IMPACT OF IFRS ADOPTION ON NIGERIAN ACCOUNTING SYSTEM

ABSTRACT
This investigation is outlined to evaluate the impact of IFRS adoption on the Nigeria accounting system as the country joins the rest of the world in embracing the application of IFRS in fiscal (l.e financial) reporting.
It examined the origin of IFRS to be able to understand what the whole idea is all about, it looked at the standard setting body, the process before a standard is promulgated as well as the body charged with the responsibility of interpreting the standards in the event of disputes arising from any standard.
The research assessed various literatures to be able to have a balance view of authors on the pros and cons of adopting IFRS, and Nigerian’s accounting principles. Though most authors were of the view that IFRS should be accepted and implemented fully, they did not hesitate to point to the fact that there are challenges which will every nation and in particular Nigeria must address for her to be better positioned to reap the benefits accruable to adopters. Some of the challenges identified by these authors are: costs associated with first time adoption, standards disparity that exist among the Nigerian GAAP and IFRS mode of treating certain items such as depreciation and capital allowance, lack of public awareness on the provisions of IFRS to enable greater acceptance, none-teaching of IFRS in the Nigerian schools, lack of willingness to adapt to change. They also pointed out some of the benefits that Nigeria and indeed Africa stands to gain by adopting IFRS. Some of the benefits identified are : great access to global asset market , increases in external direct  investment, reduction on the cost of reconciling reports of multinational corporation between the parents and subsidiary corporation, greater job opportunities for IFRS complaints accountant across the globe.
The research was done using quantitative research approach through the use of survey method (administration of questionnaires.
Key words: IFRS, fiscal reporting, Nigerian domestic GAAP.