ABSTRACT

The study examined the problems and prospect of international financial reporting standards implementation in Nigeria using selected listed companies in Aba as case studies. While converting to IFRS can be a complex process those standards have important and positive implications for nations and companies, it allows them to present their financial statement in the same basis as their foreign competitors. And the objective of this work includes to identify the complexity and structure of IFRS in Nigeria, to examine the technical competency of preparers, auditors and users of IFRS in Nigeria, to evaluate the legislative requirement of IFRS in Nigeria .For investors, it offers better information for decision making. The descriptive research design was adopted for the study. Also, the primary source of data through the use of a well drafted questionnaire was employed for this study with a sample size of 144 respondents consisting of accountants, auditors and management staff of eight (8) selected listed companies in Aba, Abia State. Also, the data collected for the study was analyzed using Spearman rank correlation analysis. Meanwhile, the empirical results emanating from the analysis revealed that there is a significant relationship between the implementation of IFRS and the structure and complexity in Nigeria. Also, there is a significant relationship between the implementation of IFRS and technical competency of preparers, auditors and users. The study equally revealed that there is a signiflcant relationship between the implementation of IFRS and system capability and internal capability in Nigeria. It is recommended that companies should employ the services of experienced and competent account personnel/auditors in order to successfully implement the details of IFRS. Also, academic curriculum should cover the details, meaning and interpretations of the IFRS so as to boost the technical ability of accounting personnel in Nigeria.