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Are IFRS Adoption Benefits in Developing Countries a Time-Lag?: A Critical Review of the Case of Nigeria
Abstract
The IFRS is a useful international financial reporting framework that ensures comparable and quality financial information disclosure. IFRS perceived benefits compare to local and regional accounting standards has led to its adoption and implementation by several countries around the globe. However, IFRS is argued to benefit the developed countries the most due to their strong market and institutional settings (He, Wong & Young, 2009). This paper critically explores the question of whether IFRS adoption benefits in a developing country such as Nigeria is time-lag. The paper is a library research thus inferences were drawn deductively base on previous works conducted in Nigeria and elsewhere on IFRS adoption. This approach was further complimented by the conduct of interview with three professional accountants in practice and two economics analysts. It was revealed and concluded that due to their weak market, institutional settings and other factors, a time-lag is necessary for Nigeria and indeed all other developing countries to fully maximise the benefits of IFRS adoption and implementation. Notwithstanding, the paper recommends that to fast track IFRS benefits, developing countries and Nigeria in particular, should overhaul capital market infrastructure and ensure a strong ethical and good corporate governance environment as well as strict compliance with IFRS requirements through increase monitoring and use of sanctions by regulators.
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