• Ayeni. Akande Popoola Department of Accountancy, Osun State Collrge of Technology, Esa-Oke, Nigeria
  • Aina, Adeyemi Department of Accountancy, Osun State Polytechnic, Iree, Nigeria
  • Ibitoye, Oluweseun Temitope Department of Accountancy, Osun State Polytechnic, Iree, Nigeria



Corporate Governance, Financial Reporting Quality, IFAC


This paper provides an analysis of various dimensions of accounting and corporate governance that have led to the currently troubling state of affairs in the financial reporting environment. Good Corporate Governance (GCG) is a mandatory requirement in today’s corporate world by every stakeholder groups. Failure of giant corporate groups in the last twothree decades strengthens the demand further. And surprisingly, in some of such failures, accounting as a discipline is held liable. The way accounting is practiced or the interpretations that may give different prescriptions in similar situations are some dark areas that may open some scope for the corrupted accountants. The paper covers the concept of corporate governance, its legal framework, its current status and how accounting may be practiced to protect corporates from corruption by establishing governance. The paper analyzes how IFAC is succeeding as an international standard setter with an established place in the global financial infrastructure and it reveals a growing reliance on governance by experts together with a growth in influence of the large, multinational accounting firms. Until corporate boards are truly independent of corporate management and are knowledgeable enough to act as effective shareholder advocates, changes in accounting will be of limited impact.


Download data is not yet available.


Annisette, M. (2004), “The true nature of the World Bank”, Critical Perspectives on Accounting, Vol. 15 No. 3, pp. 303‐23. [CrossRef] [Infotrieve] DOI:

Biddle, G.C., Hilary, G., Verdi, R.S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics 48, 112–131. DOI:

Bradbury, M. Mak, Y. & Tan, S. (2006). Board characteristics, audit committee characteristics and abnormal accruals. Pacific Accounting Review,No 18, 47-68. DOI:

Bebchuk, L. A. and Grinstein, Y. 2005. The Growth of Executive Pay, Oxford Review of DOI:

Economic Policy, Vol. 21, pp. 283-303.

Black, B. S., Jang, H. & Kim, W. 2006. Predicting Firms' Corporate Governance Choices: DOI:

Evidence from Korea, Journal of Corporate Finance, Vol. 12, pp. 660-691.

Cadbury, S. A. 1992. Report of the Committee on the Financial Aspects of Corporate

Governance, Financial Reporting Council, United Kingdom. Available from (Accessed on July 8, 2006)

Curtis, E. and Turley, S. (2005), “From business risk audits to audit risk standards”, paper presented at the 28th Annual Congress of the European Accounting Association, Goteborg[12] Ditropoulos, P. & Asteriou, D. (2010). The Effect of Board Composition on the Informativeness and Quality of Annual Earnings: Empirical Evidence from Greece, Research in International Business and Finance,No 24, 190-205.

Humphrey, C., Loft, A., Turley, S. and Jeppesen, K. (2006), “The International Federation of Accountants (IFAC): private global governance in the public interest?”, in Schuppert, G.F. (Ed.), Global Governance and the Role of Non‐State Actors, Nomos Verlag, Baden‐Baden, pp. 245‐73.

IFAC (2006), Facts about IFAC, available at:

Knight, M.D. (2005), Challenges to financial stability in the current global macroeconomic environment, availailable at: (accessed 5 February 2006).

Moravcsik, A. (2004), “Is there a ‘democratic deficit’ in world politics? A framework for analysis”, Government and Opposition, Vol. 39 No. 2, pp. 336‐63. [CrossRef], [ISI] [Infotrieve] DOI:

Murthy, N. R. N. 2006. Good Corporate Governance – A checklist or a mindset? Robert P. Maxon Lecture, George Washington University.

Organization for Economic Co-operation and Development. (2003). White Paper on Corporate Governance in Asia. Available from Pdf (Accessed on April 22, 2006).

O'Connell, B.T. (2004), “B.T. Enron.con He that filches from me my good name … makes me poor indeed”, Critical Perspectives on Accounting, Vol. 15 Nos 6/7, pp. 733‐49. [CrossRef] [Infotrieve] DOI:

Oman, C. P. 2001. Corporate Governance and National Development, OECD Development Center, Technical Papers No. 180. Paris.

Shama, F. (2006). Institutional Ownership and corporate value, Managerial Finance, Vol 32 No 3, 247-256. DOI:

Sikka, P. (2001), “Regulation of accountancy and the power of capital: some observations”, Critical Perspectives on Accounting, Vol. 12 No. 2, pp. 199‐211. [CrossRef] [Infotrieve] DOI:

Shil1, N. C. (2008) Accounting for Good Corporate Governance Accounting for good corporate Governance, JOAAG, Vol. 3. No. 1

Thirkell‐White, B. (2004), “The international financial architecture: soft law, power and legitimacy”, IPEC papers in Global Political Economy, No. 13, June.

UNCTAD (2005), “Do global standards and codes prevent financial crises? Some proposals on modifying the standards based approach”, available at:

Woods, N. (2002), “Global governance and the role of institutions”, in Held, D. and McGrew, A. (Eds), Governing Globalisation: Power, Authority and Global Governance, Polity Press, Cambridge, pp. 25‐45.




How to Cite

Popoola, A., Adeyemi, A., & Temitope, I. (2017). GLOBAL ACCOUNTING REGULATION: IMPACT OF IFAC ON FINANCIAL REPORTING QUALITY . International Journal of Engineering Technologies and Management Research, 4(8), 1–7.