Original Research Article | OPEN ACCESS
Adaptation, Adoption and Convergence of IFRS: An Amalgamation of The Right Strategy for Nigeria's Transition

Taophic O. BAKARE1 Abdulfatai O. NURUDEEN2 Emmanuel S. ADETOYAN3

1Department of Accounting, Faculty of Management Sciences, Usmanu Danfodiyo University, Sokoto, Nigeria.; 2Department of Accounting, Kwara State University, Malete, Nigeria.; 3Department of Accounting, University of Ilorin, Nigeria..

For correspondence:-  Taophic BAKARE   Email: abubackrie@gmail.com

Received: May 29, 2020        Accepted: June 19, 2020        Published: 26 June 2020

Citation: BAKARE TO.NURUDEEN AO.ADETOYAN ES. Adaptation, Adoption and Convergence of IFRS: An Amalgamation of The Right Strategy for Nigeria's Transition. Account Tax Rev 2020; 4(2):88-98 doi:

© 2020 The authors.
This is an Open Access article that uses a funding model which does not charge readers or their institutions for access and distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0) and the Budapest Open Access Initiative (http://www.budapestopenaccessinitiative.org/read), which permit unrestricted use, distribution, and reproduction in any medium, provided the original work is properly credited..

Abstract

Rapid globalisation of financial markets and the proliferation of multinational corporations (MNCs) have also given rise to demands for more internationally comparable financial reporting. This has led to the facilitation of the reproduction and diffusion of specific accounting and accountability practices across the world by international organisations such as the World Bank and International Monetary Fund. This study the IFRS adaptation, adoption and convergence an amalgamation of the right strategy for Nigeria's transition.Since the official announcement of the adoption and implementation of IFRS, there have been attempts by regulatory agencies across the globe to be part of the revolution of which Nigeria decided to choose adoption as the strategy for joining the change.IFRSs are believed to reduce information cost as the capital flow becomes more internationalised. Therefore, it is cheaper to have one set of single financial statements without translation and more comfortable for investors to understand than statements prepared with different GAAPs. The study concludes that professional accounting bodies should align their continuing professional education requirements with IFAC guidelines. The study, therefore, recommends that adequate resources such as human resources, materials resources and financial resources should be put in place to support the sustainable implementation of IFRS

Keywords: IFRS, Adaptation, Adoption, Convergence, NGAAP.


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