Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.5, No.22, 2014 76 IFRS Adoption and Its Integration into Accounting Education Curriculum in Nigerian Universities Nassar, Lanre. M Department of Management &Accounting Obafemi Awolowo University Ile-Ife Uwuigbe, Olubukunola Ranti (Corresponding author) Department of Accounting, College of Business and Social Studies, Covenant University, Nigeria. Email: bukola.uwuigbe@covenantuniversity.edu.ng Uwuigbe, Uwalomwa Department of Accounting, College of Business and Social Studies, Covenant University, Nigeria. Email: uwalomwa.uwuigbe@covenantuniversity.edu.ng Abuwa Joel Tochukwu Department of Accounting, College of Business and Social Studies, Covenant University, Nigeria Abstract The International Financial Reporting Standard is a major topic in the accounting profession today as more countries are involved in the adoption. However, the adoption of IFRSs without an adequate representation of same, in the curricula will have negative effects and create problems such as improper curriculum coordination. This study examines the integration of IFRS into accounting education curriculum in Nigeria. Data for this research was majorly collected from primary sources through the use of 240 copies of questionnaire being distributed to a sample of 4 private universities in Nigeria. The study used the regression analysis test statistic, one sample t-test and chi-square analysis to test the hypotheses and to validate the model specified. The result gives a pointer to the readiness of accounting education for the adoption of IFRS. The results revealed that IFRS adoption factors influence the inclusion of IFRS in university curriculum. It also revealed that students are aware of issues which relates to IFRS meaning they have sufficient knowledge of the standard. The research recommends more efforts to aid the training of educators and the provision of training facilities to aid proper integration of IFRS in the curriculum. Keywords: International Financial Reporting Standards, Integration, Accounting Education, Curriculum 1. Introduction Recently, the development and adoption of the IFRS (International Financial reporting standards) is a major development and key topic to the accounting profession across the Globe. The operation which arises from the need for better comparability and relevance of accounting statements across the Globe has changed the face of financial reporting within and amongst countries. Nigeria also joined the league of this standard taking procedure as the pronouncement was made by the Financial Reporting Council (FRC) and the date of adoption being on the 1 st of January 2012. According to Hoogrvorst, “The IFRSs are very important to the market economy. This is because investors’ confidence cannot easily be retained with information that is not comparable and this makes them uncertain about information given to them (www2.deloitte.com). The accounting profession and reporting process however is shaped by other factors that go beyond the physical tangible statements, factors such as the economic, political, cultural and environmental situation of a reporting country (Uwuigbe, Uwuigbe & Anijesushola, 2011; Demaki, 2013). Before IFRS, the existing regulatory bodies NASB (National Accounting Standards Board) in Nigeria had incorporated these factors as core in their objective and process of developing standards and provided a degree of training for the application of these local standards and the audit of statements prepared using such standards to the statements. The standard setting body which was NASB engaged in periodic review of its issued statements and reconsidering these inherent factors in its reviews. From these local standards, the accounting academic curricula were framed and as time went on, this has been the bedrock of accounting education in Nigeria. A research by KPMG-AAA revealed that only 22% of 535 professors in universities in united-states had incorporated IFRS into their curricula (Amanda & Eddy, 2008). This shows that even the standard setters have not adopted these standards, and are yet to consider the accounting education as a key factor to the adoption. The preparedness of accounting education and incorporation in curriculum should therefore be a major determinant of adoption. Amanda & Eddy (2008) further opined that, tertiary educational system and the accounting profession are critical to the successful transition to IFRS, components of which are the accounting lecturers and students. This group of people compliment the accounting profession in the development of accounting practice. This is because the accounting profession is fuelled by the education of accounting and the