THE IMPACT OF GLOBALIZATION ON PUBLIC ACCOUNTING STANDARDS
This study explores the impact of globalization on public accounting standards. The objectives are to evaluate how globalization influences the convergence of accounting standards, to assess the challenges faced by public accountants in adapting to global standards, and to analyze the benefits of standardized global accounting practices. A survey research design was employed to gather data from public accountants and regulatory experts. Using Taro Yamane's formula, a sample size of 230 respondents was determined to ensure representativeness and reliability. The study focuses on Lagos, Nigeria, due to its integration into the global economy and significant international business presence. The reliability coefficient score for the survey instrument was 0.86, indicating high reliability. Findings suggest that globalization drives the convergence of accounting standards, leading to improved comparability and transparency of financial statements. However, challenges such as differing regulatory environments, cultural differences, and the complexity of adopting international standards were identified. The study recommends that accounting bodies promote the harmonization of standards and provide training for public accountants to facilitate the transition to global accounting practices.
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