AN APPRAISAL OF FINANCIAL ACCOUNTING CHALLENGES IN MULTINATIONAL CORPORATIONS (MNCs)
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- NGN 3000
ABSTRACT
This study provides AN APPRAISAL OF FINANCIAL ACCOUNTING CHALLENGES IN MULTINATIONAL CORPORATIONS (MNCs), focusing on understanding the key issues, evaluating their impact on financial reporting, and assessing the strategies employed to address them. A survey design was chosen to collect comprehensive data from accounting professionals working in MNCs. Using Taro Yamane's formula, a sample size of 260 respondents was determined to ensure statistical significance and reliability. The research is conducted in Lagos, a major center for multinational operations. The reliability coefficient score of the survey instrument was 0.86, indicating strong reliability. Findings reveal that MNCs face significant financial accounting challenges such as regulatory compliance across different jurisdictions, currency translation, and transfer pricing. These challenges impact the accuracy and comparability of financial reports. The study recommends the development of harmonized accounting standards, enhanced training for accountants in international practices, and improved collaboration between regulatory bodies to address these challenges and ensure the reliability and comparability of financial accounting in multinational corporations.
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