AN INVESTIGATION INTO THE CHALLENGES OF IFRS ADOPTION AND IMPLEMENTATION AMONGST SMALL AND MEDIUM SCALE ENTERPRISE OWNERS IN NIGERIA

The objectives of this research paper are to establish the level of the adoption of the International Financial Reporting Standards (IFRS) for the Small and Medium Enterprises (SMEs) in Delta State.The description survey design use in the study which integrates both the quantitative and qualitative approaches. The research instrument used were questionnaires and interviews. The research findings shows that 80% of the SMEs did not maintain accounting record: none had adopted IFRS for SMEs. 20% which had accounting records observed provision of IFRS in general which were in line with general accepted accounting standard Most of the employees in SMEs that lacked accounting records lack basic accounting financial knowledge. A few SMEs prepare the statement of comprehensive income, statement offinancial position and statement of cash flows. Little effort is been made to encourage the adoption of IFRS for SMEs by the policy makers within the retail trade sector. Benefits that could accrue to SMEs that would have adopted the IFRS for SMEs would be better decision making leading to growth, better accountability and compliance with lax legislation. Non-adoption of the IFRS for the SMEs has been prompted by ignorance of their existence, lack of separation of ownership from management, lack of capacity to implement the IFRS. The study recommends the need formulize business operation for SMEs, promotion of business record maintenance, separation of ownership from control of SMEs, mounting of seminars of workshops for personnel on professional development courses