From SAS to IFRS - Emerging Issues and Implications for Nigeria

Abstract

This paper attempts to re-examine the decision of Nigeria to begin a phased adoption of International Financial Reporting Standards (IFRS) as from 2012.Certain emerging issues have made this important. They include researches on the effects of IFRS from the perspective of early adopters, the timeline set for adoption of IFRS by Nigeria, the current state of accounting, legal, regulatory and technological infrastructure in Nigeria and the delay by U.S., one of the major trading partners of Nigeria to make a firm commitment as to its date of adoption. Extensive review of theoretical and empirical literature was undertaken. The state of readiness of Nigeria to make a smooth transition was found to be very much in doubt. It will be in the overall interest of Nigeria to delay mandatory adoption for a little while.

Keywords: SAS, IFRS, Issues, Implications, Nigeria

JEL Classification: M4, M40, M41, M49