Standardization and Harmonization of Financial Statements: A Two-Format Model for International Financial Reporting Standards (IFRS)
Keywords:
Accounting Standards, Harmonisation, Customs, TraditionsAbstract
This study on standardization and harmonization of financial statements uses a two-format model for International Financial Reporting Standards (IFRS). The aim is to review accounting standardization and harmonization especially as they affect the reporting of businesses for international stakeholders and the need to ensure the culture and traditions of people across national borders. It is also to examine the challenges of implementing international financial reporting standards (IFRS) as they affect the customs and traditions of countries inherent in the financial reporting culture of such countries and the need to address these challenges. In response to the challenges of globalization and a need to simplify international businesses and trade across national boundaries, this study advocates a two-format model for the International Financial Reporting Standards (IFRS) for financial statements.
References
Ama, G. A. N. (2015). Advanced Financial Accounting and Reporting Standards. John Jacob Classic Publishers Ltd.
Ama, G. A. N. (2011). Principles of Accounting for Students: Theory and Practice. Divine Favour Publication Ltd.
Asein, A. A. (2011). International Financial reporting standards. Imperative of the New Financial Reporting Framework. The Nigeria Accounting, 44(4), 16-25.
Association of National Accountants of Nigeria (2020). Study Manual in Corporate Reporting. ANAN Jos, Nigeria.
Asukwo I. E. (2017). Accounting Theory and Practice. Unpublished Lecture Note on Advanced Financial Accounting.
Chua W.F and Taylor S.I. (2008). The rise and rise of IFRS: An examination of IFRS diffusion. Journal of Accounting and Public Policy, 27: 462-473
Deepa, S. G. (2019). Harmonization of Accounting Standards through International Financial Reporting Standards. Benefits, Prospects, Challenges and Applicability. International Journal of Business and Management Inventions. Vol. 8(7)
Ikpefan, O. A. and Akande A. O. (2012) International Financial Reporting Standards (IFRS): Benefits, obstacles and intrigues for implementation in Nigeria. Research Journal of Finance and Accounting, Vol. 3 (10), 143 – 151.
Josiah M. O., Okoye A. E. and Adedivan O. S. (2013). Accounting standards in Nigeria the Journey so far. Research Journal of Business Management and Accounting, Vol. 2 (1) 001– 010
Nyor T. (2012). Challenges of Converging to IFRS in Nigeria. International Journal Business Information Technology, 2(2), 26-31
Okoro S.C. (2002). Accounting Standards: The Nigerian Experience. Niger Account, 35(4), 29-31
Olamide J. O. and Temitope A. A. (2016). Evolution of Accounting standard in Nigeria: Historical perspective. International journal of advanced academics research (social and management science). Vol. 2 (8).
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 International Journal of Accounting Intelligence (IJAI)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
