International Journal of Advanced Academic Research | Social & Management Sciences | ISSN: 2488-9849 Vol. 2, Issue 8 (August 2016) Worldwide Knowledge Sharing Platform | www.ijaar.org Page 9 EVOLUTION OF ACCOUNTING STANDARDS IN NIGERIA: A HISTORICAL PERSPECTIVE JAYEOBA OLAJUMOKE OLAMIDE 1 & AJIBADE, AYODEJI TEMITOPE 2 1&2 Department of Accounting, Babcock University, Nigeria. jumokejayeoba@yahoo.com ABSTRACT This study explored the history of accounting and evolution of accounting standard in Nigeria in relation to the country’s adoption of the IFRS. The similarities and differences between the IFRS and the Nigerian local standard (SAS) were reviewed as well. The study was an exploratory research which made use of purely secondary data from extant literatures in the relevant area of interest; hence the explorative design method was adopted in conducting this research. It was observed that the IFRS is more robust and principle base, thus giving room for a sense of discretion on the part of preparers of financial statements. The study concludes by reiterating the importance of adopting IFRS which enables a country to speak a uniform accounting language as her other counterparts. KEYWORDS: Accounting, IFRS, SAS, History, Nigeria, Language 1. Introduction The story of the tower of Babel signified that anything can be achieved when there is uniformity in language. In this same vein, the evolution of accounting (seen as the language of business) strives towards “a uniform language” which is the adoption of International Financial Reporting Standards in many countries of the world. Regulation of accounting information is aimed at ensuring that users of financial statement receive a minimum amount of information that will enable them make meaningful decisions regarding their interest in a reporting entity. Accounting standards, as explained by Okaro (2002), are authoritative statements aimed at narrowing the areas of differences and varieties in accounting practice. Accounting standards are not only seen as important regulatory devices but also act as a unifying template connecting the interest of the users of financial statement. It is generally believed that accounting history can be traced to Luca Pacioli in 1494, however, the history of accounting dates back to period before the advent of the concept of money which is before Luca Pacioli Era. Although, the formal book keeping and accounting process was first documented by Luca Pacioli in 1494. The evidence of accounting‟s existence before the advent of the concept of money was supported by archaeologists and historians who discovered the oldest city of Jericho as a trade centre for salt. It was evidenced in this city that no complete accounting was there but the artefacts revealed remains of a temple priest taking inventory of the village livestock using tokens to keep track of the herd size and count the grain harvest (Mattessich, 1989). Through fossils and records discovered not only in Jericho but other parts of the world, it can be concluded that before men knew the concept of money, the process of stewardship was known.