The Effect of IFRS on Financial Reporting Quality: A Comparison Between Nigeria and Ghana
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Background of the Study
Financial reporting quality is a key indicator of transparency, accountability, and trustworthiness in the financial information provided by companies. The adoption of International Financial Reporting Standards (IFRS) is widely seen as a means to improve the quality of financial reporting. However, the effects of IFRS adoption may vary between countries due to differences in the regulatory environment, economic conditions, and corporate governance practices. This study will compare the effect of IFRS on financial reporting quality between two West African countries, Nigeria and Ghana, both of which have adopted IFRS in recent years.
Statement of the Problem
While IFRS adoption is intended to improve financial reporting quality, the extent of this improvement may differ between countries due to contextual differences. Nigeria and Ghana, although geographically close, have different economic structures, governance systems, and levels of corporate development. This comparative study aims to examine how IFRS adoption has affected financial reporting quality in both countries and whether the outcomes are consistent across different economic contexts.
Aim and Objectives of the Study
Aim:
To compare the effect of IFRS adoption on financial reporting quality between Nigeria and Ghana.
Objectives:
To evaluate the impact of IFRS adoption on financial reporting quality in Nigeria and Ghana.
To compare the differences in IFRS implementation between Nigeria and Ghana.
To assess the factors that contribute to the variations in financial reporting quality between the two countries.
Research Questions
How has IFRS adoption affected financial reporting quality in Nigeria and Ghana?
What are the differences in IFRS implementation between Nigeria and Ghana?
What factors contribute to the variations in financial reporting quality between the two countries?
Research Hypotheses
IFRS adoption has led to improved financial reporting quality in both Nigeria and Ghana, but the extent of improvement differs.
The level of IFRS compliance in Nigeria is higher than in Ghana, resulting in better financial reporting quality in Nigeria.
Factors such as governance, regulatory enforcement, and corporate culture contribute to the differences in financial reporting quality between Nigeria and Ghana.
Significance of the Study
This study will provide valuable insights into the comparative effectiveness of IFRS adoption in two African countries with differing economic and regulatory environments. The findings will be useful for policymakers, regulators, and international organizations seeking to understand how IFRS impacts financial reporting quality in developing economies.
Scope and Limitation of the Study
The study will focus on listed companies in Nigeria and Ghana that have adopted IFRS. Limitations may include the availability of comparable data from both countries and differences in the way IFRS is applied in each country.
Definition of Terms
Financial Reporting Quality: The accuracy, transparency, and reliability of the financial information provided by companies, as influenced by accounting standards like IFRS.
IFRS Adoption: The process of implementing International Financial Reporting Standards in the preparation of financial statements.
Comparative Study: A study that compares two or more cases to identify similarities and differences.
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