Quantitative Analysis of the Relationship Between IFRS and Blockchain Technology Adoption in Nigerian Firms
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Background of the Study
Blockchain technology, characterized by its decentralized and immutable nature, has emerged as a transformative force in various industries, including accounting and finance. In Nigeria, the adoption of International Financial Reporting Standards (IFRS) aims to enhance transparency and trust in financial reporting. Blockchain technology aligns with these goals by ensuring secure, real-time, and verifiable financial transactions.
The convergence of IFRS and blockchain technology offers opportunities for improving financial reporting accuracy, auditability, and compliance. However, the adoption of blockchain technology among Nigerian firms remains limited due to factors such as high implementation costs, lack of technical expertise, and regulatory uncertainty. Quantitative analyses of the relationship between IFRS and blockchain adoption can shed light on how these technologies influence financial reporting and compliance. This study investigates the extent to which IFRS adoption drives blockchain technology adoption among Nigerian firms.
Statement of the Problem
Despite the potential synergy between IFRS and blockchain technology, their integration in Nigerian firms remains underexplored. Challenges such as limited awareness, technical barriers, and regulatory constraints hinder blockchain adoption, while the role of IFRS in driving its adoption remains unclear. This study quantitatively examines the relationship between IFRS adoption and blockchain technology adoption in Nigerian firms.
Aim and Objectives of the Study
The aim of this study is to analyze the relationship between IFRS and blockchain technology adoption in Nigerian firms. Specifically, the objectives are:
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To assess the level of blockchain technology adoption among Nigerian firms implementing IFRS.
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To determine the influence of IFRS adoption on blockchain technology adoption in Nigerian firms.
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To identify challenges hindering the integration of IFRS and blockchain technology in Nigeria.
Research Questions
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What is the level of blockchain technology adoption among Nigerian firms implementing IFRS?
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How does IFRS adoption influence blockchain technology adoption in Nigerian firms?
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What challenges hinder the integration of IFRS and blockchain technology in Nigeria?
Research Hypotheses
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Nigerian firms implementing IFRS have a higher level of blockchain technology adoption.
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IFRS adoption significantly influences blockchain technology adoption in Nigerian firms.
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Challenges in integrating IFRS and blockchain technology significantly affect adoption levels in Nigerian firms.
Significance of the Study
This study highlights the relationship between IFRS and blockchain adoption in Nigerian firms, providing valuable insights for organizations, regulators, and policymakers to leverage technology for enhanced financial reporting.
Scope and Limitation of the Study
The study focuses on the relationship between IFRS adoption and blockchain technology adoption in Nigerian firms from 2012 to 2025. Limitations include access to quantitative data on blockchain adoption and variations in technological readiness among firms.
Definition of Terms
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Blockchain Technology: A decentralized digital ledger that records transactions securely and transparently.
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IFRS Adoption: The implementation of International Financial Reporting Standards for financial reporting.
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Quantitative Analysis: The use of statistical and mathematical models to analyze data.
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