IRGIB AFRICA UNIVERSITYREGIONAL INSTITUTE OF INDUSTRIAL ENGINEERING,

BIOTECHNOLOGY AND APPLIED SCIENCE.

300 LEVEL INTERNATIONAL ACCOUNTING

GROUP MEMBERS ANOWU DANIEL NDUKA. MUAZU ERICK TEMITOPE.

LECTURER: MR. WILFRED MBOMBO

TOPIC: IFRS ADOPTION.NIGERIA AS A CASE STUDY

ADOPTION AND IMPLEMENTATION OF IFRS IN NIGERIA

ABSTRACT

This paper presents the findings on the benefits and challenges of adoption and implementation of International Financial Reporting Standards (IFRS) in Nigeria. The results of the study indicate that IFRS adoption in Nigeria will have the potential to be beneficial to a wide range of stakeholders. The benefits notwithstanding, there are however, a number of challenges to be faced in the process of adoption of the new standard including the ethical environment in Nigeria. The study recommends among others that a rigorous IFRS capacity building programme should be embarked upon by all regulatory bodies, firms and training institutions in order to provide the needed manpower for IFRS implementation, monitoring and compliance

INTRODUCTION

The introduction of an acceptable global high – quality financial reporting

standards was initiated in 1973 when the international accounting standard committee

(IASC) was formed by 16 professional bodies from different countries (such as United

States of America, United Kingdom, France, Canada, Germany, Australia, Japan,

Netherlands and Mexico) all over the world. This body was properly recognized in 2001

into the International Accounting Standards Board (IASB), and as well has developed

accounting standards and related interpretations jointly referred to as the International

Financial Reporting Standards (IFRS).

The dominance of IFRS further improved in September 2002, when the United

States Financial Accounting Standard Board (FASB) and IASC under took to work

closely based on their agreement to develop high quality compatible accounting

standards that could be adopted for both domestic and cross border financial reporting.

These bodies so far achieved their objectives and are far advanced in the IFRS – US

Generally Accepted Accounting Principles (GAAP), convergence. Although, many

developing countries who do not want to be left behind took a cue from the world major

economics to either adapt, adopt or converge the IFRS. Different countries on the other

hand use different approaches in adopting IFRS based on their need and ability to adopt.

As part of plans to meet international standards, the Federal Government has

disclosed that new accounting system, the international financial reporting standard

(IFRS) will take off in Nigeria on 1st January, 2012. In Nigeria, the government has

taken its stand to involve all stake holders including institutions before it finally decided

to adopt the IFRS on a gradual basis, financial reporting has involved the full set of

relationship between the company’s board, its management, its shareholders, and other

stakeholders, including institutions (Universities) and the community in which it is

located.

HISTORICAL BACKGROUND OF THE INTERNATIONALIZATION OF

ACCOUNTING STANDARDS

The first move towards accounting standards convergence was the proposal to

create the Accountants International Study Group (AISG) by the professional

accountancy bodies in Canada, the United Kingdom and the United States in 1966. This

was formed in order to develop comparative studies of accounting and auditing practices

in the three nations. The AISG was eventually created in 1967. It published 20 studies

until it was disbanded in 1977. Sir Henry Benson put forward the proposal for the setting

up of the International Accounting Standard Committee (IASC) at the 40th World

Congress of Accountants in Sydney in 1972. After discussions and signature of approval

by the three AISG countries and representatives of the professional accountancy bodies

in Australia, France, Germany, Japan, Mexico and the Netherlands, the IASC was

established in 1973. Sir Henry Benson was the first elected Chairman while Paul

Rosenfield was the first secretary of the IASC. By the beginning of the 21st century in

only one of the nine original IASC countries (Germany) did even a relatively small

number of listed companies used IASs to report to domestic Investors.

The primary goal of IASC formation was to develop a single set of high quality

International Accounting Standards (IASs) to replace national standards. Between 1973

and 2001, the IASC issued 41 standards or IASs before it was replaced by the

International Accounting Standards Board (IASB). All listed companies in France,

Germany, the Netherlands and the UK and other 21 countries were mandated by the

European commission to adopt IASs or the International Financial Reporting Standards

(IFRS) from 2005.The Australian government and standard setter had put up an adoption

policy of IAS by 2005.The US roadmap for adoption is 2014-2016. Canada and Japan are

also considering convergence with IFRS.

A Memorandum of Understanding (MOU) was agreed between the United States

Financial Accounting Standard Board (FASB) and the International Accounting Standard

Board (IASB), towards the convergence of US GAAP and the IFRS in 2002. In the

Norwalk Agreement, both the FASB and IASB pledged their joint commitment towards

the development of high quality, compatible accounting standards for both domestic and

cross border financial reporting. It is argued that changes made in the US GAAP can be

expected to influence the international environment (Tarca, 2004). Gannon & Ashwal

(2004) argue that the convergence efforts of the FASB and the IASB already have

changed U.S. GAAP and more effects are expected as the efforts to narrow the

differences between the IFRS and US GAAP continue.

BACKGROUND TO IFRS

In 1973, the International Accounting Standard Committee (IASC), the

professional accounting bodies of major countries comprising UK, Ireland, United States

(US), Australia, Canada, France, Germany, Japan, Mexico, Netherlands agreed to

develop a uniform set of accounting principles that would be applicable globally and

supersede the International Accounting Standards (IAS) which allowed for different

treatments of transactions and events making comparative analysis difficult. Membership

of IASC expanded to 140 professional bodies including the International Federation of

Accountants (IFAC) under which Nigeria belongs. Because of globalization and to

address comparability issues, IASC was restructured leading to the creation of

International Accounting Standard Board (IASB) that issues IFRS.

INSTITUTIONS FOSTERING IFRS ADOPTION

On the international front, the World Bank, the International Monetary Fund

(IMF), the G8, the G7 Finance Ministers and Central Bank Governors, International

Organization of Securities Commissions (IOSCO), Basel Committee on Banking

Supervision, the United Nations (UN) and the Organization for Economic Co-operation

and Development (OECD) have publicly recommended the adoption of a single set of

global accounting standards or the IAS. The US SEC Concept released in 2000 on the

International Accounting Standards also encouraged the convergence towards a high

quality global financial reporting framework internationally that will enhance the vitality

of capital markets. The European Commission saw in 2002 a common set of accounting

standards as a critical pillar in building a united capital market in Europe (Mc Creevy,

2006). On the national level many government and tax authorities want a global

accounting standards to regulate and tax businesses that operate within their countries. In

Nigeria, besides the government’s readiness, the Nigerian Accounting Standards Board

(NASB) now the Financial Reporting Council (FRC), Nigerian Stock Exchange, (NSE)

and Central Bank of Nigeria (CBN) were among the major agents for IFRS adoption in

2012.

ADOPTION OF IFRS IN NIGERIA It is generally expected that IFRS adoption worldwide will be beneficial to investors and

other users of financial statements, by reducing the costs of comparing alternative

investments and increasing the quality of information. Companies are also expected to

benefit, as investors will be more willing to provide financing. Companies that have high

levels of international activities are among the group that would benefit from a switch to

IFRS. Companies that are involved in foreign activities and investing benefit from the

switch due to the increased comparability of a set accounting standard.

The international standard-setting process began several decades ago as an effort by

industrialized nations to create standards that could be used by developing and smaller

nations unable to establish their own accounting standards. But as the business world

became more global, regulators, investors, large companies and auditing firms began to

realize the importance of having common standards in all areas of the financial reporting

chain. In a survey conducted in late 2007 by the International Federation of Accountants

(IFAC), a large majority of accounting leaders from around the world agreed that a single

set of international standards is important for economic growth. Of the 143 leaders from

91 countries who responded, 90% reported that a single set of international financial

reporting standards was “very important” or “important” for economic growth in their

countries. Currently, more than 120 nations and reporting jurisdictions permit or require

IFRS for domestic listed companies. Before the adoption in Nigeria, there was legal and

regulatory framework of accounting in respect to preparation of financial report in

Nigeria. The Company and Allied Matter Act (CAMA’90) prescribe some format and

content of company financial statement. It requires that the financial statement of all

corporate organizations comply and adhere with the Statement of Accounting Standards

(SAS) issued from time to time by the Nigerian Accounting Standard Board (NASB).

Therefore, the adoption of IFRS in Nigeria was launched in September, 2010 by the

then Minister of Commerce and Industry. The adoption was organized in such that the

entire stakeholders that prepare and present financial statement use it by the beginning of

2014. The adoption was made in such a way that all the first tier companies listed on

the stock exchange and are of public interest use it by 2012, all other company of

public interest but not first tier are to adopt in 2013 and all small and medium scale

entity use it by January, 2014. Financial reporting standard exists because it serves as

stewards to the owner of firms as ownership is divorced from controlling the activities of

the business.

ROADMAP FOR THE ADOPTION OF IFRS AND THE IMPLICATIONS IN

NIGERIA

The adoption of IFRS is more than just an accounting exercise. This is because

accounting and reporting represents approximately a quarter of conversion efforts. Other

areas include system changes for capturing and reporting data, re - appraising the tax

cycle (planning, provision, compliance and controversy), aligning of internal and external

reporting and ensuring changes in internal audit plans. It is also important to note that the

impact of IFRS accounting policies decisions of a parent on the subsidiary, data capture

for accounting and management reporting, availability of technical resources,

acquisitions and dispositions, executive compensation calculations and the basis of

incentive pay, debt covenants and potential impact of IFRS - reported results, etc were

considered before arriving at the roadmap. It is hereby recommended that IFRS be

adopted in Nigeria. The Roadmap for the adoption the adoption is outline thus;

It is believed that it will be in best interest of the nation to adopt IFRS. A phased

transition over a period of Three years is recommended. This is anchored on the

understanding that the nation will follow the milestones and timelines as enunciated

above and explained hereunder. It is pertinent to state here that the transition within this

earliest possible period of effective and meaningful adoption may be derailed if any of

the milestones and timelines is ignored. The phases are as follows:

It is believed that it will be in best interest of the nation to adopt IFRS. A phased

transition over a period of Three years is recommended. This is anchored on the

understanding that the nation will follow the milestones and timelines as enunciated

above and explained hereunder. It is pertinent to state here that the transition within this

earliest possible period of effective and meaningful adoption may be derailed if any of

the milestones and timelines is ignored. The phases are as follows:

Phase 1: Publicly Listed Entities and Significant Public Interest Entities

This means government business entities, all entities that have their equities or debt

instruments listed and traded in the public markets (a domestic or foreign Stock

Exchange or an over-the- counter markets). Examples of entities meeting these criteria

include: Nigerian National Petroleum Corporation (NNPC), banks and insurance

companies. Transition date for SPEs begins 2010, with a reporting date of 2012.

Transition begins by raising awareness to educate both the users and preparers of IFRS

financial statements, followed by planning, training and analyzing the impact of IFRS

adoption on people, systems and processes and on business of firms. By the year 2011,

SPEs will then identify the key reporting data and prepare IFRS opening Statement of

Financial Position (SFP).By the year 2012 SPEs are required prepares quarterly report

using IFRS rules, follow audit procedures and investor relations to educate analysts,

investors and manage external stakeholders. By the year 2013, SPEs would identify the

loopholes in the existing system and processes by ensuring compliance and monitoring.

Phase 2: Other Public Interest Entities

This refers to those entities, other than listed entities (unquoted, private companies)

which are of significant public interest because of their nature of business, size, number

of employees or their corporate status which requires wide range of stakeholders.

Examples of entities meeting these criteria are large not-for-profit entities such as

Charities and Pension funds. Transition date for PIEs begins by the year 2011 with a

reporting date of 2013. By which period opening SFP and comparative figures are

expected to be prepared. By 2013, PIEs are required to prepare quarterly reports using

IFRS, audit procedures, and investor communications.

Phase 3: Small and Medium-sized Entities (SMEs)

Small and Medium-sized Entities (SMEs) refers to entities that may not have public

accountability and their debt or equity instruments are not traded in a public market: they

are not in the process of issuing such instruments for trading in a public market, they do

not hold assets in fiduciary capacity for a broad group of outsiders as one of their primary

businesses, the amount of their annual turnover is not more than N500 million or such

amount as may be fixed by the Corporate Affairs Commission their total assets value is

not more than N200 million or such amount as may be fixed by the Corporate Affairs

Commission, no Board members are foreigners, no members are a government or a

government corporation or agency or its nominee, the directors among them hold not less

than 51 percent of its equity share capital.

Entities that do not meet the IFRS for SME’s criteria shall report using Small and

Medium-sized Entities Guidelines on Accounting (SMEGA) Level 3 issued by the

United Nations Conference on Trade and Development (UNCTAD). Transition date for

SMEs begins by 2012 with a reporting date of 2014. SMEs commence transition to IFRS

by 2012, preparing opening SFP and comparative figures and investor communications

by 2013, adopting IFRS reporting standards, and ensuring compliance and monitoring by

2014.

PROBLEMS NECESSITATE IFRS ADOPTION IN NIGERIA

Presently, GAAPs are significantly wearing out and becoming obsolete therefore

making financial reports difficult to be compared with Nigeria in adopting IFRS. The

reasons for this include:

Difficulties in comparing financial statements globally.

Difficulties in consolidating financial statement of a group companies.

High cost of preparing and presenting group financial statements.

High cost of accessing capital in the foreign capital market

Inability of the users of financial statements to comprehend very well, the

information in multinational company’s financial reports.

Decline in the inflow of the foreign direct investment in Nigeria.

Unattractive and Uncompetitive capital market because of lack of quality financial

information due to poor local standards in reporting financial statement.

BENEFITS OF IFRS ADOPTION

It is advocated that adoption of IFRS will lead to: greater transparency and

understandability, lower cost of capital to companies and higher share prices (due to

greater confidence of investors and transparent information), reduced national

standard-setting costs, ease of regulation of securities markets, easier comparability of

financial data across borders and assessory investment opportunities, increased

credibility of domestic markets to foreign capital providers and potentials foreign

merger partners, and to potential lenders of financial statements from companies in

less-developed countries. It will also facilitate easier international mobility of

professional staffs across national boundaries. For the multinational companies, it will

help them to fulfill the disclosure requirement for stock exchanges around the world.

Other benefits include: the lower susceptibility to political pressures than national

standards, continuation of local implementation guidance for local circumstances and the

tendency for accounting standards to be raised to the highest possible quality level

throughout the world. The net market effect of convergence is a function of two effects.

The first is the direct informational effect - whether convergence increases or decreases

accounting quality. The second is the expertise acquisition effect or whether investors

become experts in foreign accounting, which depends on how costly it is to develop the

expertise. Therefore, ex ante net market effect of convergence is uncertain.

Gordon (2008) listed the benefits from adaptation of IFRS over the world to include:

better financial information for shareholders and regulators, enhanced

comparability, improved transparency of results, increased ability to secure cross-

border listing, better management of global operations and decreased cost of capital

The International Financial Reporting Standards were drafted in part to create a single

governing standard that companies around the world can follow in their accounting.

Many countries already have their own generally accepted accounting principles that

achieve this, but on a limited, jurisdiction-specific basis. The benefits that accrue to

Nigeria are as follows;

It brings about a higher and improved standard of financial disclosure.

It also brings about better ability to attract and monitor listings by foreign

companies

It guides in the establishment of highly improved reporting practices in Nigeria.

The IAS/IFRS covers all the aspects of financial reporting encountered by

preparers of financial statements.

If a business adopts IFRS, the business will be able to present its financial

statement on a single set of high quality and global standards. Nigerian Statement

of accounting Standards are partly outdated and are not sufficiently comprehensive

enough to become a basis for preparation of high quality financial statements.

Adoption of IFRS will result in high quality, transparent and comparable financial

statements that are based on modern accounting principles and concepts that are

being applied in global markets. If a company uses IFRS, the company could enjoy

the benefit of raising capital from abroad.

Comparison is made easier with a foreign competitor if a company presents its

financial statement according to IFRS.

There are companies which have subsidiaries in countries that permit IFRS and

this will make the use of one accounting language possible companywide.

IFRS also help the local investors to make better investment decisions.

The adoption of IFRS will improve cross border investment by enhancing

comparability of financial statements prepared anywhere in the world.

IFRS reduces the costs of doing business across borders by reducing the need for

supplementary information.

CHALLENGES OF IMPLEMENTING IFRS IN NIGERIA

According to Nyor, T. (2012) the challenges of implementing IFRS in Nigeria includes:

The experiences of deposit money banks in Nigeria that were mandated to adopt IFRS in

2010 show that there are a lot of difficulties in converging to IFRS. They include cost,

training and education, differences between local standards (Statement of Accounting

Standards; SAS) and IFRS, software problems etc.

Converging to IFRS has a huge cost outlay which include the cost of training personnel

to understand the new global standards, cost of acquiring new accounting packages that

are needed for the implementation, cost of discarding former accounting packages that

are not compatible with IFRS. Cost is the price tag of the forgone SAS to adopt the new

IFRS. In this case, it includes the cost of starting new invention (IFRS) and abandonment

of the former (SASs).

Training and educating personnel and management saddled with the responsibility of

preparing financial statement compliant to IFRS implementation is another problem that

is not only costing the banks but also taking away huge man hours. The banks have to

organize in-house training, sponsor staff to attend conferences and seminars, both for the

purpose of understanding the new global standards.

Another challenge faced by banks in adopting IFRS is that of changing accounting

packages that are not compatible with IFRS and acquiring new ones that can enable IFRS

implementation. The challenge faced here is not only in terms of cost but training

personnel to use new packages.

Differences exist between local standards (SAS) and IFRS, which constitute another

challenge that is being faced in the process of converging to IFRS by Nigerian banks.

IFRS is less prescriptive than SAS. An example is SAS 10- Accounting by Banks. Some

standards in IFRS differ considerably from the local GAAP. Besides, IFRS has more

accounting policy choices and may be inconsistent with local legislations of Companies

and Allied Matters Act (CAMA) 1990 and Banks and Other Financial Institutions Act

(BOFIA) 1991. In addition, IFRS demands more disclosure requirements than SAS and

also differ in application and interpretation. Implementation of IFRS has increased the

need within the organization to gather analyze and report more data for compliance.

PROBLEMS OF IFRS ADOPTION IN NIGERIA Cultural and economic factors: can a single set of reporting standards truly meet

the needs of economies at very different stages of development.

Training resources on IFRS are not readily available at affordable costs in Nigeria.

Another problem is that organizations will have to upgrade their information

technology as they adopt IFRS. The companies incur additional cost to upgrade the

information technology system.

Organizations may need to add financial personnel who are more familiar with

IFRS to their teams. It is costly to employ new financial personnel.

Businesses have become more global and therefore lose a significant part of its

national identity.

IFRS will also undermine domestic financial reporting

SUMMARY Internationalization and globalization of business has given reason for harmonized

financial statement preparation and presentations. Companies compete globally for

limited resources, shareholders, potential investor and creditors as well as multinational

enterprises are required to bear the cost of adopting financial statement that are prepared

using national standards. It is expected that the move towards IFRS convergence will

enhance capital market performance and propel global business expansion in Nigeria. In

the view of this development most corporate organization are expected to adopt and

comply with IFRS in preparation and presentation of their financial statement.

Today firms face several financial risks in their daily business activities due to global,

international trading and transactions. One way to cope with this kind of risk is to use

hedging because of its lower cost and good solution to solving risks in business entity.

On the influence of IFRS implementation on business management, the finding of the

study shows that there are positive effects from the adoption of the IFRS by companies

around the world. IFRS are seen as a comprehensive information package where the

management gets improved financial information easier for their decision making and

judgement.

The impact of inclusion of IFRS in schools and colleges curriculum, this will enable the

potential accountants to be well trained before joining the accounting and auditing

profession.

CONCLUSION

This presentation examined the adoption and implementation of International

Financial Reporting Standard (IFRS) in Nigeria. The imminent problems associated with

conversion from one system to another were discussed. The paper being a review one

used secondary data to highlight how Nigeria firms can reap benefits from the adoption

of the standards which are now used globally.

The study reveals that Nigerians agree to adopt IFRS but in a gradual manner, in

view of the anticipated problems that the adoption may create. Consequently, the study

concludes that Nigerian companies should converge to IFRS in view of the fact that it

will enhance better accountability and transparency and improve quality of reporting.

However, owing to the fact that IFRS being a principle based standards, allows

companies to utilize only the methods they wish, thus allowing the financial statements to

show only desired results and leading to revenue or profit manipulation and hiding of

financial problems in the company, the study recommends that Nigeria should borrow the

wisdom of the Germans by making IFRS mandatory only for group accounts of listed

companies leaving Nigerian GAAP to still be mandatory for individual company’s

accounts of listed companies. Also, IFRS should be optional for group accounts of non-

listed companies but prohibited for individual company’s account.

SIMILARITIES BETWEEN IFRS AND NIGERIAN GAAP

There are many similarities in GAAP and IFRS guidance on financial statement

presentation. Under both sets of standards, the components of a complete set of financial

statements include: a statement of financial position, a statement of profit and loss (i.e.,

income statement) and a statement of comprehensive income (either a single continuous

statement or two consecutive statements), a statement of cash flows and accompanying

notes to the financial statements. Both standards also require the changes in shareholders’

equity to be presented. However, GAAP allows the changes in shareholders’ equity to be

presented in the notes to the financial statements while IFRS requires the changes in

shareholders’ equity to be presented as a separate statement. Further, both require that the

financial statements be prepared on the accrual basis of accounting (with the exception of

the cash flow statement) except for rare circumstances. Both sets of standards have

similar concepts regarding materiality and consistency that entities have to consider in

preparing their financial statements. Differences between the two sets of standards tend to

arise in the level of specific guidance provided.

DIFFERENCES BETWEEN IFRS AND NIGERIAN GAAP IFRS is the term used to indicate the whole body of FRCN authoritative literature

while Nigerian GAAP is the term used to indicate the body of NASB authoritative

literature that comprises accounting and reporting standards.

IFRS is a principle-based methodology while Nigerian GAAP is a ruled-based

methodology.

IFRS is designed for use by profit-oriented entities while Nigerian GAAP is for

both profit-oriented and not-for-profit entities.

The conceptual framework is a point of reference for preparers of financial

statements in the absence of specific guidance in IFRS while in Nigerian GAAP

the conceptual framework is a non-authoritative guidance and is not referred to

routinely by preparers of financial statements.

The Nigerian GAAP consists of a complex set of guidelines attempting to establish

rules and criteria for any contingency, while the IFRS begins with the objectives of

good reporting and then provides guidance on how the specific objective relates to

a given situation.

IFRS comprises of statement of financial position, statement of income and other

comprehensive income, statement of changes in equity, statement of cash flows

and notes to the account while Nigerian GAAP comprises of balance sheet, profit

and loss a/c, statements of cash flows and notes to the account.

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