Financial Reporting for Small and Medium-Sized Enterprises (SMES) In Nigeria: A Review of Literature

This paper reviews literature of financial reporting by small and Medium-Sized Enterprises (SMEs) with particular reference to Nigeria. The study justifies the use of International Financial Reporting Standards (IFRS) by Nigerian enterprises. Thereafter, the paper recognises the economic importance of SMEs both globally and in Nigeria. Justification for differential reporting between listed entities and unlisted SMEs was articulated. The paper notes the advantages and challenges related to adopting IFRS for SMEs globally and in Nigeria. It is recommended that further research be undertaken to access empirically the impact and consequences of adopting IFRS for SMEs by unlisted enterprises in Nigeri