The adoption of International Financial Reporting Standards (IFRS) in Nigeria like in many countries has obstacles and challenges. The study used content analysis method to highlight challenges that are peculiar to Nigeria. Different statutes that are apparently in conflict with the provisions of the standards are to be amended if Nigeria is fully adopting the International Financial Reporting Standards. Terms like balance sheet, value added statements and five-year financial summary recognized by the Companies and Allied Matters Act Cap C20, Laws of the Federation of Nigeria, 2004 are to be amended. Significant changes in respect of accounting standards are recommended to be incorporated into the syllabi of tertiary institutions offering accounting courses. Regulatory authorities should step up their supervisory functions on preparers of financial statements to ensure strict adherence to the full provisions of the standards.

The adoption of International Financial Reporting Standards (IFRS) in Nigeria like in many countries has obstacles and challenges. The study used content analysis method to highlight challenges that are peculiar to Nigeria. Different statutes that are apparently in conflict with the provisions of...