Journal of Emerging Trends in Economics and Management Sciences: Home

Article Title:
Adoption and Implementation of International Financial Reporting Standards (IFRS) in Nigeria: Auditors Perspectives
by Adetoso, Jonathan Adegoke

Abstract:
The study examined the prospects and benefits of adopting International Financial Reporting Standard (IFRS) in Nigeria' as it relates to auditors. It examined the relationship between IFRS adoption and management?s transparency and also examined the relationship between IFRS adoption and stakeholders? reliance on management representation.The population of this study comprise of external auditors in Nigeria and simple random techniques was adopted in selecting some audit firms in Ogun State, Nigeria. Primary data was used in the study through the questionnaire administered to the recipients. The collected data was tested through chi-square with the use of Statistical Package for Social Sciences (SPSS).Results showed that there is correlation between IFRS adoption and management's transparency and also that there is correlation between IFRS adoption and stakeholders' reliance on management representations. The study therefore recommended that that firms should engage in formal training of their staffs to be able to fully implement IFRS in their firms in order to withhold stakeholders' loyalty

Keywords: auditors, financial reports, generally accepted accounting principles, investors, multinational company

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