Published 2012
“…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.…”
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