“An Investigation into the Challenges of IFRS Adoption and Implementation amongst small and medium scale Enterprises in Nigeria” DEPARTMENT OF ACCOUNTING 88PAGES
CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY The fast pace of globalization with integration of national financial markets has stimulated the need for a common financial language (IFRS) because good financial reporting makes investment and financial decisions more efficient . Small and medium scale enterprises are the engine that drives most economies of the world. Their importance to the economy of Nigeria cannot be overlooked. SMEs activities-both international and local have contributed immensely to the gross domestic product in the economy as they participate in manufacturing, importation, exportation, employment etc. According to Gono (2013), SMEs contribute to output and employment creation and they are also a nursery for the larger firms of the future. The most successful developing country over the last 50 years, Taiwan is built on a dynamic SME sector. Small and medium enterprises (SMEs) have played a significant role in Taiwan‟s economic development in expandi