The Relationship Between IFRS and Poverty Reduction Strategies in Nigeria
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Background of the Study
International Financial Reporting Standards (IFRS) have been adopted by Nigeria to enhance transparency, accountability, and the comparability of financial statements, with the potential to influence economic outcomes in various sectors. The connection between IFRS adoption and poverty reduction in Nigeria remains largely unexplored, despite its potential to improve the financial management practices of firms and government institutions. As poverty remains a major challenge in Nigeria, understanding the impact of IFRS adoption on poverty reduction strategies is essential. By improving the quality of financial reporting and transparency, IFRS may play a significant role in facilitating better policy decisions, improving the efficiency of resource allocation, and promoting socioeconomic development.
Statement of the Problem
While IFRS is widely regarded as a tool for improving corporate governance and financial reporting transparency, there is limited research on its specific effects on poverty reduction strategies in Nigeria. The adoption of IFRS is expected to enhance financial accountability, which could, in turn, influence government policies aimed at reducing poverty. However, the extent to which IFRS contributes to poverty reduction through improved governance, investment, and resource allocation remains uncertain.
Aim and Objectives of the Study
Aim:
To investigate the relationship between IFRS adoption and poverty reduction strategies in Nigeria.
Objectives:
To examine how IFRS adoption impacts financial accountability in government institutions involved in poverty reduction.
To analyze the role of IFRS in improving the efficiency of resource allocation towards poverty alleviation programs.
To assess the indirect effects of IFRS adoption on poverty reduction through improved governance and investment in the Nigerian economy.
Research Questions
How does IFRS adoption affect financial accountability in government institutions involved in poverty reduction strategies?
To what extent does IFRS adoption influence the efficiency of resource allocation for poverty alleviation programs in Nigeria?
What are the indirect effects of IFRS adoption on poverty reduction through improved governance and economic investment?
Research Hypotheses
IFRS adoption positively impacts financial accountability in government institutions responsible for poverty reduction strategies.
IFRS adoption improves the efficiency of resource allocation to poverty reduction programs in Nigeria.
IFRS adoption leads to increased governance and investment, which indirectly contributes to poverty reduction in Nigeria.
Significance of the Study
This study will provide insights into how IFRS adoption may contribute to poverty reduction strategies in Nigeria, offering a novel perspective on the socioeconomic benefits of improved financial reporting standards. Policymakers, NGOs, and development practitioners can use these findings to optimize the design and implementation of poverty alleviation programs.
Scope and Limitation of the Study
The study will focus on the Nigerian government's poverty reduction programs and the role of IFRS in improving their financial management. The limitations include potential difficulties in measuring indirect effects of IFRS adoption on poverty and the reliance on publicly available data from government sources.
Definition of Terms
IFRS Adoption: The process by which Nigerian organizations, including government agencies, implement International Financial Reporting Standards.
Poverty Reduction Strategies: Government policies and initiatives designed to reduce poverty levels, such as social welfare programs, infrastructure development, and job creation.
Financial Accountability: The transparency and responsibility in managing public funds, ensuring that resources are used for their intended purpose.
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