1 research outputs found
EXTENT OF ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) FOR SMALL AND MEDIUM SCALE ENTERPRISES (SMEs) IN NIGERIA
This study examines the extent of adoption of International Financial Reporting Standards (/FRS) for
SMEs by Nigerian Small and Medium Enterprises by Nigerian (SMEs), the level of awareness and the
hindrances preventing the adoption of /FRS for SMEs in Nigeria. The survey research method was
adopted in data collection while one sample t-test was used to test the hypotheses formulated for the
research study. The analysis of responses from the administered questionnaires showed that although
there was awareness of /FRS for SMEs by Nigerian SMEs, the extent of adoption was low, and there
were impediments preventing the adoption of the standard by Nigerian SMEs such as complexity of the
standard, lack of interest and inadequacy of accountants that were /FRS competent. The study
recommends that more awareness of /FRS for SMEs should be created among owners, managers,
accountants, auditors and stakeholders of SMEs, and they should a/so be encouraged to adopt the
standard by emphasizing the incentives associated with /FRS adoption. Professional Accounting bodies
such as /CAN and ANAN should a/so provide subsidized training through events such as seminars and
workshops, and management teams of SMEs should show interest in the standard, and encourage their
employees to do the same by sending them for trainings