IMPACT OF INTERNATIONATIONAL FINANCIAL REPORTING STANDARDS ON PERFORMANCE OF QUOTED CONSUMER GOODS COMPANIES IN NIGERIA

📄 Project Abstract

Due to the profound increase in the volume of country by country capital flows and investment, it is therefore important for the harmonization of financial information; which is a medium of communicating financial transactions, to form a single collection of accounting standards, to achieve an efficient comparability of companies performance both within and outside the reporting countries. Harmonization is a mechanism in which accounting methods are consitent by setting limitations on how much they can differ (Lakmal, 2014; Aseoluwa & Jelil, 2017). Fritz and Lammle (2003) certified that the worldwide harmonization of bookkeeping guidelines is a cycle, which brings global bookkeeping norms into some kind of understanding, to accomplish a typical arrangement of bookkeeping standards. According to Umobong and Dike Akani (2015), economic meltdown and the collapse of a number of blue-chip companies in developed countries has prompted global accounting regulators to look out revealing practi...