The response provides you a structured explanation of IFRS adoption, issues, and challenges in Nigeria. It also gives you some relevant references.
IFRS Adoption in Nigeria 1. Background and History a. Background on Nigeria a. History of country b. History of finance and transparency b. What is IFRS 2. Adoption plan for Nigeria a. Who wants it adopted and why i.
Government related to adoption of the International Financial Reporting Standards (IFRS) is in the lime light now days. There are several benefits and issues related to this decision of the U.S. Government.
Regards, Rao Sabir Ali(CA,CIMA-UK) Ethical confilict on using IFRS early implementation of IFRS fair reporting by early application of IFRS conflict between the employees regarding early implementaiton of IFRS
In the year 2008 the SEC issued a proposed road map for adoption of IFRS in the US and a proposed rule on optional early use of IFRS. In 2010 the SEC issued a statement in support of convergence and global accounting standards (c).
In addition, some corners of the world still resist the adoption of anything "American" as a standard. For all these reasons, people believe that United States will eventually move to IFRS .
320228 Why is LIFO prohibited under IFRS standards Why is LIFO prohibited under IFRS standards ANSWERS LIFO is prohibited in that it doesn't reflect the cost and physical flow of inventory accurately.
Discuss how globalization has changed the role of a certified public accountant practicing in the United States today. Discuss how either the convergence or adoption of International Financial Reporting Standards (IFRS) will impact the public accounting profession in the United States. Discuss the challenges facing certified public accountants in the U.S. when operating in a globalized economy. Discuss your recommendations for dealing with the challenges identified in the previous question.
Discuss how either the convergence or adoption of International Financial Reporting Standards (IFRS) will impact the public accounting profession in the United States.
Is there a plan for GAAP to transition to IFRS? If so what is the timeline? What would you consider GAAP a rule based or principle based system? Valuation issues are a concern. Another valuation issue would be do you record assets at their historical costs or their FMV? Hans Hoogervorst, the incoming chair of the International Accounting Standards Board believes that the "IASB's accounting standards are the only way to unleash the full potential of a truly global" market (Financial Executive, 2011). Do you agree or disagree with this opinion? Why or why not? IFRS YES, NO, MAYBE. (cover story). (2011). Financial Executive, 27(8), 39-43
There are so many issues that are still not resolved, which is the main cause of the delay in the final adoption date. Until the major areas are settled between GAAP and IFRS convergence, we will see the date continue to be pushed back by the SEC.
The adoption will create a multitude of problems. Companies won't even know where to start, in order to sort things out.