Adoption of International Financial Reporting Standards in Developing Countries: The Case of Nigeria

  •  Abdulkadir Madawaki    


The study focused on the adoption process of International Financial Reporting Standards (IFRS) on a
developing economy, with particular reference to Nigeria. The paper is based on the data obtained from literature
survey and archival sources in the context of the globalization of International Financial Reporting and the
adoption of International Financial Reporting Standards (IFRS).Nigeria has embraced IFRS in order to
participate in the benefits it offers, including attracting foreign direct investment, reduction of the cost of doing
business, and cross border listing. In implementing IFRS Nigeria will face challenges including the development
of a legal and regulatory framework, awareness campaign, and training of personnel. Recommendations were
made to forestall such challenges which include strengthening education and training, establishment of an
independent body to monitor and enforce accounting and auditing standards.

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