Dr. J.K.J ONUORA, OSEMWEGIE OKHOMINA JOY, EVBOTA, Cephas Imuentinyan
The globalization of the world’s economy and markets have led companies and nations to become world global players. In addition, more investments take place on a global level in comparison to the not too distant past. Before the adoption of the International Financial Reporting Standards (IFRS), different countries developed their own national accounting standards or adopted that of other countries. However, movement of business towards a global economy brought challenges in comparability, objectivity, reliability, understandability amongst other numerous challenges. These accelerated the need to move toward a unified global accounting standards. Thus these challenges spelt the need for a single set of high quality and globally accepted accounting standards which could be acceptable to all countries and accounting bodies worldwide. This study therefore takes a cursory glance at accounting standards as it relates to Nigeria, United Kingdom and United States of America. Standards in Accounting are essential and of utmost importance and as such should not be ignored or neglected in the accounting profession or other related businesses professions. This paper looks at the meaning and reasons for standards, adoption of international financial reporting standards (IFRS) and a cursory comparative analysis of standards in the three countries.
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Accounting, Banking and Finance
International Financial Reporting Standards, IFRS, International Accounting Standards, Nigeria, United Kingdom (UK), United States
17th April, 2018
17th April, 2018