The adoption of International Financial Reporting Standards (IFRSs) in Europe and around the world represents perhaps the most important accounting regulatory change in recent years. The use of IFRSs as a universal financial reporting language is gaining momentum across the globe as more countries are adopting IFRS or converging their local standards with it. Nigeria has set a road map towards the adoption of IFRS from January, 2012. Although there are arguments that IFRS are irrelevant to developing countries but they are adopting it because IFRS is a product with "network effects". IFRS is perceived as a high quality accounting standard, compared to most local accounting standards, which can help to foster increased comparability of financial statements by investors. Globalization, increased border-listing, attraction of foreign investment and aids, and other institutional factors have been the motivating factors for IFRS adoption. Though IFRS promises a lot of benefits for financial reporting by adopters, there are many challenges and obstacles which must be overcome. Lessons from already adopters of IFRS reveal that for effective IFRS adoption, there must enabling institutional framework, accounting education and training, efficient capacity building programme to prepare the various stakeholders for the imminent transition and challenges.
The paper considers developing entrepreneurial skills and transforming challenges into business opportunities in Nigeria.Today, the twin challenges of unemployment and poverty are facing graduates of tertiary institutions and professionals owing to the global economic meltdown and economic recessions in most countries including Nigeria. While the government braces up to these challenges through the various programmes and entrepreneurial initiatives, a key solution is the equipping of graduates and professionals with entrepreneurial skills which can make them employable and become employers of labour. Again the paper advocates that besides the possession of entrepreneurial skills, knowledge and hard work, the would-be entrepreneurs must have the right attitude if they are to succeed in transforming challenges into profitable business opportunities. Moreover, the governments and corporate bodies in Nigeria must support by investing in entrepreneurial education in Nigerias
This paper deals with the impact of corporate governance and the regulatory activities of Nigerian Accounting Standards Boards (NASB) on creative accounting practices in Nigeria. A survey of the key players involved in financial reporting in Nigeria reveals that creative accounting practices exists in Nigeria. Using the linear regression analysis, it was found that both the corporate governance structure and the NASB's monitoring and enforcement of accounting standards have had insignificantly negative impact on creative accounting practices. Nevertheless the corporate governance tends to militate against creative accounting practices more than the policing by NASB. Therefore, it is recommended that the corporate governance mechanisms should be strengthened and the NASB should devise appropriate means and enlightenment, in addition to the sanctions and fines, for the elimination of creative accounting practices in Nigeria.
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