IMPEDIMENTS IN ADOPTING INTERNATIONAL FINANCIAL REPORTING STANDARD IN NIGERIA
CHAPTER ONE
Introduction
1.1 Background To The Study
Couple of years back, what is now known as International Financial Reporting Standard (IFRS) witnessed worldwide spread debate. However, today scholars and researchers are devoting significant time and interest on the subject matter, this can be traced to the demands of globalization.
According to Erahan and Beken (2008), opined that the globalization of capital market requires a single global accounting reporting and disclosure of set of standards.
Today, the need for a unified standards is increasing in high demand by most economics in the world, arising from wide spread clamour by most entities for oversea capital, business combination including mergers and acquisition resulting to growing number of foreign direct investment among others.
Although some commentators have said that adoption of IFRS will allow for International Comparison of Financial Statement, that may lead to reduction in the cost of capital, increased trade, increase access to foreign finance, as well as increased level of cross border merger and acquisition resulting to growing number of foreign direct investment among others.
Although some commentators have said that adoption of IFRS will allow for international comparison of financial statement, that may lead to reduction in the cost of capital, increased trade, increase access to foreign finance, as well as increased level of cross border merger and acquisition activities among others (Houston and Reinstein, 2001). However, some impediment are perceived to accompany adoption of IFRS as Melancon, and Eliot (2001) noted that notwithstanding the high quality of International Financial Reporting Standard (IFRS), there are so many impediments that may hind the adoption of IFRS in Nigeria, such as complicated nature of particular standards IFRS (including financial instruments) and susceptible to varied interpretations.
This has tendencies of different countries applying International Financial Reporting Standard (IFRS) differently for similar transactions.
Currently, over one hundred countries have adopted International Financial Reporting Standard (IFRS) and it is noted that by 2011 most countries of the world will either require or at least permit (IFRS) (ICAN Seminar, 2009).
In light of the foregoing, this study is designed to assess the impediments or difficulties associated with International Financial Reporting with International Financial Reporting Standard (IFRS) adoption in Nigeria.
1.2 Statement Of Research Problem
There are impediments or problems involved in adopting International Financial Reporting Standards (IFRS).
1.3 Objective Of The Study
- To find out the impediments in adopting (IFRS) International Financial Reporting Standards in Nigeria.
1.4 Research Question
- What are the impediments in adopting IFRS in Nigeria?
1.5 Hypothesis
There are problems/impediments in the adoption of International Financial Reporting Standards (IFRS) in Nigeria.
1.6 Significance Of The Study
The research work predominantly concerned with analyzing the impediments or problems involved in adopting IFRS in Nigeria and to proffer a lasting solution to these impediments.
1.7 Scope Of Study
The scope of the study was limited to the two (2) federal ministries i.e. Federal Pay Office, Benin and Office of the Auditor-General for the Federation, Benin City because of the time limit and convenience.
1.8 Limitation Of Study
Some of the limitations to the study were;
- Most respondents are not knowledgeable in IFRS
- Improper filling of the questionnaire
- Recovery of some of the questionnaire
- Smallness of the sample size
- Low response rate
1.9 Operational Definition Of Terms
IFRS:
Means International Financial Reporting Standards.
Globalization of capital market:
It means Market where organizations or corporate(s) obtained loan facilities at reduced cost and with ease.
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …
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TABLE OF CONTENTSPRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Background …
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire Administration
- 3.9 Ethical Consideration
- 3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Re-statement of Research Questions
- 4.4 Test of Hypotheses
- 4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
- 5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "Impediments in Adopting International Financial Reporting Standard in Nigeria" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
PRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Background …
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire Administration
- 3.9 Ethical Consideration
- 3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Re-statement of Research Questions
- 4.4 Test of Hypotheses
- 4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
- 5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "Impediments in Adopting International Financial Reporting Standard in Nigeria" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
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