EMERGING ISSUES IN INTERNATIONAL ACCOUNTING AND FINANCIAL REPORTING:
A COMPARATIVE ANALYSIS OF THE FINANCIAL STATEMENTS OF SELECTED
COMPANIES IN NIGERIA

Sunny Biobele Beredugo 1 , John Uzoma Ihendinihu 2 & Joseph U. B. Azubike 3
Department of Accounting, College of Management Sciences, Michael Okpara University of Agriculture,
Umudike, Abia State, Nigeria.
1 beredugosunny@gmail.com, 2 ihendinihu.john@gmail.com
3 jubelazubike@yahoo.com

ABSTRACT
This study provides empirical evidence on emerging issues in international accounting and financial
reporting of selected companies in Nigeria. This adoption of International Financial Reporting Standards
have continued to pose homogenizing effect on the Nigerian financial reporting system, herein referred as
emerging issues in international accounting. Several of these standards recognized most transactions as
expenses in the financial statements. This is still being plagued by controversy and fraught with
implementation issues. Stakeholders had continued to question the benefit attached IFRS adoption, since
some of the standards end up reducing organizational profit and total assets. It specifically examines the
effect of share based payment (SBP), business combination (BC), impairment of asset (IOA) and operating
segment (OS) on companies’ total assets. Comparative analyses of selected companies’ financial statements
were also evaluated to ascertain the extent of disclosures of IFRS exigencies. In all, 10 Banks were used;
while Generalized Least Square was used for the hypotheses tests. The paper discovered that SBP, BC and
IOA significantly affect total assets of the banks. It was therefore recommended that professionals must be
ready to learn, unlearn and relearn in order to minimize any negative impact associated with the IFRSs
requirement, while maximizing the benefit associated with their adoption along sides other IFRS
requirements in the short, medium and long term, as the benefit of such adoption outweigh the cost.
KEYWORD: International Accounting, Share Based Payment, Business Combination, Impairment of
Assets, Non-Current Asset, Discontinuous Operation, Financial Instrument Disclosure, Segment Reporting

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