A Quantitative Study of IFRS and Sustainable Development Goals Reporting in Nigeria
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Background of the Study
Sustainable Development Goals (SDGs) are a global agenda aimed at addressing critical global challenges, including poverty, inequality, environmental degradation, and climate change. Businesses worldwide are increasingly expected to report on their contributions to these goals, with an emphasis on transparency and accountability. IFRS, with its emphasis on transparency in financial reporting, may provide the framework for companies to incorporate SDG-related disclosures into their financial statements. This study aims to quantitatively analyze the relationship between IFRS adoption and SDG reporting in Nigeria, examining the extent to which Nigerian firms disclose their contributions to the SDGs and the impact of IFRS on such reporting.
Statement of the Problem
While SDG reporting is gaining traction globally, the extent to which Nigerian companies disclose their contributions to the SDGs under IFRS compliance remains underexplored. IFRS is primarily focused on financial reporting, but its adoption might influence non-financial disclosures, including SDG reporting. This study seeks to assess how IFRS adoption in Nigeria affects the reporting of SDG-related information by Nigerian firms.
Aim and Objectives of the Study
Aim:
To analyze the relationship between IFRS adoption and SDG reporting in Nigeria.
Objectives:
To examine the extent to which Nigerian firms report on the Sustainable Development Goals under IFRS compliance.
To investigate the impact of IFRS adoption on the transparency and comprehensiveness of SDG-related disclosures in Nigerian firms.
To identify the challenges and benefits of integrating SDG reporting into IFRS-compliant financial statements in Nigeria.
Research Questions
To what extent do Nigerian firms report on the Sustainable Development Goals under IFRS compliance?
How does IFRS adoption affect the transparency of SDG-related disclosures in Nigerian companies?
What challenges do Nigerian firms face in integrating SDG reporting into IFRS-compliant financial statements?
Research Hypotheses
IFRS adoption has a positive impact on the level of SDG reporting by Nigerian firms.
Nigerian firms that comply with IFRS exhibit greater transparency in SDG disclosures than those that do not.
The integration of SDG reporting into IFRS-compliant financial statements is hindered by challenges related to data availability, regulatory frameworks, and corporate priorities.
Significance of the Study
This study will provide insights into the role of IFRS in promoting SDG reporting in Nigeria. It will contribute to the broader discourse on corporate social responsibility and sustainability reporting, offering valuable recommendations for policymakers and businesses seeking to enhance their contributions to the SDGs.
Scope and Limitation of the Study
The study will focus on Nigerian firms that have adopted IFRS and will analyze their SDG-related disclosures. A limitation of the study is the lack of standardized guidelines for SDG reporting and the voluntary nature of such disclosures.
Definition of Terms
Sustainable Development Goals (SDGs): A set of 17 global goals aimed at addressing various social, environmental, and economic challenges.
IFRS Compliance: The extent to which Nigerian firms adhere to the International Financial Reporting Standards in their financial reporting.
SDG Reporting: The process of disclosing information related to a company's contribution to the Sustainable Development Goals.
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