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1
SECTION ONE
INTRODUCTION
1.1 Background to the Study
Globalization of capital markets is an irreversible process hence t...
2
International Accounting Standard Board (IASB) to develop a uniform set of accounting principles
that would be applicabl...
3
challenges on the financial reporting process which include among others conversion will require
companies to re-align t...
4
iii. to examine whether changes in financial statements have any negative effects on public
perceptions about the financ...
5
implementation challenges faced by the entities that have implemented it so far from the
accountants perspective. This i...
6
iii. Convergence: Convergence means the process of converging or bringing together
international standards issued by the...
7
decisions and ensure a more optimal allocation of resources across the global economy (Jacob and
Madu, 2009).
2.1.2 Adop...
8
The term harmonization means “the reconciliation of different accounting and financial reporting
systems by fitting them...
9
Convergence was meant to bring standards like the US GAP and IFRS closer or harmonize them; to
produce identical standar...
10
amounts than others. Prior researchers provided many reasons for a higher accounting quality in the
financial statement...
11
2.1.4 Disadvantages and Costs of IFRS
There are several reasons why the expected benefits of IFRS may not be achieved. ...
12
The move to a new reporting system (like IFRS) brings many challenges for different
stakeholders involving in the proce...
13
iv. Lack of IFRS implementation guidance and
v. Tax driven nature of national standards.
2.2.1 Theoretical Frame Work
I...
14
made to eliminate or reduce many of the major differences in accounting standards through a
process known as harmonizat...
15
SECTION THREE
RESEARCH METHODOLOGY
3.0 Introduction
This section will focus on the research design, population and samp...
16
The target sample respondents will be Accounting lecturers from Nigerian Universities, principally
from University of I...
17
χ2 = Σ (O - E) 2
E
Where: χ2 = Calculated Chi-square value
∑ =Summation of the distribution
O = Observed frequency of e...
18
REFERENCES
Abdulkadir, M. (2012). Adoption of International Financial Reporting Standards in
Developing Countries: The ...
19
Barth, M. E., Landsman W. R., Lang, M. H., & Williams, C. D. (2008). Accounting Quality:
International Accounting Stand...
20
Healy, P. & Wahlen, J. (2010). A Review of the Earnings Management literature and its
Implications for Standard Setting...
21
Obazee, J. O. (2007). Current Convergence Efforts in Accounting Standard Setting and Financial
Reporting: Lagos, Nigeri...
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Project Proposal On IFRS Adoption in Nigeria

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Project Proposal On IFRS Adoption in Nigeria

  1. 1. 1 SECTION ONE INTRODUCTION 1.1 Background to the Study Globalization of capital markets is an irreversible process hence the need for harmonization of accounting standards in order to help standardize companies’ financial statements, especially international investors whose interest span across the globe. Since financial information is the medium of communicating financial transactions, it is important that different countries’ accounting standards be harmonized to form a single set of accounting standards, to improve the rate at which investment and credit decisions are taken and aid international comparability of companies’ performance both within and outside reporting countries. According to Essien-Akpan (2011), as a result of increasing globalization and therefore competition, it becomes imperative that countries and companies alike address issues that will make them become more attractive of investors’ capital which is like the proverbial beautiful bride. Adekoya (2011) noted that there are many potential benefits to be gained from the adoption of uniform, mutually recognized and respected international accounting standards , the adoption cut the cost of doing business across the borders by reducing the need for complementary information, make information more comparable, thereby enhancing evaluation and analysis by users of financial statements. Ahmed (2011) also put it differently that users become more confident of the information they are provided with and presumably, this reduces uncertainties, promotes efficient allocation of resources and reduce capital cost. The evolution of this international convergence towards a global set of accounting standards started in 1973 when 16 professional accounting bodies from major countries comprising UK, Ireland, United States (US), Australia, Canada, France, Germany, Japan, Mexico, Netherlands agreed to form International Accounting Standards Committee (IASC) responsible for the issuing of International Accounting Standards (IAS) until April 2001 when the IASC was re-structured to
  2. 2. 2 International Accounting Standard Board (IASB) to develop a uniform set of accounting principles that would be applicable globally and supersede the International Accounting Standards (IAS) which allowed for different treatments of transactions and events, making comparative analysis difficult and to be known as International Financial Reporting Standards (IFRSs) (Ajibade, 2011). In Nigeria, to join the moving train of globalization and to take its advantages outlined above, adoption of IFRS was launched in September 2010, by the Honorable Minister, Federal Ministry of Commerce and Industry, Senator Jubril Martins-kuye (OFR) with the issuance of the implementation roadmap for Nigerian adoption of IFRS. The roadmap set January 2012 as compliance date for publicly quoted companies and significant public interest entities in Nigeria. All other public interest entities are expected to mandatorily adopt IFRS by January 2013, and small and medium-sized entities to adopt IFRS by January 2014. Two years after the first adoption and implementation of IFRS in Nigeria, this study is meant to evaluate the likely challenges of its post implementation. 1.2 Statement of the Problem Despite all the immense benefits of adopting and implementing IFRS such as reduced cost of doing business across the borders via reduction in the need for complementary information, comparability of information, enhancement in evaluation and analysis by users of financial statements, reduction in uncertainties as well as capital cost, its implementation is however not without challenges, especially in a developing country like Nigeria (Adekoya, 2011; Ahmed 2011) Adoption of IFRS in Nigeria is faced with challenges which will entail significant costs and will have far reaching challenges on a wide variety of stakeholders in the financial reporting process; including financial statement preparers, investors, analysts, auditors, regulators and other partakers of financial reporting process. These stakeholders are faced with a number of implementation
  3. 3. 3 challenges on the financial reporting process which include among others conversion will require companies to re-align their systems, train employees and educate users of the financial statements on changes to financial reports. Auditors will be required to implement extensive training programmes to ensure that future accounting professionals receive a sound education on the application of international financial reporting standards (IFRS) (Onoja, et al., 2013) Post implementation challenges of IFRS are the major concern in Nigeria today after two years of its adoption and implementation. Therefore the following research questions are to be addressed in this study. i. Do IFRS implementation led to additional cost of operations for entities that have implemented it so far? ii. Do the increased costs of operation as a result of IFRS implementation outweigh the benefits derivable from its implementation? iii. To what extent do managing public perceptions around changes in financial statements brought about by IFRS implementation a challenge? In other words, do changes in financial statements have any negative effects on public perceptions about the financial statements? 1.4 Objectives of the Study Generally, this study is aimed at evaluating the post implementation challenges of IFRS from the Nigerian Accountants’ perspective. Specific objectives sought in this study include: i. to evaluate whether IFRS implementation led to additional cost of operations for entities that have implemented it so far. ii. to examine whether the increased costs of operation as a result of IFRS implementation outweigh the benefits derivable from its implementation.
  4. 4. 4 iii. to examine whether changes in financial statements have any negative effects on public perceptions about the financial statements. 1.5 Research Hypotheses The hypotheses to be tested in this study stated in null form (Ho) are as follow Ho1 IFRS implementations do not significantly lead to additional cost of operations for entities that have implemented it. Ho2 Increased costs of operation as a result of IFRS implementation significantly outweigh the benefits derivable from its implementation. Ho3 Changes in financial statements have no significant effects on public perceptions about the financial statements. 1.3 Justification for the Study International Financial Reporting Standards (IFRS) is one of the major contemporary issues in accounting profession globally and particularly in Nigeria today. Several studies into the benefits of its adoption in Nigeria, pre-adoption and implementation challenges, issues and lessons for all the stakeholders as well as its implication for the Nigerian Capital Market has been carried out by many scholars. While some researchers refer to the advantages of adopting IFRSs in the developing countries such as increasing foreign direct investment (FDI) (Halbouni, 2005 and Tyrrall et al., 2007); others are concerned about the debate of such adoption due to the diversity in the cultural and environmental factors among countries which would be detrimental to the adoption advantages (Briston, 1990 and Larson, 1993). Nigeria is one of the developing countries for which these standards could be either advantageous or detrimental to economic growth. Consequently, with the last IFRS implementation phase still ongoing (small and medium- sized entities to adopt IFRS by January 2014), this study is therefore set to assess the likely post
  5. 5. 5 implementation challenges faced by the entities that have implemented it so far from the accountants perspective. This information can be of importance to other companies implementing IFRS in Nigeria, the relevant stakeholders as well as standard-setters and regulators around the world. Researchers and students in other developing nations which are yet to adopt the IFRS policy/standards may also find this study relevant. Finally, finding of this study will contribute to the pool of information needed in making relevant economic policies both in Nigeria and any other country that might find it useful. 1.6 Scope of the Study This study will examine the post implementation challenges of IFRS adoption in Nigeria from the Accountants point of view. It will cover Accountants in Kwara State divided into three sub-groups, viz. Auditors, Accountants (reporting) and those in the academics. This study will also cover two years in terms of period (2012-2013), that is, the period that IFRS implementation is in operation in Nigeria. 1.7 Definition of Terms i. IFRS: Means International Financial Reporting Standards. It represent a unified global commitment to developing a single set of high quality, globally accepted accounting standards whose aim is to provide transparent and comparable information that is in the public interest through general purpose financial statements (Herbert, 2010). ii. Harmonization: The term harmonization means “the reconciliation of different accounting and financial reporting systems by fitting them into common broad classifications, so that form becomes standard while content retains significant differences” (Mathews & Perera, 1996).
  6. 6. 6 iii. Convergence: Convergence means the process of converging or bringing together international standards issued by the IASB and existing standards issued by national standard setters, with the aim of eliminating alternatives in accounting for economic transactions and events (Odia and Ogiedu, 2013) SECTION TWO LITERATURE REVIEW 2.0 Introduction The expansion of International Trade and the accessibility to foreign stock and debt market has given impetus to increasing the debate on whether or not there is need to be a global set of accounting standards. As companies compete globally for scarce resources, investors and creditors as well as multinational companies are required to bear the cost of reconciling financial statements that are prepared using national standards. It was argued that a common set of practices will provide a “level playing field” for all companies worldwide (Murphy, 2000). 2.1.0 Conceptual Framework 2.1.1 International Financial Reporting Standards (IFRS) IFRS are standards and interpretations adopted by the International Accounting Standards Board (IASB). They include International Financial Reporting Standards (IFRS), International Accounting Standards (IAS) and interpretation originated by the International Reporting Standards Interpretation Committee (IFRSIC) (Oyedele, 2011). IFRS represent a single set of high quality globally accepted accounting standards that can enhance comparability of financial reporting across the globe. This increased comparability of financial information could result in better investment
  7. 7. 7 decisions and ensure a more optimal allocation of resources across the global economy (Jacob and Madu, 2009). 2.1.2 Adoption, Adaption (Harmonization), Convergence of IFRS: The Clarification Despite the fact that IFRS are increasingly becoming the need of the hour across the world and given aggressive attempts by companies in globalizing their operations, some confusion still prevail over the difference between Adoption, Adaptation (or Adaption) of, and Convergence with, IFRS. Although in common parlance and even in extant literature, the terms are used interchangeably, conceptually there exists a significant difference between the two which all users of IFRS – researchers, regulators, professionals, etc. - should understand and implement. It is important in any IFRS discourse to clarify this distinction (Herbert, et al., 2013) The term ‘adoption’ implies that national rules are set aside and replaced by IFRS requirement. In simple terms, when a country or jurisdiction adopts IFRS, it means that the country/jurisdiction shall be implementing IFRS in the same manner as issued by the IASB and shall be 100% compliant with the guidelines issued by IASB. Adoption of IFRS means full scale implementation or usage of IFRS without any variation. Within the European Union, for example, IFRS adoption is obligatory for all listed companies for their consolidated statements (Nobes & Parker 2008). The term ‘adoption’ is also used when a company chooses to use a set of accounting rules other than the national one, that is, the one regulated by its national accounting standards, as for example by Financial Reporting Council (FRC) in Nigeria. Another term that raises confusion in the IFRS lexicon is ‘adaption’. Other literatures term it as ‘harmonisation’. In simple terms, any transition to IFRS that entails the modification of IASB’s standards to suit national/jurisdictional peculiarities or interests even without compromising the accounting standards and disclosure requirements is referred to as adaptation (Herbert, et al., 2013).
  8. 8. 8 The term harmonization means “the reconciliation of different accounting and financial reporting systems by fitting them into common broad classifications, so that form becomes standard while content retains significant differences” (Mathews & Perera, 1996). Convergence on the other hand means the process of converging or bringing together international standards issued by the IASB and existing standards issued by national standard setters, with the aim of eliminating alternatives in accounting for economic transactions and events. Convergence with IFRS means that the country’s Accounting Standard Board (e.g. FRC of Nigeria) in applying IFRS would work together with IASB to develop high quality compatible accounting standards over time. Convergence is then the gradual process of changing a country’s accounting rules towards IFRS. The ultimate objective of convergence is to achieve a single set of internally consistent, high quality global accounting standards, issued by the IASB and adopted by all the national standard setters (Ogiedu, 2011). The need for global convergence of accounting standard or for an international standard setter is to: (i) Recognise the growing need for international accounting standards. (ii) Ensure no individual standards setter has a monopoly on the best solutions to accounting problems. (iii) Ensure no national standard setter is in a position to set accounting standards that can gain acceptance around the world. (iv) Clarify that there are many areas of financial reporting in which a national standards setter finds it difficult to act alone. Convergence is the process by which standard setters across the globe discuss accounting issues drawing on their combined experiences in order to get at the most appropriate solution. Obazee (2007) suggests that convergence could be either by adoption (a complete replacement of national accounting standards with IASB’s standards) or by adaptation (modification of IASB’s standards to suit peculiarities of local market and economy without compromising the accounting standards and disclosure requirements of the IASB’s standards and basis of conclusions).
  9. 9. 9 Convergence was meant to bring standards like the US GAP and IFRS closer or harmonize them; to produce identical standards. According to SEC (2010), there are two approaches to IFRS adoption around the world: convergence and endorsement approaches. SEC (2010) classifies jurisdictions which do not adopt IFRS as issued by the IASB as following the convergence approach. They keep their local standards but make effort to converge with IFRS over time for instance, China. Endorsement approach is where jurisdictions incorporate individual IFRSs into their local standards like countries in the European Union (EU). In summary, the implementation trajectory of IFRS involves three action words: adopt, adapt, and converge. Put differently, with respect to IFRS, should a country adopt, adapt or converge? In general, although IFRS adoption is the ultimate objective and offers similarities in both challenges and benefits, however, national differences (socio-cultural and political) persist. Thus, every country/jurisdiction will inevitably follow its own path towards achieving adoption. Clearly, many countries face cultural, legal, and/or political obstacles to an immediate adoption of IFRS. As a result of those impediments, countries may decide to follow the path and strategies that will enable them to best achieve the objective. A country may implement strategies of (a) immediate full adoption of IFRS, (b) continuous convergence with IFRSs, or (c) modify the standards to suit their national peculiarities, without compromising the preparation and disclosure requirements of IFRS (Herbert, et al., 2013). 2.1.3 Advantages and Benefits of IFRS Proponents of IFRS claim that IFRS possess many advantages over the domestic accounting standards of individual countries. Several studies report improvements in accounting quality following voluntary IFRS adoption (Barth, Landsman and Lang, 2008) as well as mandatory IFRS adoption (Daske, et al., 2008). For example, Barth, et al., (2008) provided evidence from 21 countries, showing that firms applying international accounting standards generally had less earnings management, more timely loss recognition, and more value relevance of accounting
  10. 10. 10 amounts than others. Prior researchers provided many reasons for a higher accounting quality in the financial statements under IFRS: They were originally designed for developed capital markets and therefore, more relevant to investors (Ball, 2006) • They reduce the alternative accounting methods, leading to lower earning management (Winney, et al., 2011). • They require higher quality measurement and recognition rules (De Franco, Kothari and Verdi, 2010) that better reflect a firms underlying economic position, hence more transparent than local GAAP (Herbert, 2010). • They require higher disclosure levels, thereby mitigating information asymmetries between firms and their shareholders (Healy and Palepu, 2001). Besides the higher financial reporting quality argument, advocates of IFRS also claim that IFRS reporting increases comparability of firms across markets and countries (DeFond, et al., 2010), thus, facilitating cross-border investment (Lee and Fargher, 2010) and integration of capital market (Saudagaran, 2008). In light of the IFRS effects on the capital market, the promoters of IFRS often argue that companies could access the international capital market more easily (Christensen, et al., 2011), especially the ones with high level of internationalization such as trading or raising fund in overseas markets (Daske, et al., 2009). In addition, there are also the intangible advantages that adopting firms might be able to benefit from, when they implement additional disclosure policy under IFRS (Florou and Pope, 2012). For example, the firm may more easily access capital market (Soderstrom and Sun, 2007), charge higher price for products (Ray 2010), and attract more experienced staff (Naoum, et al., 2011) thanks to the reputation of more transparency than their competitors (Fox, et al., 2013). In the same line of argument, prior researchers reported that serious, IFRS adopters experienced significant declines in their cost of capital and substantial improvements in their market liquidity compared to label, adopters (Daske, et al., 2009).
  11. 11. 11 2.1.4 Disadvantages and Costs of IFRS There are several reasons why the expected benefits of IFRS may not be achieved. Reducing accounting alternatives may result in a less true and faithful representation of the firms, underlying economics (Barth, et al., 2008). • As a result of the principle-based nature of IFRS (Hong 2008), professional judgment may create the opportunities for earning management (Chand, et al., 2005; Jeanjean and Stolowy, 2008). • Weak enforcement mechanisms of adopting nations can reduce financial reporting quality, even when high quality accounting standards are implemented (Brown and Tarca, 2007; Chen and Cheng, 2007) In addition to the potential disadvantages, previous authors also expressed some concerns regarding the costs of transitioning to IFRS. Smith (2009) expressed that transition costs may vary from firm to firm and some may be common to all firms across many countries. For example, according to the report “EU implementation of IFRS and the Fair Value Directive” (ICAEW 2007), the ten common costs of conversion to IFRS includes: i. IFRS project team, ii. Software and systems changes, iii. Additional external audit costs, iv. External technical advice as well as Tax advice, v. Training of staff, vi. Training other staff (such as IT staff, internal audit and management), vii. Communications with third parties, viii. Additional external data costs, ix. Costs arising from changes such as re-negotiating debt covenants, surveys of accounting firms unveiled that most companies hire extra staff or use subcontractors for IFRS project team (Onoja, et al., 2013) 2.1.5 Challenges of IFRS Implementation
  12. 12. 12 The move to a new reporting system (like IFRS) brings many challenges for different stakeholders involving in the process such as regulators, preparers, auditors and users. In particular, the challenge for regulators is to identify to what extent national GAAP will be similar or distant from IFRS (Heidhues and Patel, 2008). This, in turn, requires the practitioners to develop or obtain an in-depth analysis what changes in hardware, software, reporting processes are required; what transitional workload adding to the normal day-to-day activities (AICPA, 2011). Managing public perceptions around the changes in financial statements are another challenge for the management of adopting firms (PWC, 2011). Furthermore, Jermakowicz (2004) listed some key challenges in the process of adopting IFRS to include: i. The complicated nature of some standards of IFRS (e.g. impairment test in IAS 36) ii. The lack of guidance of first time IFRS reporting (e.g. IFRS 1) iii. The underdevelopment of capital market iv. The weak enforcement of law and regulations Tokar (2005) added that for the country that has a different official language other than English, timely IFRS translation into the national language is another obstacle during the transition period. The task of implementing IFRS is further complicated by the fact that IFRS are continually evolving, and not yet finalised (Fox, et al., 2013). Several authors have also expressed their concerns about how IFRS will be taught to students and how professionals will keep up to date with new standards (Heidhues and Patel, 2008; Wong, 2004). Education for both professional and non-professional resources also then becomes an important barrier for making IFRS convergence with national accounting standards happening. Other challenges according to Egbere et al., (2013) include: i. Increased volatility of earnings, ii. High cost of implementing IFRS, iii. Complex nature of IFRS,
  13. 13. 13 iv. Lack of IFRS implementation guidance and v. Tax driven nature of national standards. 2.2.1 Theoretical Frame Work International convergence of accounting standards is not a new idea. The concept of convergence first arose in the late 1950s in response to post World War II economic integration and related increases in cross-border capital flows (Nobes, 2008). Initial efforts focused on harmonization which entailed reducing differences among the accounting principles used in major capital markets around the world. By the 1990s, the notion of harmonization was replaced by the concept of convergence - the development of a single set of high-quality international accounting standards that would be used in at least all major capital markets. The need to develop a unified set of accounting standards arose from international differences that curtailed investment opportunities (IFAC, 2008). Since accounting is affected by its environment, the culture of that environment contains the most basic value that an individual may hold; it also determines the value system of accountants. In using cultural differences to explain international differences in behaviour of accountants and in the nature of accounting practices, Gray (1988) suggests that a country with high uncertainty avoidance and individualism will be more likely to exhibit conservative measure of income and a preference to limit disclosure of those closely involved in a business. Gray’s postulation is hinged on the following proposition by Hofstede (1980): The divergence perspective recognizes country and cultural differences. The main hypothesis is that national culture continues to be a dominating influence on individuals’ attitudes and behaviors. Other factors that precipitated the development of a unified set of accounting standards include inflation, tax method, and legal system of a country. The unification of the different accounting standards and the evolutionary changes that led to the development of IFRS has been a topical issue in the accounting world. Since the early 1970s, various attempts have been made and are still being
  14. 14. 14 made to eliminate or reduce many of the major differences in accounting standards through a process known as harmonization (Herbert 2010). 2.3.1 Empirical Studies Empirically, little study has been conducted into the post implementation challenges of IFRS adoption in Nigeria. This could be mainly because of the time frame covered by this implementation to date. It was however concluded from a study conducted to examine the benefits, costs and challenges of IFRS implementation that Nigerian accounting professionals are optimistic about potential benefits of IFRS and also anticipated significant costs and challenges during the transition period (Onoja, et al., 2013). These challenges are not however expected to be associated with transition alone; it is as well expected to go on even after implementation at least in the first few years of post implementation. Moreover, the survey findings suggest a strong support in switching from Nigeria SAS to IFRS gradually, though the level of support is different from the lens of three different accountant sub- groups. (Onoja, et al., 2013).
  15. 15. 15 SECTION THREE RESEARCH METHODOLOGY 3.0 Introduction This section will focus on the research design, population and sample, Sampling technique and sample size, Sources of data and instrument of data collection as well as method of data analysis. 3.1 Research Design The research design for this study will be more of exploratory being one of the few empirical study in this area. It will adopt a survey approach with the use of questionnaires which will be designed to elicit opinions about the perception or knowledge of IFRS post implementation challenges in Nigeria from Nigeria accountants’ lens. 3.2 Population and Sample The population for this study will comprise mainly Accountants in Kwara State. The choice of restriction to Kwara State alone is due to reason of logistic and resources (both in terms of time and money). Also only Accountants are chosen to enable an objective opinion from those who have the technical, professional and practical knowledge of IFRS.
  16. 16. 16 The target sample respondents will be Accounting lecturers from Nigerian Universities, principally from University of Ilorin, Kwara State University as well as Kwara State Polytechnic, Accountants and Auditors in Practice from selected consulting firms in Ilorin, Offices of the Accountant- General, Auditor-General of Kwara State, the Federal Inland Revenue Services in Kwara State as well as some banks like GTBank Plc and First Bank of Nigeria. 3.3 Sampling Technique and Sample Size Two different sampling techniques- Stratified and simple random sampling will be used in this study. Stratified sampling technique will be used in dividing the population into strata (groups); Academics (Lecturers and Students), Accountants and Auditors. While Simple random sampling will then be used to draw sample from each stratum in order to guide against bias (to ensure fair representation of population elements). 3.4 Sources of Data and Instrument of Data Collection Both primary and secondary sources of data will be used in this study. The instrument to be used in gathering the primary data- the main source will be questionnaire. The questionnaire will be designed to measure the perceptions of Nigerian Accountants on the post implementation challenges of IFRS in Nigeria two years after its adoption. 3.5 Method of Data Analysis The nature of this study makes it appropriate to employ the use of inferential statistical tools such as Chi-Square goodness-of-fit test which is used to test whether a frequency distribution fits an expected distribution or hypothesized distribution. In other words, it is a test used to test the significant difference between the observed frequency and expected frequency distribution. It is used to determine how well empirical (observed) distribution i.e. those obtained from sample data, fit theoretical (hypothesized) distribution such as normal, poison and binomial distributions. A chi- square is denoted by χ2 and given as:
  17. 17. 17 χ2 = Σ (O - E) 2 E Where: χ2 = Calculated Chi-square value ∑ =Summation of the distribution O = Observed frequency of each category; and E =Expected frequency of each category.
  18. 18. 18 REFERENCES Abdulkadir, M. (2012). Adoption of International Financial Reporting Standards in Developing Countries: The Case of Nigeria. International Journal of Business and Management, Vol. 7, No. 3; Adekoya, O. (2011). Similarities and Differences, IFRS and Nigerian GAAP. Lagos: Pricewater House Coopers International Limited. (pwCIL). Ahmed, Z. (2011). International Financial Reporting Standards (IFRS): An Essential course for Getting to “KNOW IFRS”. Ajibade, M. (2011). The Role of the Chartered Secretary and Administrator. A paper presented at the 35th Conference of Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Lagos Sheraton Hotels and Towers, October 26th and 27th. Ball, R. (2006). IFRS: Pros and Cons for Investors, Journal of Accounting and Business Research, International Accounting Policy Forum, retrieved from www.tandfonline.com on 20th December, 2013. Barth, M. E., Landsman, W. R. & Lang, M., (2008). International Accounting Standards and Accounting Quality, Journal of Accounting Research, Vol. 46, No. 3,
  19. 19. 19 Barth, M. E., Landsman W. R., Lang, M. H., & Williams, C. D. (2008). Accounting Quality: International Accounting Standards and US GAAP, retrieved from http://ssrn.com on 23rd December, 2013. Brown, P. & Tarca, A.N.(2007). Achieving High Quality, Comparable Financial Reporting: A Review of Independent Enforcement Bodies in Australia and the United Kingdom, Abacus, vol. 43, no. 4 Christensen, H.B., Hail, L. & Leuz, C. (2011). Capital-Market Effects of Securities Regulation: the Role of Implementation and Enforcement, retrieved from http://ssrn.com on 13th December 2013. Christensen, H. B., Lee, E. & Walker, M. (2008). Incentives or Standards: What determines Accounting Quality Changes around IFRS Adoption, retrieved from http://ssrn.com/abstract 1013054 on 19th December, 2013. Daske, H. H., Leuz, C. & Verdi R., (2008). Mandatory IFRS reporting around the World: Early Evidence on the Economic Consequences. Retrieved from http://ssrn.com on 13th December, 2013. DeFond, M., Hu, X., Hung, M. & Li, S. (2010). The Impact of IFRS Adoption on Foreign Mutual Fund Ownership: The Role of Comparability', SSRN library, retrieved from http://ssrn.com on 13th December, 2013. Essien-Akpan, I. (2011). The International Financial Reporting Standards (IFRS): The Role of the Chartered Secretary and Administrator. A paper presented at the 35th Conference of ICSAN. Lagos Sheraton Hotels and Towers. October 26th and 27th. Fox, A., Helliar, C., Veneziani, M. & Hannah, G. (2013). The Costs and Benefits of IFRS Implementation in the UK and Italy, Journal of Applied Accounting Research, vol. 14, Gray, S. J. (1988). Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally, Abacus, 24(1).
  20. 20. 20 Healy, P. & Wahlen, J. (2010). A Review of the Earnings Management literature and its Implications for Standard Setting, Accounting Horizons, Vol.13 No. 4 pp 365-383. Herbert, W. E. (2010), Adoption of International Financial Reporting Standards (IFRS) in Nigeria: Assessing the Level of Preparedness, A Paper presented at FSS2020 Retreat on IFRS, CBN Head Office, Abuja,13 December. Herbert, W. E. & Tsegba, I. N. (2011). Corporate Governance and Firm Performance through Ownership Structure of Nigerian Listed Companies, Journal of Business and Financial Studies, Vol. 9, No 4. Herbert, W. E., et al., (2013). Adoption of International Financial Reporting Standards (IFRS): Insights from Nigerian Academics and Practitioners. Research Journal of Finance and Accounting, Vol. 21, No 10. Hofstede, G. (1980). Culture’s Consequences: International Differences in Work-related Values. Beverly Hills CA: Sage. Jacob, R. A., & Madu, C. N. (2009). International Financial Reporting Standards: an indicator of high quality. International Journal of Quality & Reliability Management, Vol 16, No 02. Jermakowicz, E. (2004). Effects of Adoption of International Financial Reporting Standards in Belgium: The Evidence from BEL-20 Companies, Accounting in Europe, vol. 1, pp. 51-70. Mathews, M. R. & Perera, M. H. (1996). Accounting Theory and Development, 3rd Edition. Melbourne:Thomas Nelson Australia. Murphy, A. B. (2000). The impact of adopting international accounting standards on the harmonization of accounting practices, The International Journal of Accounting, 35, 471-493. Nobes, C. (2008). The Survival of International Differences under IFRS: Towards a Research Agenda, Accounting and Business Research”
  21. 21. 21 Obazee, J. O. (2007). Current Convergence Efforts in Accounting Standard Setting and Financial Reporting: Lagos, Nigerian Accounting Standing Board. January 31. Odia,.J.O., & Ogiedu, K.O., (2013). IFRS Adoption: Issues, Challenges and Lessons for Nigeria and other Adopters. Mediterranean Journal of Social Sciences, MCSER Publishing, Rome-Italy, retrieved from www.mcser.org/journal/index.php/ on 27th December, 2013. Ogiedu, K.O. (2011) International Financial Reporting Standards Adoption: A Challenge of Definition and Implementation, A Seminar paper presented in the PhD Accounting, Department of Accounting, University of Benin. Onoja, E.E., Egbere, M. I. & Audu F. (2013). Post Implementation Challenges of International Financial Reporting Standards (IFRS) Adoption in Nigeria, Mediterranean Journal of Social Sciences MCSER Publishing, Rome-Italy, retrieved from www.mcser.org/journal/index.php/ on 27th December, 2013. Oyedele, T. (2011). An Overview of IFRS and Challenges Posed to Professionals. A paper presented at a seminar on IFRS Adoption in Nigeria. The Chartered Institute of Taxation of Nigeria. SEC. (2010). Work Plan for the consideration of incorporating International Financial Reporting Standards into Financial Reporting System for U.S. Issuers, New York, US SEC. Winney, K., Marshall, D., Bender, B. & Swiger, J. (2011). Accounting Globalization: Roadblocks to IFRS Adoption in the United State, Global Review of Accounting and Finance, retrieved from http://wbiaus.org/11.%20Kathryn.pdf on 27th December, 2013.

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