International Financial Reporting Standards (IFRS) Adoption in Africa: the Influence of Anglo Neo-colonialismBy: Matthias NnadiPublished on: 23/03/2012
With many African countries adopting the International Financial Reporting Standards (IFRS), the question of whether they are influenced by their colonial masters is an intriguing subject. The British, who ruled the African continent for more than a century, foisted their ideologies including their accounting system on their former colonies. Given the veritable merits of IFRS adoption for the developing countries of Africa, the study examines the British influence on IFRS adoption by their African colonies, in comparison with other colonisers. It shows that accounting standards have been used by colonisers in achieving their colonial missions. The study reveals that most former British colonies of Africa seem to follow their colonial ruler in adopting the IFRS, a trend that shows the subtle influence of Anglo-imperialism in the region through the system of accounting reporting.