Corporate Financial Reporting: Adopting The International Financial Reporting Standard In Nigeria Firms
Corporate Financial Reporting is one of the petal issues in corporate financial existence. It provides an insight into the viability of a company’s corporate existence. Corporate financial reporting is aided by proper auditing practices, hence the need to address the challenges facing the auditing practice such as lack of auditors independence. Ninety four copies of questionnaire were administered on branch managers, auditors, investors and financial analysts within Delta State but only 82 were retrieved. Likert attitudinal form ranging from 1-5scale was used. Pearson Product Moment Correlation Co-efficient statistical tool and the t- test at 0.05 was adopted for the analysis. The paper discovered that there are significant differences between IFRS financial reports and those prepared under Nigeria Generally Accepted Accounting Principles (GAAP). The adoption of IFRS is a right set in the right direction. The study recommends that the Financial Reporting Council in Nigeria should be on the alert to the best international accounting practice (IFRS) to guide them in the establishment of highly improved practices in Nigeria.