Quantitative Analysis of the Role of Nigerian Stock Exchange in IFRS Compliance
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Background of the Study
The Nigerian Stock Exchange (NSE) is a central institution in Nigeria’s financial markets, playing a significant role in the development of the country’s economy. As the leading securities exchange in Nigeria, the NSE facilitates capital formation, enabling companies to raise funds for expansion and operations. In light of the global move towards standardized financial reporting, the adoption of International Financial Reporting Standards (IFRS) has become crucial for ensuring transparency, comparability, and reliability in financial reporting.
Since Nigeria’s mandatory adoption of IFRS in 2012, the NSE has played a pivotal role in supporting and monitoring IFRS compliance among listed companies. The Exchange not only provides a platform for trading securities but also oversees the compliance of its listed companies with IFRS. The role of the NSE in ensuring that companies comply with IFRS is critical for maintaining investor confidence, attracting foreign capital, and fostering a well-regulated market.
This study will quantitatively analyze the role of the Nigerian Stock Exchange in promoting and ensuring IFRS compliance among listed companies, examining how effectively the NSE facilitates compliance and its impact on the financial market.
Statement of the Problem
While the Nigerian Stock Exchange has made strides in promoting IFRS compliance, challenges remain in ensuring that all listed companies adhere to the standards consistently. There is limited empirical research quantifying the role of the NSE in enforcing IFRS compliance and its effects on the overall quality of financial reporting in Nigeria. This study aims to bridge this gap by conducting a quantitative analysis of the NSE's role in IFRS compliance.
Aim and Objectives of the Study
The aim of this study is to quantitatively assess the role of the Nigerian Stock Exchange in ensuring IFRS compliance. The specific objectives are:
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To evaluate the level of IFRS compliance among companies listed on the Nigerian Stock Exchange.
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To analyze the role of the NSE in promoting IFRS compliance among listed companies.
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To assess the impact of NSE oversight on the quality of financial reporting and investor confidence in Nigeria.
Research Questions
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What is the level of IFRS compliance among companies listed on the Nigerian Stock Exchange?
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How effective is the Nigerian Stock Exchange in promoting IFRS compliance among listed companies?
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What is the impact of the NSE’s oversight on the quality of financial reporting and investor confidence in Nigeria?
Research Hypotheses
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There is a significant level of IFRS compliance among companies listed on the Nigerian Stock Exchange.
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The Nigerian Stock Exchange plays a significant role in promoting IFRS compliance among listed companies.
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The oversight of the Nigerian Stock Exchange has a significant positive impact on the quality of financial reporting and investor confidence in Nigeria.
Significance of the Study
This study will provide valuable insights into the effectiveness of the Nigerian Stock Exchange in promoting IFRS compliance, contributing to the discourse on financial market regulation and the quality of financial reporting in Nigeria. The findings will be useful for policymakers, regulators, and investors, helping them understand the role of the NSE in strengthening the financial market.
Scope and Limitation of the Study
The study focuses on companies listed on the Nigerian Stock Exchange and their compliance with IFRS from 2012 to 2025. Limitations include challenges in accessing data from private companies and potential variations in compliance levels across sectors.
Definition of Terms
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Nigerian Stock Exchange (NSE): The central securities exchange in Nigeria that facilitates the trading of stocks, bonds, and other securities.
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IFRS Compliance: Adherence to the International Financial Reporting Standards in the preparation of financial statements.
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Investor Confidence: The trust that investors have in the integrity and transparency of the financial markets.
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Chapter One: Introduction
1.1 Background of the Study...
