Implications of XBRL Adoption in Nigeria: Perception of Professional Accountants

Abstract

XBRL is a recent development in the world of financial reporting. In view of its emerging preeminence in some countries of the world contrasted with the apparent backwardness of most African countries in respect of this move, this study sought to examine the implications of XBRL adoption in Nigeria. Adopting a survey design, mean scores and t-test statistic were employed to compare the perceptions of Nigerian professional accountants on the benefits and challenges of XBRL adoption in Nigeria. All these were based on questionnaire responses elicited from 54 out of the 100 copies of questionnaire generated for the study. The findings of the study, among others, revealed that there were perceptual differences among the respondents on the two issues. It is suggested that professional, national and sponsored international XBRL awareness and training would be of the essence if Nigerian Accountants are to find a space on the global map of professional relevance.

Keywords: XBRL, XBRL adoption in Nigeria, Financial Reporting