Financial reporting framework, IFRS, GAAP, Financial Statements

This paper presented a theoretical examination of the framework of financial reporting in Nigeria vis-à-vis the adoption of the International Financial Reporting Standards (IFRS). A critical review of extant literature exposes the issues, benefits and challenges in the transition from Generally Accepted Accounting Principles (GAAP) to IFRS. In view of the discussions, the paper recommended that corporate entities in Nigeria should adapt to the International Financial Reporting Standards rather than complete adoption of the standards and to ensure its sustainability, a country- wide intensive capacity building programme is a arsine qua none.