a. Challenges of adopting International Financial Reporting Standards (IFRS) in Nigeria:

1. Shortage of people with the required skills and experience to help companies with the transition to IFRS.
2. Companies’ underestimation of the difficulty relating to the transition to IFRS.
3. The computer applications/software used in Nigeria are not compliant with IFRS.
4. Resistance to change by some companies and accountants who are used to previous national standards.
5. The cost of training and upgrading systems to comply with IFRS standards is high for many firms.

b. Roles of the Financial Reporting Council of Nigeria:

1. Developing and publishing accounting standards to be observed in the preparation of financial statements of public entities.
2. Promoting compliance with the adopted standards through various initiatives.
3. Reviewing financial statements to ensure conformity with the set standards.
4. Offering advice and guidelines for financial reporting to enhance the quality of reports.
5. Supervising and regulating professionals in the financial reporting field to maintain credibility and integrity.