Impact of Financial Accounting Policies on Business Performance in Nigeria

Abstract

Accounting records dating back several thousand years have been found in various parts of the world. These records indicate that at all levels of development, people desire information about their efforts and accomplishments. Therefore, accounting as a profession has a very important role to play in the economic development of any nation such as Nigeria. This study concluded that that there is a strong positive relationship on the adoption of IFRS and has imparted immensely on financial performance of Organizations in Nigeria, IFRS improves business efficiency and productivity for effective business performance, more than one set of accounts for different national jurisdictions. It is recommended that the financial reporting practice in Nigeria should cut across the public and private sector to bring uniformity in accounting practice regarding annual preparation of financial reports that will guarantee investment.