THE ROLE OF INTERNATIONAL ACCOUNTING FOR FINANCIAL INSTRUMENTS
ABSTRACT
The objectives of this study are to explore (1) the role of international accounting in the management of financial instruments, (2) the complexities involved in the valuation and reporting of financial instruments, and (3) the impact of accounting standards on the transparency and reliability of financial instrument reporting. A survey research design is justified as it allows for gathering insights from accountants working with financial instruments globally. Using Taro Yamane's formula, a sample size of 340 respondents was selected, providing a statistically significant representation of the population. The case study is situated in Lagos, Nigeria, a major financial center. The reliability coefficient score of the survey instrument is 0.86, indicating high internal consistency. Findings highlight the critical role of accounting in the accurate valuation and reporting of financial instruments, and the challenges posed by complex international standards. Recommendations suggest enhancing the education and training of accountants in financial instruments and the development of more comprehensive guidelines to improve reporting accuracy and transparency.
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