The Role of Professional Accounting Bodies in Facilitating IFRS Adoption in Nigeria
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Background of the Study
Professional accounting bodies play a crucial role in shaping the accounting profession and driving the adoption of global standards such as IFRS. In Nigeria, bodies such as the Institute of Chartered Accountants of Nigeria (ICAN) and the Association of National Accountants of Nigeria (ANAN) have been instrumental in promoting IFRS adoption since its introduction in 2012.
These organizations contribute to IFRS adoption through advocacy, training, and capacity-building initiatives. By equipping accountants with the necessary knowledge and skills, they ensure compliance with IFRS and enhance the quality of financial reporting. However, challenges such as resource constraints, inadequate coordination, and resistance to change hinder the effectiveness of these efforts.
Understanding the role of professional accounting bodies in IFRS adoption is critical for developing strategies to address these challenges and improve compliance. This study examines the contributions and limitations of accounting bodies in facilitating IFRS adoption in Nigeria.
Statement of the Problem
Despite efforts by professional accounting bodies, IFRS adoption in Nigeria faces challenges such as inadequate training, limited awareness, and resistance from stakeholders. This study investigates the role of these bodies in addressing these challenges and facilitating successful IFRS adoption.
Aim and Objectives of the Study
The aim of this study is to evaluate the role of professional accounting bodies in facilitating IFRS adoption in Nigeria. Specifically, the objectives are:
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To examine the contributions of accounting bodies to IFRS training and advocacy in Nigeria.
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To identify challenges faced by accounting bodies in promoting IFRS adoption.
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To propose strategies for enhancing the role of accounting bodies in facilitating IFRS adoption.
Research Questions
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How do professional accounting bodies contribute to IFRS training and advocacy in Nigeria?
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What challenges do accounting bodies face in promoting IFRS adoption in Nigeria?
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What strategies can enhance the role of accounting bodies in facilitating IFRS adoption?
Research Hypotheses
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Professional accounting bodies significantly contribute to IFRS training and advocacy in Nigeria.
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Challenges faced by accounting bodies significantly hinder IFRS adoption in Nigeria.
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Enhanced strategies by accounting bodies significantly improve IFRS adoption in Nigeria.
Significance of the Study
This study highlights the critical role of professional accounting bodies in IFRS adoption, providing recommendations to strengthen their contributions. The findings will benefit regulators, policymakers, and stakeholders in the accounting profession.
Scope and Limitation of the Study
The study focuses on the role of professional accounting bodies in facilitating IFRS adoption in Nigeria from 2012 to 2025. It explores their contributions, challenges, and strategies. Limitations include variations in effectiveness across organizations and limited access to internal data.
Definition of Terms
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Professional Accounting Bodies: Organizations that regulate and promote the accounting profession, such as ICAN and ANAN.
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IFRS Adoption: The process of transitioning to International Financial Reporting Standards in preparing financial statements.
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Advocacy: Efforts to promote awareness and acceptance of IFRS among stakeholders.
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