The Nigerian Accounting Standard Board (NASB) provides guidelines on the implementation of national policy on preparation and presentation, recognition and measurement, and disclosure of corporate reporting on financial statement of an entities in Nigeria. International Accounting Standard Board (IASB) provides the framework for IFRS and IAS application on corporate financial reporting. The emerging of IFRS convergences by NASB on SMEs in Nigeria attract urgent attention. This study aims to measure the level of awareness of IFRS guidelines for SMEs operators in Nigeria and preview on the challenges facing the adoption and implementation of the IFRS for small and medium scale entities in Nigeria. This study adopted review approach to address the procedure of adoption of IFRS by SMEs in Nigeria. The study concluded that the awareness, policy and regulation on IFRS for SMEs in Nigeria were very low and the policies for the implementation process were not completely complied
Keywords: IAS and Globalization, IFRS, SMEs
