The objectives of this paper are to provide a cross-sector assessment of the level of IFRS implementationin
Nigeria, and compare financial statement figures of listed entities prepared using the Nigerian Generally
Accepted Accounting Principles(NGAAP) Wvith their IFRS-restated equivalents. An inplementation disclosure
checklist was used to determine the implementation level on eighteen LAS/IFRS standards using content
anahsis. Financial statements of huenty-one listed entities from ten sectors in the Nigerian economy were
analyzed for the period 2012 to 2018. Paired samples of NGAAP-based financial statement figures and IFRS-
restated equivalents for the vear preceding the year of IFRS adoption were also obtained and tested for
significant differences. Results indicated high level of lFRS implemnentation across economic sectors in Nigeria:
with the fin
compliance mdex of 0.658. The paired samples t-test results revealed significant mean differences between
NGAAP-hased and IFRS-restated financial statement figures on Renun on AssetstROA) and Net IncomefN),
whereas the mean differences in Earnings Per Share(EPS), Total Assets(TA). Book Value of Equities (BVE), and
Property Plant and Equipment(PPE)were not statistically significant. The paper concludes that while the level
of IFRS implementation by firms in Nigeria is generally high across the sectors, observable differences between
NGAAP-based and IFRS-restated financial statement figures are not uniform but varied with accounting
figures. The paper therefore recomnended that corporate bodies, governments and financial reporting
regulators should strengthen compliance through capacity building opportunities. setting implementation
targets and granting fiscal and other compliance incentives to sustain high compliance to set standards and
enhance the attractiveness of corporate entities at global investment markets.
services sector recording the highest index of0925 while the agricultural sector had the least