IFRS is a set of international accounting standardsthat states how certain transactions and events should
be reported in financial statement(Modugu & Eragbhe, 2013). IFRS are based on principles rather than hard set
rules which is in contrast to local GAAP, a rules- based accounting standards as a result of this differences,
IFRS allows management to use greater to use greater discretion and flexibility when preparing a company’s
financials(Investopadia,2012) in (Modugu & Eragbhe,2013).