The Significance of International Financial Reporting Standards to Emerging Economy of Nigeria
Journal of Economics, Management and Trade · pp. 32–44 · Published 28 Feb 2015
10.9734/BJEMT/2015/13198Abstract
This paper explores the relevance of International Financial Reporting Standards (IFRS) to emerging economies in general and Nigeria in particular. The research uses evidence from interviews conducted with senior officers from two Big Four accountancy firms in Nigeria and prior studies exploring IFRS implementation of IFRS in emerging economies to shed light on the influence of complex economic, institutional, cultural and social factors influencing accounting. The findings suggest that accounting practices in Nigeria are dominated by the historically inherited institutionalized accounting system of the old Nigerian era, when accounting information was primarily geared towards meeting the needs of government agencies such as Statistics Committee and tax authorities. The main problems of implementing IFRS in Nigeria were pressures to comply with tax codes, too much power vested in government organizations as opposed to accounting profession, lack of IFRS expertise, deficient enforcement mechanisms and expectation of tax authorities that accounting standards should mimic tax codes. The findings are limited to questioning the relevance of IFRS to emerging economies and have implications for policy makers contemplating to adopt IFRS in those countries. This paper provides some insights into the benefits and drawbacks of IFRS adoption and would be of interest to those in the field.
References (23)
- 1 Culture's Consequences: Comparing Values, Behaviors, Institutions, and Organizations across Nations [DOI]
- 2 Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally [DOI]
- 3 Towards a General Model of the Reasons for International Differences in Financial Reporting [DOI]
- 4 Making up users [DOI]
- 5 An analysis of the factors affecting the adoption of international accounting standards by developing countries [DOI]
- 6 On the global acceptance of IAS/IFRS accounting standards: The logic and implications of the principles-based system [DOI]
- 7 The Relevance and Observance of the IASC Standards in Developing Countries and the Particular Case of Zimbabwe [DOI]
- 8 Why do national GAAP differ from IAS? The role of culture [DOI]
- 9 The rise and rise of IFRS: An examination of IFRS diffusion [DOI]
- 10 The relevance of International Financial Reporting Standards to a developing country: Evidence from Kazakhstan [DOI]
- 11 Cultural Relevance of Western Accounting Systems to Developing Countries [DOI]
- 12 Accounting development in Pakistan [DOI]
- 13 Harmonisation or discord? The critical role of the IASB conceptual framework review [DOI]
- 14 Implementing IFRS: A Case Study of the Czech Republic [DOI]
- 15 Accounting in developing countries: A case for localised uniformity [DOI]
- 16 Accounting in transition in the transitional economy [DOI]
- 17 The role of a crisis in reshaping the role of accounting [DOI]
- 18 Implications of the ‘IAS Regulation’ for Research into the International Differences in Accounting Systems [DOI]
- 19 The Impact of IAS/IFRS on Polish Accounting Regulations and their Practical Implementation in Poland [DOI]
- 20 Auditor independence in economies in transition: a study of Russia [DOI]
- 21 Auditors' Affirmations of Compliance with IFRS around the World: An Exploratory Study* [DOI]
- 22 The state of accounting in Armenia: A case [DOI]
- 23 World Bank Report on the Observance of Standards and Codes in Croatia
Cited by 3
Matthew Sciriha · 2019
Tawfeeq Abu-Sharbeh · 2017
E. Jeroh, G. Edesiri · 2016
Related research
- First Trimester Fasting Blood Glucose as a Screening Tool for Diabetes Mellitus in a Teaching Hospital Setting in Nigeria — shares topic coverage
- The Nature and Complications of Acute Traumatic Cervical Spinal Cord Injury in a University Hospital in Nigeria — shares topic coverage
- Musculoskeletal Complications of Sickle Cell Anaemia and Their Management Approaches in Makurdi, Nigeria — shares topic coverage
- Work-related Musculoskeletal Disorders among Radiologists in Nigeria — shares topic coverage
- The Skills of Cardiopulmonary Resuscitation in Some Professional and Student Teachers Compared — shares topic coverage
Article metrics
Real usage data collected on this platform.
60
Page views
0
PDF downloads
47
Outbound clicks
3
Citations
Views over time
Views by country
Approximate, from request IP at view time — not citizenship or institution. Countries with fewer than 5 views are grouped as "Other".
Traffic sources
Referring site, by host.
Views and downloads exclude known bots/crawlers. Citations combines this platform's own DOI-resolved index with each external source's own reported total — see Cited by above for individually listed citing works. Last refreshed 0 seconds ago.