Expected Benefits of Implementing Global Accounting Standards by Nigerian Business Entities

Terzungwe Nyor
2012 International Journal of Business and Management  
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
more » ... parency, 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.
doi:10.5539/ijbm.v7n15p98 fatcat:uosedv6lgzfvbhfgqfafjh7pnm