A recent reality of globalization is the harmonization of accounting standards. Accounting is said to be the language of business; if this assertion holds true, then the move by the International Accounting Standards Board (IASB) to harmonise accounting standards used in the preparation of financial statements across the world is a move in the right direction. This study examined the adoption of International Financial Reporting Standards (IFRS) in Nigeria with particular emphasis on the prospects and challenges of IFRS adoption in Nigeria. The major objective of the study was to identify the benefits and challenges of adopting International Financial Reporting Standards (IFRS) in Nigeria. The descriptive research design was used in the investigation that led to the production of this paper. Data were initially collected through review of existing literature and thereafter through questionnaire administration and personal interviews. Tables and percentages were used in summarizing data obtained. Based on the results of the study, it was found that adoption of International Financial Reporting Standards (IFRS) in Nigeria will help Nigeria and Nigerian corporations, among other benefits, secure access to global capital markets. Thus, the study concluded that Nigeria will benefit to a significant extent from the adoption of IFRS. One of the recommendations made was that Government at all levels, financial regulatory agencies, professional accountancy bodies, private and public companies and institutions, and accountancy firms should fast-track IFRS education in order to boost the acquisition of IFRS knowledge and competences.
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