What are the types of accounting standards?

Types of Accounting Standards:

• (1) Disclosure Standards:
• (2) Presentation Standards:
• (3) Content Standards:

  Which standard did IFRS replace in Nigeria?

  IFRS 9
  The IFRS 9, which became effective for annual periods beginning on or after January 1, 2018 (with early application permitted) replaced the International Accounting Standard 39 (“IAS 39”) which was in operation between 2001 and 2017.

  What are the importance of IFRS in Nigeria?

  The results suggest that the adoption of IFRS in Nigeria leads to higher earnings value relevance. IFRS, as a principle-based, allows managers to use their discretion in the specific treatment of financial items. In doing so, they may bias earnings.

  What are the challenges of IFRS adoption in Nigeria?

  Most outstanding ones are lack of adequate commitment by the regulatory authorities towards the adoption, low level of awareness among other stakeholders and inability of existing Nigerian laws to enhance smooth transition to IFRS. The study inspected the IFRS implementation challenges in the Nigerian banking sector.

  What IFRS means?

  International Financial Reporting Standards
  International Financial Reporting Standards (IFRS) set common rules so that financial statements can be consistent, transparent, and comparable around the world. IFRS are issued by the International Accounting Standards Board (IASB).

  What is the importance of IFRS?

  As a source of globally comparable information, IFRS Standards are also of vital importance to regulators around the world. And IFRS Standards contribute to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation.

  What are the benefits of IFRS?

  1. Advantages of IFRS compared to GAAP reporting standards

  • 1.1 Focus on investors.
  • 1.2 Loss recognition timeliness.
  • 1.3 Comparability.
  • 1.4 Standardization of accounting and financial reporting.
  • 1.5 Improved consistency and transparency of financial reporting.
  • 1.6 Better access to foreign capital markets and investments.

  What are challenges of IFRS?

  Therefore there are several challenges that will be faced on the way of IFRS convergence. These are:

  • Difference in GAAP and IFRS:
  • Training and Education:
  • Legal Consideration:
  • Taxation EFFECT :
  • Fair value Measurement:

  What are the features of IFRS?

  The fundamental qualitative characteristics of relevance and faithful representation. The characteristics that enhance the usefulness of financial information: comparability, verifiability, timeliness and understandability.

  How many IFRS are there?

  In 2019, there are 16 IFRS and 29 IAS. IAS will replace IFRS once it is finalized and issued by IASB.