Abstract

As Nigeria converges to IFRS in 2012, this study draws from empirical works on the implementation of the
standards to highlight the benefits that would be derived by Nigerian firms from implementing a global
accounting standard. Using a descriptive research approach, the study documents the benefits of converging to
IFRS as being easy comparison of financial statements leading to global financial harmonization, access to
capital, enhanced cross-border listing, increased transparency, enhanced competitiveness and the elimination of
the need for reconciliation of information reported under different national standards among others. The study
recommends the adoption of the International Financial Reporting Standards by Nigerian companies in order for
them to take advantage of globalization effects.

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