INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) EDUCATION: IMPLICATIONS FOR TAXATION IN NIGERIA

S. Faboyede, B. Oyewo, S. Fakile, O. Nwobu

Covenant University (NIGERIA)
International Financial Reporting Standards (IFRS) education is becoming a fast growing phenomenon which has been adopted and which is still being adopted in various countries of the world, Nigeria inclusive. It is believed that applying the IFRS education will have a broad impact on Nigeria’s global tax function. This research sets out to appraise the benefits, challenges, and other implications of introducing IFRS educational principles into the Nigerian taxation system. It explores the extent of the applicability of IFRS education to tax system in Nigeria and whether there is a significant difference between IFRS and local standards. The data used for study was gathered through the use of copies of a 5-likert scale questionnaire. One hundred (100) copies of questionnaire were administered, out of which ninety (90) were collated for analysis. Three hypotheses were formulated and analyzed. Using the Statistical Package for Social Sciences (SPSS), ANOVA was engaged in testing the hypotheses. The results reveal that IFRS education is significantly applicable to Nigeria’s tax system. This is because its adoption will not be cumbersome or create problems. Further, Nigerian educational institutions and companies will have to adopt a gradual approach to adopting IFRS knowledge principles. Findings also show that there is a significant difference between IFRS and local tax standards in Nigeria. The research study recommends that IFRS education should be conscientiously integrated into the country’s tax system and concerted efforts at teaching IFRS knowledge and skills in tertiary or higher education schools and business organizations should be made in the country by all and sundry.