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The Effect of IFRS Adoption on Digital Accounting Practices in Nigeria

  • Project Research
  • 1-5 Chapters
  • Abstract : Available
  • Table of Content: Available
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Background of the Study
The advent of digital technologies has revolutionized accounting practices globally. In Nigeria, the adoption of International Financial Reporting Standards (IFRS) in 2012 introduced a paradigm shift in financial reporting, fostering greater transparency, accuracy, and comparability. This shift coincided with a growing reliance on digital accounting tools, including cloud-based software, automation systems, and artificial intelligence-driven solutions. The alignment of IFRS and digital technologies has become integral to enhancing accounting efficiency and decision-making.
Digital accounting practices facilitate the implementation of IFRS by automating complex calculations, improving data storage and retrieval, and reducing human error. However, the integration of IFRS and digital accounting has faced challenges in Nigeria, such as inadequate technical infrastructure, limited digital literacy among accountants, and resistance to change. Despite these hurdles, organizations increasingly leverage digital tools to achieve compliance with IFRS standards, transforming how financial statements are prepared and audited.
This study examines the effect of IFRS adoption on digital accounting practices in Nigeria, focusing on how the standards influence the adoption, implementation, and effectiveness of digital technologies in financial reporting.

Statement of the Problem
While IFRS adoption in Nigeria has driven significant changes in financial reporting, its impact on digital accounting practices remains underexplored. Challenges such as inadequate infrastructure, limited training, and high implementation costs hinder the seamless integration of IFRS with digital accounting tools. This study investigates the interplay between IFRS adoption and digital accounting practices in Nigeria, addressing the gaps in research and practice.

Aim and Objectives of the Study
The aim of this study is to analyze the effect of IFRS adoption on digital accounting practices in Nigeria. Specifically, the objectives are:

  1. To evaluate how IFRS adoption influences the use of digital accounting tools in Nigeria.

  2. To identify challenges associated with integrating IFRS and digital accounting practices in Nigeria.

  3. To propose strategies for enhancing the effectiveness of digital accounting practices under IFRS.

Research Questions

  1. How does IFRS adoption influence the use of digital accounting tools in Nigeria?

  2. What challenges are associated with integrating IFRS and digital accounting practices in Nigeria?

  3. What strategies can enhance the effectiveness of digital accounting practices under IFRS?

Research Hypotheses

  1. IFRS adoption significantly influences the use of digital accounting tools in Nigeria.

  2. Challenges in integrating IFRS and digital accounting practices significantly affect compliance in Nigeria.

  3. Effective strategies for integrating IFRS with digital accounting tools significantly enhance financial reporting efficiency.

Significance of the Study
This study provides insights into the relationship between IFRS adoption and digital accounting practices in Nigeria, offering recommendations for accountants, regulators, and software developers to enhance compliance and efficiency.

Scope and Limitation of the Study
The study focuses on the effect of IFRS adoption on digital accounting practices in Nigeria from 2012 to 2025. Limitations include variations in the adoption of digital tools across organizations and access to data on digital accounting practices.

Definition of Terms

  • Digital Accounting Practices: The use of digital tools and software to automate and enhance accounting processes.

  • IFRS Adoption: The implementation of International Financial Reporting Standards for financial reporting.

  • Automation: The application of technology to perform tasks with minimal human intervention.





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