Quantitative Analysis of the Relationship Between IFRS and Blockchain Technology Adoption in Nigerian Firms
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Background of the Study
Blockchain technology has gained global recognition for its ability to provide secure, transparent, and immutable records of transactions. The adoption of blockchain in accounting and financial reporting is seen as a significant advancement in improving transparency and reducing the risks of fraud. Given the growing need for accurate and secure financial reporting, the relationship between International Financial Reporting Standards (IFRS) and blockchain technology is an area of increasing interest. In Nigeria, where many firms are adopting IFRS, understanding how blockchain can complement or enhance IFRS compliance is critical for improving financial reporting and accountability.
Statement of the Problem
The integration of blockchain technology into accounting practices is still in its nascent stages in Nigeria, and its relationship with IFRS adoption has not been fully explored. Although both technologies have the potential to improve financial reporting quality, the extent to which blockchain can support IFRS adoption, especially in terms of enhancing data integrity and transparency, remains unclear. This study aims to investigate the relationship between IFRS adoption and blockchain technology adoption in Nigerian firms.
Aim and Objectives of the Study
Aim:
To analyze the relationship between the adoption of IFRS and blockchain technology in Nigerian firms.
Objectives:
To assess the level of blockchain technology adoption among Nigerian firms that have adopted IFRS.
To explore the impact of blockchain technology on IFRS compliance in Nigerian firms.
To identify the challenges and opportunities associated with integrating blockchain technology with IFRS in Nigeria.
Research Questions
What is the level of blockchain technology adoption in Nigerian firms that have adopted IFRS?
How does blockchain technology impact IFRS compliance in Nigerian firms?
What challenges and opportunities exist in integrating blockchain technology with IFRS in Nigeria?
Research Hypotheses
Firms that have adopted IFRS in Nigeria are more likely to adopt blockchain technology for financial reporting.
Blockchain technology improves the quality and transparency of financial reporting in firms that have adopted IFRS.
The integration of blockchain technology with IFRS faces significant challenges but also presents opportunities for enhancing financial reporting.
Significance of the Study
This study will provide valuable insights into the potential synergy between blockchain technology and IFRS in Nigerian firms. The findings will benefit regulatory bodies, firms, and technology developers by identifying opportunities for leveraging blockchain to improve IFRS compliance and enhance financial reporting quality.
Scope and Limitation of the Study
The study will focus on Nigerian firms that have adopted IFRS and are exploring or using blockchain technology. Limitations may include challenges in identifying firms that have both adopted IFRS and are experimenting with blockchain due to the nascent nature of blockchain adoption in Nigeria.
Definition of Terms
Blockchain Technology: A decentralized digital ledger that records transactions across many computers, ensuring the transparency and security of financial data.
IFRS Adoption: The process of implementing International Financial Reporting Standards in financial reporting practices.
Financial Reporting Quality: The reliability, accuracy, and transparency of financial statements in accordance with IFRS.
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