma |
| author_facet | Alkali, Muhammad Yusuf Lode, Nor Asma |
| author_sort | Alkali, Muhammad Yusuf |
| collection | UUM |
| description | Financial reporting in emerging and developed economies has been a challenging debate, due to the frequent changes as well as updates on accounting rules and regulations.Nigeria, being an emerging economy has witnessed a dramatic change
and improvement on the accounting reporting since after political development of the country in 1960. The establishment of Nigerian Security Exchange (NSE) in 1982 and the establishment of Nigerian Accounting Standard Board (NASB) in 1984 by the Institute of Chartered Accounting of Nigeria (ICAN) who were the pioneer legislations
on the road map to financial reporting in Nigeria. Even though laws and regulations were also issued by the regulatory bodies in Nigeria to ensure quality(value relevance) financial reporting, the level of compliance with the regulations have been very low as reported by the World Bank in the 2004 and 2011(ROSC report).Subsequently, professionals, regulatory bodies and government made the first effort by establishing the road map and the World Bank committee for the adoption of the International Financial Reporting Standards (IFRS) in 2010.Secondly, the formation of the Financial
Reporting Council (FRC) in 2011 and FRC training institute in 2012.However, these efforts by the government, World Bank and regulators were faced with the challenges on the development of regulatory and legal framework as well as training of professionals and regulators on the new accounting standard (IFRS).Therefore, this paper explores two main issues: (i) the efforts of government, professional bodies, and regulatory
agencies by providing accounting framework and trainings; and (ii) challenges in adopting IFRS due to weaknesses of SAS and unethical behaviours of the preparers of financial statements. |
| first_indexed | 2024-07-04T06:14:12Z |
| format | Article |
| id | uum-20692 |
| institution | Universiti Utara Malaysia |
| language | English |
| last_indexed | 2024-07-04T06:14:12Z |
| publishDate | 2012 |
| publisher | Institute for Management and Business Research (IMBRe), Universiti Utara Malaysia |
| record_format | eprints |
| spelling | uum-206922017-01-18T08:33:42Z https://repo.uum.edu.my/id/eprint/20692/ Efforts and challenges in adopting international financial reporting standards (IFRS) in Nigeria Alkali, Muhammad Yusuf Lode, Nor Asma HF5601 Accounting Financial reporting in emerging and developed economies has been a challenging debate, due to the frequent changes as well as updates on accounting rules and regulations.Nigeria, being an emerging economy has witnessed a dramatic change and improvement on the accounting reporting since after political development of the country in 1960. The establishment of Nigerian Security Exchange (NSE) in 1982 and the establishment of Nigerian Accounting Standard Board (NASB) in 1984 by the Institute of Chartered Accounting of Nigeria (ICAN) who were the pioneer legislations on the road map to financial reporting in Nigeria. Even though laws and regulations were also issued by the regulatory bodies in Nigeria to ensure quality(value relevance) financial reporting, the level of compliance with the regulations have been very low as reported by the World Bank in the 2004 and 2011(ROSC report).Subsequently, professionals, regulatory bodies and government made the first effort by establishing the road map and the World Bank committee for the adoption of the International Financial Reporting Standards (IFRS) in 2010.Secondly, the formation of the Financial Reporting Council (FRC) in 2011 and FRC training institute in 2012.However, these efforts by the government, World Bank and regulators were faced with the challenges on the development of regulatory and legal framework as well as training of professionals and regulators on the new accounting standard (IFRS).Therefore, this paper explores two main issues: (i) the efforts of government, professional bodies, and regulatory agencies by providing accounting framework and trainings; and (ii) challenges in adopting IFRS due to weaknesses of SAS and unethical behaviours of the preparers of financial statements. Institute for Management and Business Research (IMBRe), Universiti Utara Malaysia 2012 Article PeerReviewed application/pdf en https://repo.uum.edu.my/id/eprint/20692/1/JBMA%202%202%202012%2081%2099.pdf Alkali, Muhammad Yusuf and Lode, Nor Asma (2012) Efforts and challenges in adopting international financial reporting standards (IFRS) in Nigeria. Journal of Business Management and Accounting (JBMA), 2 (2). pp. 81-99. ISSN 2231-9298 http://imbre.uum.edu.my/images/jbmavol2dis/Efforts-and-challenges-in-adopting-international-financial.pdf |
| spellingShingle | HF5601 Accounting Alkali, Muhammad Yusuf Lode, Nor Asma Efforts and challenges in adopting international financial reporting standards (IFRS) in Nigeria |
| title | Efforts and challenges in adopting international financial reporting standards (IFRS) in Nigeria |
| title_full | Efforts and challenges in adopting international financial reporting standards (IFRS) in Nigeria |
| title_fullStr | Efforts and challenges in adopting international financial reporting standards (IFRS) in Nigeria |
| title_full_unstemmed | Efforts and challenges in adopting international financial reporting standards (IFRS) in Nigeria |
| title_short | Efforts and challenges in adopting international financial reporting standards (IFRS) in Nigeria |
| title_sort | efforts and challenges in adopting international financial reporting standards ifrs in nigeria |
| topic | HF5601 Accounting |
| url | https://repo.uum.edu.my/id/eprint/20692/1/JBMA%202%202%202012%2081%2099.pdf |
| work_keys_str_mv | AT alkalimuhammadyusuf effortsandchallengesinadoptinginternationalfinancialreportingstandardsifrsinnigeria AT lodenorasma effortsandchallengesinadoptinginternationalfinancialreportingstandardsifrsinnigeria |