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Research Paper | Management | Nigeria | Volume 3 Issue 11, November 2014

Impact of Adoption of IFRS in Nigeria Capital Market, Preparers of Financial Statements and Auditors

Paul N. Onulaka

Abstract: The 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. With the transformation of our world into a global village, the magical phenomenon of globalization has led to the emergence of a global village that we all live in now. Since accounting is the language of business, it is imperative that business around the world can no longer afford to be speaking in different language with each other while sharing and exchanging results of their international business activities. This paper offers an insight on the impact of adoption of IFRS in Nigeria capital market. It also investigates the challenges facing the preparers and auditors of IFRS based financial statements in Nigeria. Using structured questionnaire for primary data collection and analyses of variance (ANOVA) to analyze the data, the study revealed an increase in the volume of trading in the capital market and also the training gap on the part of preparers and auditors of IFRS based financial statement.

Keywords: IFRS, Adoption, Impact, Capital market, Nigeria, , Financial Statement

Edition: Volume 3 Issue 11, November 2014,

Pages: 149 - 158

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