Vol. 2, Issue 10 (2015)
The Implication of IFRS Adoption for Financial Reporting in Oil and Gas Companies
Author(s): Mgbame, C.O., Donwa, P.A., Ayeni, T. M.
Abstract: This paper investigates the implication of IFRS adoption for financial reporting in the Oil and Gas companies in Nigeria. The study adopts the use of questionnaire as instrument of data collection. Chi-square statistical model was employed to test data from the research survey. From our findings we deduced that there is a significant relationship between IFRS adoption and technical competency of preparers, auditors and users in Oil and Gas Company in Nigeria. By implication of our second analysis we conclude that there is relationship between IFRS adoption and legislative requirements in Oil and Gas Company in Nigeria. Also it was also deduced that there is a relationship between IFRS adoption and system capability and internal capability in Oil and Gas Company in Nigeria. The study recommends that there should be more room for internal and external training in the implementation of IFRS in the Oil and Gas companies in Nigeria.