Analysis of Cultural Influence in the Application of International Financial Reporting Standards in Nigeria

The purpose of the study was to establish the influence of national culture on the interpretation and application of the IFRS by accounting professionals in Nigeria. The study adopted a survey research design and 100 participants were surveyed. The target respondents were accounting professionals and the questionnaire was the data collection instrument that was used. Hypothesis was tested using simple linear regression analysis. Descriptive statistics were computed for data on the main characteristics of the participants. Data was presented in form of tables. The findings revealed that the influence of culture on interpretation and application of the IFRS by accounting professionals in Nigeria was positive but not statistically significant. The study recommends that the users (e.g., creditors and investors) and preparers (MNCs) of financial statements as well as the international accounting rules setters (IASB) have to take the role of culture seriously in their activities.