A CRITICAL ASSESSMENT OF FINANCIAL REPORTING STANDARDS CONVERGENCE AND ITS IMPLICATIONS
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ABSTRACT:
This study critically assesses the convergence of financial reporting standards and its implications in Lagos State, Nigeria. The objectives are to: (1) evaluate the benefits of standard convergence, (2) assess the challenges faced during the convergence process, and (3) analyze the impact on financial statement comparability. A survey design was adopted to gather data from accountants and financial regulators. The sample size, determined using Taro Yamane's formula, ensures statistical validity. Deloitte Nigeria was chosen as the case study due to its involvement in financial reporting standardization efforts. The reliability coefficient score of the survey was 0.86. Findings reveal that the convergence of financial reporting standards enhances the comparability of financial statements but poses significant implementation challenges. It is recommended that regulatory bodies and companies in Lagos State collaborate to address these challenges and achieve the full benefits of standard convergence.
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