The Effect of Government Policies on IFRS Adoption in Nigeria

The Effect of Government Policies on IFRS Adoption in Nigeria

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Background of the Study
The Nigerian government has played a key role in the adoption and implementation of International Financial Reporting Standards (IFRS) in the country. Government policies, including regulatory frameworks, legislative initiatives, and institutional support, are crucial for promoting the adoption of IFRS by Nigerian companies. The Nigerian government’s decision to adopt IFRS in 2012 was a significant move toward aligning the country’s financial reporting practices with global standards.
Government policies not only set the legal and regulatory environment for IFRS adoption but also provide incentives and support mechanisms for companies to transition to these international standards. Despite the positive impacts, challenges remain, including inadequate infrastructure, resistance from some stakeholders, and the costs associated with IFRS adoption. This study seeks to examine the effect of government policies on the adoption of IFRS in Nigeria, focusing on the role of policy in facilitating or hindering the process.

Statement of the Problem
While the Nigerian government has made significant efforts to support IFRS adoption, it is unclear how effective these policies have been in encouraging full compliance and overcoming the challenges that hinder adoption. There is a need for empirical research to evaluate the actual impact of government policies on IFRS adoption in Nigeria. This study aims to address this gap.

Aim and Objectives of the Study
The aim of this study is to analyze the effect of government policies on IFRS adoption in Nigeria. The specific objectives are:

1. To examine the government policies that support IFRS adoption in Nigeria.

2. To evaluate the impact of government policies on the speed and extent of IFRS adoption by Nigerian companies.

3. To assess the challenges faced by the government in implementing IFRS policies and their effect on adoption.

Research Questions

1. What government policies have been implemented to support IFRS adoption in Nigeria?

2. How effective have government policies been in promoting IFRS adoption among Nigerian companies?

3. What challenges has the Nigerian government faced in implementing policies related to IFRS adoption?

Research Hypotheses

1. Government policies significantly promote IFRS adoption in Nigeria.

2. The speed and extent of IFRS adoption in Nigeria are positively influenced by government policies.

3. The challenges faced by the Nigerian government in implementing IFRS-related policies negatively affect the adoption process.

Significance of the Study
This study will provide critical insights into the role of government policies in facilitating IFRS adoption in Nigeria. The findings will be useful for policymakers in refining existing policies and implementing new strategies to improve the adoption process and overcome related challenges.

Scope and Limitation of the Study
The study focuses on the Nigerian government’s policies related to IFRS adoption from 2012 to 2025. Limitations include challenges in obtaining government policy data and the potential for policy changes during the study period.

Definition of Terms

• Government Policies: Actions and strategies formulated and implemented by the Nigerian government to promote IFRS adoption.

• IFRS Adoption: The process of implementing and complying with the International Financial Reporting Standards in financial reporting.

• Legislative Framework: The body of laws and regulations that govern the adoption and application of IFRS in Nigeria.

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