The Role of Fintech in Facilitating IFRS Compliance in Nigeria
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Background of the Study
Financial technology (fintech) has revolutionized financial processes by introducing innovative solutions that enhance efficiency, accuracy, and accessibility. In Nigeria, the adoption of International Financial Reporting Standards (IFRS) has introduced complex reporting requirements, necessitating advanced tools and systems to ensure compliance. Fintech solutions, including automated accounting software, real-time analytics, and blockchain, have emerged as critical enablers of IFRS compliance.
Fintech facilitates IFRS compliance by simplifying financial data management, automating complex calculations, and ensuring accuracy in financial reporting. However, the adoption of fintech solutions in Nigeria faces challenges such as high costs, limited technical expertise, and regulatory gaps. Despite these challenges, fintech is increasingly being recognized as a game-changer in financial reporting, particularly for IFRS compliance.
This study explores the role of fintech in facilitating IFRS compliance in Nigeria, examining its contributions, challenges, and potential for driving efficiency in financial reporting.
Statement of the Problem
While fintech has the potential to enhance IFRS compliance, its adoption in Nigeria is hindered by challenges such as inadequate infrastructure, high costs, and regulatory uncertainty. The role of fintech in addressing these challenges and driving IFRS compliance remains underexplored. This study investigates how fintech facilitates IFRS compliance in Nigeria.
Aim and Objectives of the Study
The aim of this study is to examine the role of fintech in facilitating IFRS compliance in Nigeria. Specifically, the objectives are:
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To analyze the contributions of fintech to IFRS compliance in Nigeria.
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To identify challenges associated with using fintech for IFRS compliance in Nigeria.
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To propose strategies for enhancing the role of fintech in IFRS compliance.
Research Questions
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How does fintech contribute to IFRS compliance in Nigeria?
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What challenges are associated with using fintech for IFRS compliance in Nigeria?
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What strategies can enhance the role of fintech in IFRS compliance?
Research Hypotheses
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Fintech significantly contributes to IFRS compliance in Nigeria.
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Challenges in fintech adoption significantly hinder IFRS compliance in Nigeria.
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Effective strategies for fintech adoption significantly enhance IFRS compliance.
Significance of the Study
This study provides valuable insights into the role of fintech in IFRS compliance, offering practical recommendations for organizations, policymakers, and fintech developers to optimize financial reporting processes.
Scope and Limitation of the Study
The study focuses on the role of fintech in facilitating IFRS compliance in Nigeria from 2012 to 2025. Limitations include data access, variations in fintech adoption among firms, and external regulatory factors.
Definition of Terms
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Fintech: Technology-driven innovations that enhance financial processes and services.
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IFRS Compliance: Adherence to International Financial Reporting Standards in financial reporting.
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Automation: The use of technology to perform tasks with minimal human intervention.
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