THE IMPACT OF CULTURAL FACTORS ON THE

IMPLEMENTATION
OF GLOBAL ACCOUNTING STANDARDS IN NIGERIA.
OBI MITCHELL UZOMA
DEPARTMENT OF ECONOMIC & MANAGEMENT
STUDIES.
Accounting program
AFE BABALOLA UNIVERSITY, ADO EKITI .
COURSE: INTERNATIONAL ACCOUNTING.
 .

ABSTRACT
International Financial Reporting Standards (IFRS) are set of Accounting Standards developed by the
International Accounting Standard Board (IASB) that is the global standards recognized for the
preparation of companies financial statements. International financial reporting standard (IFRS) has
a lot of challenges as it were, this paper tends to look at the effects of cultural factors in the
implementation of accounting standards in Nigeria. This paper also looks at network effect of IFRS,
the importance of IFRS, and gave appropriate recommendations that will aid effective implementation of
the international financial reporting standards (IFRS).
INTRODUCTION
Recently, the adoption of International Financial Reporting Standards (IFRS) has been at the forefront of
the agenda of a number of countries worldwide. This is partly attributable to the globalization of capital
markets, increased in international trade and cooperation, and the desire to improve the transparency,
quality and comparability of financial statements prepared under different Generally Accepted Accounting
Principles (GAAP). However, a number of researchers have suggested that financial statements prepared
on the basis of national GAAP may not meet the accounting information needs of international investors
and creditors whose decisions are international in scope. Chamisa found that the number of professional
accounting bodies from developing countries joining the IASB and adopting its standards has increased
despite overwhelming academic arguments suggesting that the IFRS are irrelevant or even harmful to
these countries. Ding et al. have pointed out that under the coercive power of international investors and
regulators domestic listed firms are forced to play the accounting game by global rules .Nobes and Zeff
posit that international financial reporting standards (IFRS) have been adopted in many countries, at
least for the consolidated reporting of listed companies. To date, more than 100 countries are preparing
financial statements on the basis of IFRS, while a number of them have made the adoption of IFRS
mandatory for publicly traded companies. Moreover, the US Securities Exchange Commission (SEC) has
improved the legitimacy of IFRS by allowing foreign entities trading on the US stock exchanges to issue
financial statements prepared on the basis of IFRS and waving the need to reconcile with US accounting
standards.

While a number of studies have suggested that accounting systems should reflect differences in
culture, economic systems and institutional settings, few studies have explored the
influence of these factors in the context of emerging economies. This paper addresses
this gap in the literature by exploring the adoption of IFRS in emerging economies in general and
Nigeria in particular, by examining the following main research question: how relevant are IFRS
to the emerging economy of Nigeria? Nigeria is an emerging economy which is undergoing rapid
economic liberalization and development. It has embraced privatization and market forces by moving
away from central bureaucratic planning under the former old Nigeria, removing trade
barriers, reducing the number of government owned enterprises, and creating a financial
sector to facilitate growth and the movement of private capital. Implementing IFRS is especially
challenging in developing countries because it requires changes not only to political institutions
but also to socio cultural values and established ways of doing things.

Statement of the Problem

This study is aimed at investigating the impact of cultural factors on the implementation of global
accounting standards in Nigeria. The IASB has a goal to develop a single set of principle-based regime
and its accounting standards, which is the IFRS. Nigeria has embraced the principle-based regime and its
accounting standards have converged substantially with the IFRS. However, research shows that
accounting is influenced by the social, cultural and political environment. It is therefore questionable
whether the IFRS-based standards can be implemented effectively in a different social and cultural
environment. The application of professional judgement is essential in order to operate within a principle-
based regime. Therefore, the question is how effectively professional judgement can be exercised in
Nigeria. Accounting professionals from different backgrounds may reach different judgements, because
professional judgement is often influenced by cultural values.

Objectives Of Study

The following are the objectives of this study:

1.To examine the impact of cultural factors on the implementation of global accounting standards IFRS in
Nigeria.

2.To examine the level of the implementation of global accounting standards IFRS in Nigeria.

Research Questions

1.What is the impact of cultural factors on the implementation of global accounting standards IFRS in
Nigeria?

2. What is the level of the implementation of global accounting standards IFRS in Nigeria?

SIGNIFICANCE OF THE STUDY

The following are the significance of the study:

1.The results of this study will educate the stakeholders in the business sector. Entrepreneurs and the
public on the impact of cultural factors on the implementation of global accounting standards IFRS in
Nigeria.

2.it would also provide resources for other researchers interested in carrying out further research on this
topic.

LITERATURE REVIEW

. INTERNATIONAL FINANCIAL REPORTING STANDARDS.

The International Financial Reporting Standards (IFRS) started with the formation of the
International Accounting Standards Committee (IASC) in 1973 as a result of an agreement by
professional accountancy bodies of major countries (United Kingdom and Ireland, United States,
Australia, Canada, France, Germany, Japan, The Netherlands and Mexico) to develop a set of
accounting principles across the globe. In its early days, the IASC were aimed at promoting best
practices in the preparation of financial statements while permitting different treatments for given
transactions and events.
Aghator & Adeyemi (2009) stated that with the dawn of globalization and increasing demand
for transparent, comparable financial information in the markets, the IASC was restructured in the
year 2001 by creating the International Accounting Standards Board (IASB), among other changes.
The IASB is responsible for developing, in the public interest, a single set of high quality,
comprehensive and enforceable global accounting standards that require transparent and
comparable information in general purpose financial statements and other financial reporting to
help participants in the various capital markets of the world and other users of the information to
make economic decisions.
Consequently the IASB has since inception issued a number of IFRS and interpretations. In
pursuance of its objectives, the IASB cooperates with national accounting standards setters to
achieve convergence in accounting standards in the world. IFRS are developed through an
international due process that involves accountants, financial analysts and other users of financial
statements., the business community, stock exchanges, regulatory and legal authorities, academia
and other interested individuals and organizations from around the world.
Aghator & Adeyemi (2009) opined that International Financial Reporting Standards (IFRS) refers to
a series of accounting pronouncements published by the International Accounting Standards Board
to help preparers of financial statements, throughout the world, produce and present high quality,
transparent and comparable financial information. Currently, most financial statements prepared
for reporting in Nigeria especially for Public Listed Entities and Significant Public Interest Entities in
Nigeria and Other public Interest Entities are drawn up in accordance with requirements of IFRS,
with this Nigeria reporting entities are using the same frame work as their peers worldwide, which
would enhance the relevance of their reports in the international arena. In recent times, we have
seen many countries in Africa as well as in European Union countries adopting IFRS as the financial
reporting framework, though this adoption is subjected to some modifications in alliance to
countries GAAP to aid credible and reliable information.
DEVELOPING COUNTRIES AND LESS DEVELOPED COUNTRIES
Developing countries are also called poor countries or sometimes underdeveloped economies.
Using the United Nations classification, countries with less than $400 level of per capita income are
called low income countries and countries with less than $750 per capita income are called less
developed countries or economies.
Their characteristics include
Average income per capita of the population is generally low
Low education level
Life expectancy is low
High dependency on a particular sector of the economy e.g agriculture, oil.
Underutilized natural resources
Lack of capital and advance technology
Lack of basic infrastructure
Population growth per year is high
Mortality rate is relatively high
High unemployment figures
Commodity exports of raw materials rather than processed food
Low industrial network
Less foreign direct investments
Weak/ semi- strong stock exchange markets
Currency depreciation
THE NETWORK EFFECT OF IFS
Iyoha & Jafaru (2011) posit that the decision to adopt IFRS by many countries is deeply
rooted in the understanding that IFRS has a positive Network or Sociability effect. The Network
effect is said to exist where the value of a product or service is expected to increase typically
exponentially when more people use the product or service. Therefore, as more and more countries
adopt IFRS, it becomes more appealing to others that are yet to consider the adoption.
Notwithstanding that a number of challenges have been observed and experienced by countries in
their decision to adopt IFRS; its worldwide adoption has been promoted on the premise of its
perceived benefits which are considered to outweigh the costs. Proponents of the adoption of IFRS
argue that there are a number of benefits which can be gained from greater cross-country
comparability of firms financial reports. Barth (2007), for instance, argues that by adopting a
common body of international standards, countries can expect to lower the cost of information
processing and auditors of financial reports can be expected to become familiar with one common liable
information.
THE INFLUENCE OF CULTURE IN ACCOUNTING.
Culture is often referred to as the set of values, rituals, postulates, beliefs and symbols at the
collective level accepted by society at large, so that it creates an atmosphere of predetermined
way of behaving with unwritten rigid codes and enables the distinction of one culture from
another. A number of studies have explored the influence of culture on accounting. Accounting as a
socio-cultural practice involves value-adding processes of interpreting
and implementing accounting by human participants. The exercise of professional
judgment across different countries is value laden as it depends on the beliefs of human
actors interpreting and applying accounting rules. Differences in culture may explain the apparent
the lack of consensus among different countries on what represents proper accounting methods.
Whittington argues that most likely different meanings will be attached to appropriate
way of financial reporting, due to the differences in cultures and ways of doing things that exist in
various economic, social and institutional settings. Gray suggest that culture values or
dimensions at the societal level such as (1)individualism vs. collectivism, (2) large vs. small
power distance, (3) strong vs. weak uncertainty avoidance, and (4) masculinity vs. femininity3
may be linked at the micro level with four accounting values of (1) professionalism vs.
statutory control, 2) uniformity vs. flexibility5, 3) conservatism vs. optimism, (4) secrecy vs.
transparency. Hofstede and Gray pose that external and global forces (e.g. foreign
investment, international trade and globalization) can potentially affect a countrys accounting
values and institutional settings (e.g. financial system, structure of corporate ownership,
legislation and tax system). Perera suggests that high professionalism is associated with low
government intervention in accounting regulation and with greater extent of professional self regulation,
while high uniformity is associated with low application of professional judgment and
more emphasis on compliance with detailed, prescribed accounting rules and legislation.
Moreover, a high score for conservatism is associated with a more prudent approach to
measurement and less emphasis on fair value accounting, while the extent of secrecy is directly
related to disclosure practices.
1. Large vs. small power distance dimension of culture refers to the extent to which
society at large tolerate unequal distribution of power within its institutional
arrangements. In large power distance cultures individuals take for granted
unequal distribution of power and hegemony/domination of certain
individuals over others and do not attempt to equalize power In small power distance
cultures members of society exert some pressure to equalize power within
institutional settings, while any remaining unequal power distribution of needs
justification.
2. Strong vs. weak uncertainty avoidance dimension of culture refers to the level of
societys acceptance of unknown future, deviant ideas or people, unknown and new
situations, and unpredictability of certain events. In strong uncertainty avoidance
cultures members of society tend to have institutional settings and rituals creating
prescribed codes of behaving in various situations creating an atmosphere of
stability and predictability. In weak uncertainty avoidance cultures society
members are more tolerant to ambiguous and uncertain situations, and behave in a
more flexible way to adapt to situations.
3. Masculinity vs. femininity dimension of culture refers to whether society at large is
more concerned with individual success, domination, competition and wellbeing as
opposed to being concerned with building human relationships, preserving
environment, protecting weak people and caring for others. In masculine society
people value financial wellbeing and power, whereas in feminine society
individuals place more importance on relations with other members of society
and on solidarity.
4. Professionalism vs. statutory control refers to the extent to which accountants within
society prefer to exercise professional judgment and have self-regulated
profession instead of having rigid and prescriptive accounting rules and government regulation of
accounting practices. Professionalism is expected to
be positively related with individualism and inversely related with uncertainty
avoidance and power distance.
5. Uniformity vs. flexibility refers to the degree to which accountants prefer rigid rules and
regulations so that accounting practices are uniform across firms and over time
instead of having flexible accounting practices to cater for the substance of
transactions.
6. Conservatism vs. optimism refers to the extent to which accountants prefer
measuring transactions at historical costs instead of having more risky or novel
approach to measurement such as fair value accounting that can increase uncertainty.

In summary, from a cultural perspective IFRS may be irrelevant to the emerging economy of
Nigeria which is characterized by collectivism and large power distance. If indeed the level of
individualism and professionalism are low and power distance is high, then adopting principle based IFRS
may potentially be problematic and arguably uniform or rule based accounting standards maybe more
relevant to Nigeria. Bloom et al. found that in Armenia, one of the former Soviet Union countries, the level
of individualism was low and power distance was high because under the totalitarian regime of the Soviet
Union people are used to being told what to do and when to do it, and as such rule based and uniform
accounting systems may be more compatible with the local culture and values.

IFRS Implementation Difficulties.

There are various issues which have hindered IFRS Implementation in Nigeria. Some of these
were contradictions with the Tax Code, underdeveloped capital markets, differences in financial system
where banks are primary users of financial statements, inappropriate software programs which are unable
to generate proper accounting information needed for more extensive IFRS based disclosures and lack of
expertise to implement IFRS . However, Tyrrall et aI. suggest that Nigeria adopted TFRS due to the
countrys desire to increase and stimulate foreign investments. The findings of IFRS implementation
studies in ex communist countries such as Poland, Armenia and Czech Republic may be relevant to
Nigeria as they share similar institutional framework. In the case of Polari Jaruga et al.found a lack of
educational support and infrastructure for implementing IFRS. Moreover, issues related to corruption,
unavailability of IFRS translations. Differences between national GAAP and IFRS standards and illiquid
stock exchanges created further difficulties. Sucher and Jindrichovska [18] identified that in the
emerging economy of Czech Republic, where the Ministry of Finance has considerable power over
accounting and tax matters, accounting practices were more form over substance and tax-oriented
since primary financial statement users were tax inspectorates. IFRS implementation problems
were compounded by underdeveloped stock markets distorting fair values used under IFRS.
Despite the claimed orientation towards investors and substance over form, in practice the local
accounting practices were primarily form over substance with an emphasis on rigid compliance
with tax and accounting legislation of tax authorities, rather than focusing on showing economic reality
implying that in emerging economies tax authorities are powerful and influential. In this respect, Sucher
and Bychkova suggest that in Russia tax inspectorate still exercise a strong influence over enterprises
preparation of financial statements and local audit firms view the primary objective of audit as ensuring
compliance with tax rules. Legal system exerts substantial influence on accounting practices and may
hinder IFRS implementation. In Common law Anglo-American countries, developed equity markets are
major sources of finance, legislation system is oriented on protecting the interest of dispersed
shareholders, and accounting reports are oriented towards showing economic reality (substance over
form) in a transparent and reliable manner. However, in code law countries funding primarily comes from
governments and banks so that financial reporting practices are less transparent, more creditor-oriented,
more form over substance and aligned with tax rules. Indeed, in Common law countries tax legislations
do not have major influence on accounting systems/practices such that tax accounting and financial
accounting are considered as separate functions, whereas in Code-law countries the influence of Tax
Legislation is so pervasive that tax accounting and financial accounting are aligned as organic whole. In
Germany tax accounting and financial accounting were mirror image of each other and called
Massgeblichkeitsprinzip , but ceased under the 4th directive of the European Union mandating IFRS
compliant consolidated financial reporting to be prepared for all publicly traded companies. However, in
European Union countries where tax system and accounting system are interdependent, disclosures
concerning tax are allowed implying that tax legislation may have a substantial influence on
accounting. Variations in financial reporting were primarily explained by different levels of
interdependence between taxation and accounting. Nigeria exhibits features similar to other code law
countries and follows Continental model of accounting of form over substance, suggesting that tax issues
may dominate accounting issues.

BENEFITS OF IMPLEMENTING IFRS ACCOUNTING STANDARDS.

Despite all the difficulties in implementing IFRS accounting standards in Nigeria, it also has
some benefits and they are;
(1) Attraction of investment and financial support
Credible financial information which make investment decisions efficient, crucially depend on
the qualitative and quantitative characteristics of information including relevance, reliability,
comparability, understandability, full disclosure of underlying accounting policies, etc. As
companies, seek investment opportunities in other countries or within the country, their figures
must tell the real comparative story through time, across industries and jurisdictions to attract the
right investment and financial support. Thus, except the goal of credible financial reporting is
pursued conscientiously such that no doubts exist about the quality of the financial statements
produced by companies in Nigeria, a price will inevitably be paid.
(2) Bridge Communication gap with Stakeholders
Accounting and financial information users are numerous so also are their needs different.
Therefore, financial information must be presented in a language that communicates effectively
with the various users. IFRS, given its global appeal, enhances this communication with greater
stakeholders. No conversion is required as the language of preparation is internationally
understood by current and potential investors.
(3) Attraction of More Foreign Direct Investments (FDIs)
With more reliable and credible financial statements, the propensity to attract foreign direct
investments will increase as the nations risk profile would be known and predictable. In other
words, investors are attracted to environments where the rewards are high relatively to risks.
(4) Uniformity in Accounting Language
Adoption of IFRS will lead to uniformity in accounting language across the globe which is a
pre requites for the globalization of business, finance and investment with primary objective of
eliminating the unnecessary complexity that exists with multiple reporting languages. As it is
common knowledge, there exist differences in the classifications of financial information, levels
of disclosure and accounting concepts between countries.
Other benefits include: The lower susceptibility to political pressures than national
standards, continuation of local implementation guidance for local circumstances and the
tendency for accounting standards to be raised to the highest possible quality level throughout the
world.
Arguments for Adopting IFRS in Nigeria
The interviewees indicated that there was a general improvement in the quality of financial
reporting since IFRS implementation, primarily because cash based accounting standards (e.g.
NAS) were unable to effectively meet the information needs of investors which have
gained importance over the years in Nigeria. Consistent with the literature, interviewees
suggested that IFRS adoption could improve trust in financial reports and increase foreign
investments leading to the development of capital markets. Moreover, the global financial
crisis also played a role in reshaping financial reporting in Nigeria, as banks started to demand
IFRS compliant financial information while previously the decisions to grant credit were
primarily based on collateral and relationships. As one of the interviewees pointed out:
With the financial crisis we are getting away from collateral and relationship based lending by the
banking organizations to really looking at the operations of an entity. I think this is where IFRS
comes in as it enables better understanding what the real economics of the business is and thats
not lending you $ 1,000,000 based on a plant or land you have. Banks want to see a business
plan, financial statements, cash flows and debt service plans, in addition to collaterals to assess
creditworthiness (Interviewee C1). The shift towards providing loans based on reliable IFRS
financials was explained by high volume of bad loans arising from relationship based lending,
and the fall in the value of collaterals during the financial crisis. It was also noted that IFRS
provide a wealth of information, coving gaps in both the Tax Code and NAS which are unable to
keep pace with the rapidly growing economy and address complex business transactions. As
noted by an interviewee: There are a lot of details in IFRS regarding how you treat and how you
determine certain derivatives or how you treat reserves or provisions for employee pensions, etc.
But we have nothing in tax law governing these. Nigeria is a very quickly developing market and
so are the financial instruments relating to oil and gas accounting. We see hedging transactions,
puts and calls, and a lot of pretty sophisticated transactions that the tax law doesnt address, so
having that underlying blanket of IFRS that does address those types of things is good. NAS
compliant financial statements do not disclose and recognize all the future liabilities (e.g. Asset
retirement obligation related to subsoil-use contracts and social obligations).
There is no guidance in NAS concerning allowances/provisions on bad debts. Indeed,
there are substantial gaps in NAS which comprise of a total number of 209 pages
compared with IFRS which comprise of more than 2000 pages. NAS are cash-based
accounting standards as compared to IFRS.
SOME IFRS IMPLEMENTATION CHALLENGES
Because of the problems of determining fair values in imperfect or underdeveloped markets,
interviewees were concerned that models may be used by managers to manipulate accounting
information to create a reality that suits their interest when preparing IFRS financial
statements. An interviewee explained that fair value accounting is fundamentally flawed due to
the subjectivity involved in determining fair values in illiquid capital markets as follows:
fair value accounting is fundamentally flawed. It has been fundamentally flawed ever since it was
first mooted... fair value accounting to me is just another name for putting whatever you want on
something. Because the valuation models companies use can be so different making nothing
comparable. lf you have illiquid capital market, is it better to use model to count for (he
fair value or is it better to use cost? At least everyone understands what cost is and how
flawed it is. However, all interviewees agreed that IFRS implementation should have a positive
effect in the long-run on the development of capital markets in Nigeria, as one of the determinants
of efficient capital markets is reliable accounting information. Although to some extent the
problem may be mitigated by the use of independent valuation experts, an interviewee pointed
out that there was a lack of valuation expertise in Nigeria.as follows:
There is a limited poor of Nigerian licensed valuation experts and firms. And the issue you
also run into is disparity between certain valuations depending on other influential factors.
There is always I think a pot entails for bias given the somewhat limited market of valuation
services in Nigeria.

Nigerian GAAP Versus IFRS

International financial reporting standards were adopted in 2005 in many countries
and the world. The IASB issued several news, revised and amended standards and
the (IFRIC) issued a number of new interpretations. In Nigeria companies have been
complying with standards issued by the NASB for a number of years. These
standards represents NG-GAAP ("Nigerian GAAP"). The NASB announced its roadmap
to convergence with IFRS in September,2010. Based on this roadmap Nigerian listed
companies & significant Public Interest Entities (PIES) will be required to comply with
IFRS for periods ending after 1st January,2012. Other PIES will be required to
comply for periods ending after 1st January,2013,and small and medium sized
entities will need to comply for periods ending after 1st January,2014.Therefore
entities will need to understand the similarities and differences between IFRS and
NG-GAAP. The development of IFRS is ongoing and it is therefore need to take into
account changes that occur subsequent to the time when this publication was
prepared. This study has been prepared by the group of PWC consultants who work
extensively with both financial reporting framework. This study will be beneficial not
only to companies changing over to IFRS, but also to the users of financial statement
prepared in this manner.

CONCLUSIONS AND RECOMMENDATIONS

IFRS is driving the revolutionary world of accounting with over 120 countries either
requiring or permitting its use. There is no doubt that conversion to IFRS in developing
countries is a huge task and a big challenge; however like we earlier said adoption and
implementation of IFRS should be on the basis of cost- benefit analysis, it should not be
a decision based on following the crowd or boarding the IFRS ship with others without
arriving at a destination suitable for landing. All in all the decision should not be rushed it
should be carefully thought through politically, legally, culturally, financially, and
economically. Based on studies undertaken on IFRS adoption in developing and less
developed countries the
following recommendations are hereby advanced for countries who still wants to adopt
IFRS
(i) Strengthen professional education and training. The professional accountancy bodies
should align their continuing professional education requirements with IFAC guidelines.
Business ethics should be taught as a separate subject in undergraduate accounting
and business programs and revision to university accounting curricula should enable
students to gain exposure to practical IFRS application.
(ii) Strengthen capacity of the regulatory bodies and review adequacy of statutory
enforcement provisions. Take necessary steps to strengthen capacity of regulators and
improve the statutory framework of accounting and auditing to protect the public interest.
(iii) Raise awareness of professionals, regulators and preparers to improve the
knowledge gap. Issues to be addressed include the importance of financial statements
prepared under IFRS framework and importance of compliance with accounting and
auditing requirements.
(iv) Establish an independent body to set monitor and enforce accounting and auditing
standards and codes. The proposed body should be empowered to monitor and enforce
accounting and auditing requirements with respect to general purpose financial
statements.
(v) Adequate resources should be put in place to support the sustainable implementation
of IFRS. This includes having consultative groups available to respond promptly to
concerns by users and to provide for their ongoing training.

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