INTERNATIONAL FINANCIAL REPORTING STANDARDS: THE IMPLICATION FOR ITS ADOPTION IN NIGERIA

The International Accounting Standards Board (IASB) is responsible for developing the International Financial Reporting Standards, and promoting the use and application of these standards Countries of the world are experiencing closer international linkages and greater degrees of economic and political interdependence. No national economy is totally independent of another. Even an advanced country's economy is increasingly dependent on other economies around the world. The world's major stock exchanges are now interrelated. There is global thinking in capital market. Many companies' shares are now listed on the stock exchanges are outside their countries. There are also the large Euro money markets. Money transactions are guided by cost, availability and applicable regulatory difficulty. A country borrows wherever conditions are relatively the most attractive. Many technical instruments, such as foreign exchange and interest rate markets, forward contracts and other hedges, swaps and options are assuming greater importance. This work studies the International Financial Reporting Standard and the implication for its adoption in Nigeria.