Vol. 2, Issue 10 (2015)
International financial reporting standards (IFRS) and financial reporting implications
Author(s): C. J. Mgbame, P. A. Donwa, O. R. Agbonkpolor
Abstract: This study was aimed at examining the effect of International Financial Reporting Standards (IFRS) adoption on financial reporting of the oil and gas, financial and non-financial sectors and also to find out if IFRS adoption enhanced the uniformity, comparability, transparency and reliability of the financial statements of these sectorsrnThis study was conducted through a review of extant literature. It was found that the adoption of IFRS has improved financial reporting in oil and gas, financial and non-financial sectors in Nigeria especially in the area of disclosure requirement and that it is an effective tool for enhancing the uniformity, comparability, transparency and reliability of financial statements of the various sectors in Nigeria. rnThis study recommends that efforts should be made by regulators and authorities continually to monitor reporting by these sectors and also encourage consistent and comparable reporting.