IMPEDIMENTS IN ADOPTING INTERNATIONAL FINANCIAL REPORTING STANDARD IN NIGERIA

ABSTRACT: This study was carried out to examine impediments in adopting international financial reporting standard in Nigeria with special reference to Federal Pay Office, Benin and Office of the Auditor-General for the Federation, Benin City.  Specifically, the study aimed to find out the impediments in adopting (IFRS) International Financial Reporting Standards in Nigeria. The study employed the survey descriptive research design. A total of 77 responses were validated from the survey. From the responses obtained and analyzed, the findings revealed that There are problems/impediments in the adoption of International Financial Reporting Standards (IFRS) in Nigeria. The study thereby recommend that even though Nigeria has adopted IFRS, empirical studies have thrown up reservations and roadblocks to its implementation. An important policy implication is the urgency of accounting curriculum review in the tertiary education system to incorporate IFRS and IPSAS and their implementation dimensions. Also, governments at all levels, regulatory agencies, accountancy bodies, private and public companies and institutions, and accountancy firms all need to fast-track IFRS education in order to boost the acquisition of IFRS knowledge and competences.