Abstract:

The development and acceptance of International Financial Reporting Standards (IFRS) have made the decision of a country to embrace IFRS become a vitally important topic for researchers and standard setters. In this study, we examined association between the mandatory adoption of IFRS and Nigeria institutional infrastructure. The study adopted  the  survey method to seek respondents’ views on the subject matter. We employed Multiple Regression techniques to analyze the data.  The  result shows that four of the five institutions studied are ready and strong enough to support the ongoing mandatory adoption of IFRS in Nigeria. The study recommends that steps should  be taken to improve the statutory framework of accounting and auditing   practice in Nigeria, outdated and obsolete sections  of the instruments setting up the institutions should be reviewed and  harmonized to conform to the demands of IFRS. IFRS must as a matter of urgency, be incorporated into tertiary institutions and Professional Accounting institutions’ curricula so as to build human capacity that will support the preparation of IFRS financial reports in the business organizations in Nigeria.