EMPIRICAL ASSESSMENT OF THE EFFECT OF INTERNATIONAL FINANCIAL REPORTING ON ACCOUNTING STANDARD IN NIGERIA

Abstract

The study examines the relationship between international financial reporting standard (IFRS) and accounting standard in Nigeria. Prior to the advert of IFRS in Nigeria, inconsistencies in accounting standard were the norms which affected investors’ decision thereby leading to dearth of investment especially small and medium scale enterprises. This prompted several numerous studies to assess the relevance of IFRS to accounting standard in Nigeria. Most of these studies lack indebt empirical probe. Thus, the current study employs questionnaires and chi-square methods to examine the relationship between the two variables. Observably, the study found that IFRS has a strong significant impact on accounting standard in Nigeria. It was recommended therefore that IFRS should be holistically implemented in both the public and private sectors of the economy. Also, there should be uniformity in the application of IFRS, strengthened and made active.