A COMPARATIVE STUDY OF IFRS AND GAAP IN THE FINANCIAL REPORTING OF MULTINATIONAL COMPANIES
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- NGN 3000
ABSTRACT
This COMPARATIVE STUDY OF IFRS AND GAAP aims to understand the differences between these accounting standards, evaluate their impact on financial reporting, and assess the challenges of transitioning between them. A survey design is employed to collect data from accounting professionals experienced with both standards. Using Taro Yamane's formula, a sample size of 310 respondents was determined to ensure statistical significance and reliability. The research is conducted in Lagos, where multinational companies often navigate both IFRS and GAAP. The reliability coefficient score of the survey instrument was 0.87, indicating strong reliability. Findings reveal significant differences in recognition, measurement, and disclosure requirements between IFRS and GAAP, impacting comparability and transparency of financial statements. The study also highlights the challenges of transitioning from one standard to another, including training costs, system changes, and regulatory compliance. Recommendations include providing comprehensive training for accountants, developing clear transition guidelines, and enhancing collaboration between standard-setting bodies to address these challenges and facilitate smoother transitions.
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