The Effect of International Accounting Standards on Nigerian Export-Oriented Firms
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Background of the Study
International Accounting Standards (IAS) and their successor, the International Financial Reporting Standards (IFRS), have become the global benchmark for financial reporting. For Nigerian export-oriented firms, the adoption of these standards has been crucial in promoting transparency and ensuring consistency in financial reporting. Given the global nature of trade and the increasing importance of accurate and comparable financial data, the alignment with IFRS has allowed Nigerian firms to attract international investors, access foreign markets, and ensure compliance with global standards.
However, despite these advantages, export-oriented firms in Nigeria face specific challenges in adopting and applying IFRS, including the complexity of financial disclosures, the cost of training, and the differences between Nigerian accounting practices and international standards. Understanding the impact of IAS/IFRS on these firms is essential to evaluating how the standards facilitate their international competitiveness and operational efficiency.
This study seeks to explore the effect of IAS/IFRS adoption on Nigerian export-oriented firms, focusing on aspects such as operational efficiency, market access, and international competitiveness.
Statement of the Problem
Despite the adoption of IAS/IFRS in Nigeria, there is limited research on how these standards specifically affect export-oriented firms. These firms face unique challenges in adhering to international financial reporting requirements while also navigating local business environments. This study aims to fill the gap by analyzing the effect of IAS/IFRS on Nigerian export-oriented firms.
Aim and Objectives of the Study
The aim of this study is to assess the effect of IAS/IFRS on Nigerian export-oriented firms. The specific objectives are:
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To evaluate the impact of IAS/IFRS adoption on the financial reporting practices of Nigerian export-oriented firms.
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To examine the influence of IAS/IFRS adoption on the operational efficiency of Nigerian export-oriented firms.
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To assess the effect of IAS/IFRS adoption on the international competitiveness of Nigerian export-oriented firms.
Research Questions
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How has the adoption of IAS/IFRS affected the financial reporting practices of Nigerian export-oriented firms?
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What impact has IAS/IFRS adoption had on the operational efficiency of Nigerian export-oriented firms?
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How has IAS/IFRS adoption influenced the international competitiveness of Nigerian export-oriented firms?
Research Hypotheses
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The adoption of IAS/IFRS has a significant impact on the financial reporting practices of Nigerian export-oriented firms.
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IAS/IFRS adoption positively affects the operational efficiency of Nigerian export-oriented firms.
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IAS/IFRS adoption enhances the international competitiveness of Nigerian export-oriented firms.
Significance of the Study
This study will provide valuable insights into how IAS/IFRS adoption affects Nigerian export-oriented firms, contributing to the broader discussion of international trade and financial reporting. The findings can inform policy decisions, improve financial reporting practices, and help these firms align with global standards.
Scope and Limitation of the Study
The study focuses on export-oriented firms in Nigeria that have adopted IAS/IFRS from 2012 to 2025. Limitations include difficulties in accessing proprietary data from firms and potential variations in the application of IAS/IFRS across different sectors.
Definition of Terms
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IAS/IFRS: International Accounting Standards and International Financial Reporting Standards are the global accounting standards used for financial reporting.
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Export-Oriented Firms: Companies whose business is largely focused on producing goods and services for export markets.
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Operational Efficiency: The ability of a company to minimize costs while maximizing productivity and output.
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