Financial Reporting Standard of Nigeria and United State of America: the Implication for Adoption and Practice of International Financial Reporting Standard

The normal strategy for actualizing accounting strategies regarding the way wherein the everyday money related exercises of a business substance are assembled, recorded, and announced has encountered extensive advancement on the planet everywhere. In the meantime, speculator conduct and the exercises of worldwide ventures remain the point of convergence in the discussion on the requirement for a worldwide arrangement of accounting standards. This paper, thusly, recognized the contrasts between Nigerian GAAP and US GAAP comparative with IFRS utilizing a subjective methodology through the investigation and examination of a wide scope of talks, the assessment of a writing survey from distributions, understudies' papers, web sources, administrative-accounting bodies, and gathering procedures. It was uncovered that the distinctions concerning the introduction of the money related instruments gave by an auxiliary in the parent's united fiscal reports could drive generously various outcomes. It is along these lines suggested that administrative bodies should screen and uphold IFRS standards profoundly, looking for the neighborhood content where important while giving convergence as opposed to adoption.