The Role of Fintech in Facilitating IFRS Compliance in Nigeria
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Background of the Study
The advent of financial technology (fintech) has revolutionized the way financial services are provided and managed globally. In Nigeria, the increasing reliance on fintech solutions has significantly impacted accounting and financial reporting practices. One of the areas where fintech has shown potential is in facilitating the adoption of International Financial Reporting Standards (IFRS). By leveraging technologies such as cloud computing, artificial intelligence, and big data analytics, fintech companies are providing tools that can assist Nigerian firms in adhering to IFRS requirements more efficiently and accurately. This study will explore the role of fintech in enhancing IFRS compliance and its impact on the financial reporting quality in Nigeria.
Statement of the Problem
While fintech holds promise for improving IFRS compliance in Nigeria, there is limited research on how fintech solutions are actually being used by firms to facilitate IFRS adoption. This gap in knowledge is particularly important as the increasing reliance on digital platforms in financial reporting presents both opportunities and challenges for firms in ensuring they meet IFRS standards. This study aims to explore the role of fintech in facilitating IFRS compliance in Nigeria.
Aim and Objectives of the Study
Aim:
To investigate the role of fintech in facilitating IFRS compliance in Nigerian firms.
Objectives:
To assess the impact of fintech solutions on IFRS compliance in Nigerian firms.
To identify the types of fintech tools commonly used by firms to ensure IFRS compliance.
To examine the challenges Nigerian firms face in integrating fintech solutions with IFRS requirements.
Research Questions
How do fintech solutions impact IFRS compliance in Nigerian firms?
What types of fintech tools are most commonly used by Nigerian firms to ensure IFRS compliance?
What challenges do Nigerian firms face in integrating fintech solutions with IFRS requirements?
Research Hypotheses
Fintech solutions have a positive impact on IFRS compliance in Nigerian firms.
Nigerian firms use a variety of fintech tools, such as cloud-based accounting software and AI-driven analytics, to facilitate IFRS compliance.
The integration of fintech solutions with IFRS faces significant challenges, including technical expertise and data security concerns.
Significance of the Study
This study will contribute to understanding how fintech can support IFRS compliance in Nigerian firms. The findings will be useful for policymakers, regulatory bodies, and fintech developers in identifying opportunities for leveraging technology to enhance financial reporting and improve the adoption of global accounting standards.
Scope and Limitation of the Study
The study will focus on Nigerian firms that are using fintech solutions for IFRS compliance. Limitations may include access to data from firms that are not yet using fintech or those that are still in the early stages of adopting IFRS-compliant digital tools.
Definition of Terms
Fintech: Financial technology that uses digital tools, platforms, and innovations to provide financial services more efficiently.
IFRS Compliance: The extent to which firms adhere to the International Financial Reporting Standards in their financial reporting.
Financial Reporting Quality: The accuracy, transparency, and reliability of financial statements prepared in accordance with IFRS.
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