EFFECTIVENESS OF THE MAJOR STAKEHOLDERS IN ENSURING TIMELY IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS) IN NIGERIA

EFFECTIVENESS OF THE MAJOR STAKEHOLDERS IN ENSURING TIMELY IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS) IN NIGERIA

 ABSTRACT

This study evaluated the effectiveness of accountants, and appraised the effectiveness of auditors in the implementation of IFRS in Nigeria. It also, determined the effectiveness of Financial Reporting Council of Nigeria (FRC) in monitoring the implementation of IFRS in Nigeria and evaluated the effectiveness of the accounting professional bodies (ICAN and ANAN) in facilitating the implementation of IFRS in Nigeria. The study has population size of 850, out of which a sample size of 369 was realized using Zigmund formular (1979). The instruments used for data collection were questionnaire and interview guide. A total of 369 copies of the questionnaire were distributed while 300 (81%) copies were returned and 69 (19%) were not returned. The survey research design was adopted for the study. Four hypotheses were tested using z-test, simple linear regression and chi-square statistical tools. The findings indicated that accountants have been effective in facilitating the implementation of IFRS in Nigeria, auditors have significantly facilitated the implementation of IFRS in Nigeria, the financial reporting council of Nigeria FRC has significantly monitored the implementation of IFRS in Nigeria, and professional accounting bodies (ICAN and ANAN) have significantly facilitated the implementation of the IFRS in Nigeria. The study recommended that accountants should be encouraged through provision of training grants for improved quality service delivery and update of knowledge as regards changes in accounting practice. Nigerian financial institutional infrastructure should be strengthened for enhanced effective delivery of their mandate. While FRC should be provided for in the national annual budget for effective implementation of her policies and programs, ICAN and ANAN should create a more enabling platform to increase the number of professionals they produced. From the results, it can be concluded that stakeholders are actively participating in timely and effective implementation of IFRS in Nigeria which account for the success recorded so far among listed companies in Nigeria who to greater extent have met the deadline for first time implementation of IFRS and date for first IFRS financial report.