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IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS), PROSPECTS AND CHALLENGES: A STUDY OF SELECTED LISTED COMPANIES IN NIGERIA

Dept: ACCOUNTING File: Word(doc) Chapters: 1-5 Views: 5

Abstract

The International financial reporting standards (IFRS) adoption is already an -issue of global relevance among various countries of the world due to the quest for uniformity, reliability and comparability of financial statements of companies. The implementation of International Financial Reporting Standards (IFRS) in Nigeria like in many countries has prospects and challenges, thus Low level of public awareness by regulators and other stakeholders on the use of IFRS in Nigeria, Poor knowledge of IFRS procedures and implementation of the standards in Nigeria are some of the problems in which this research wants to measure. The population consists of listed companies in Nigeria, 60 structured questionnaires –was administered Using Z- test and ANOVA for the analysis of questionnaires. Findings showed that International Financial Reporting Standards have the -potential for yielding greater benefits than current Generally Acceptable Accounting Principle (GAAP) and there is wide gap
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