International Journal in Management and Social Science

The incomparability of financial statements around the world is an obstacle to the effective and efficient running of the integrated global financial markets. This study examined cultural difference in the application of the IFRS between the accounting professionals in the Republic of Benin and Nigeria. The study surveyed accounting professionals in the Republic of Benin and Nigeria to obtain their perception of application of IFRS. The study employed survey research design. Data were collected from Accounting Professionals from Nigeria and Republic of Benin using questionnaire. Descriptive and inferential statistics, specifically two sample t-Test was conducted on the data collected. The research findings implied that the accounting professionals with similar cultural values apply IFRS similarly, while those differ in cultural values apply IFRS differently. The research findings also indicated that the chosen countries’ former colonial masters’ cultural values influenced the accounting professionals’ decision making process. The study thus recommends that a re-education for accounting professionals worldwide to focus on how the accounting professionals around the world can apply IFRS in a manner that serves the interests of the global marketplace. Consideration should also be made by MNCs to establish a screening department that would identify countries with similar cultural values when they need to raise capital.