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) plays a pivotal role in the Nigerian financial markets by providing a platform for trading securities and fostering investment opportunities. As part of Nigeria's commitment to adopting International Financial Reporting Standards (IFRS), the NSE has been a key player in ensuring that publicly listed companies comply with IFRS requirements. This study seeks to quantitatively analyze the role of the Nigerian Stock Exchange in promoting IFRS compliance among Nigerian firms, particularly those listed on the exchange. It aims to explore the mechanisms employed by the NSE to enforce IFRS compliance and the extent to which its efforts have been successful in improving the quality of financial reporting.
Statement of the Problem
While the Nigerian Stock Exchange has contributed to the adoption of IFRS among listed companies, the effectiveness of its role in ensuring consistent and comprehensive compliance has not been thoroughly examined. This study aims to provide a quantitative analysis of the NSE's efforts in promoting IFRS compliance and its impact on the financial reporting quality of Nigerian firms.
Aim and Objectives of the Study
Aim:
To analyze the role of the Nigerian Stock Exchange in ensuring IFRS compliance among listed companies.
Objectives:
To evaluate the mechanisms employed by the Nigerian Stock Exchange to enforce IFRS compliance among listed companies.
To assess the level of IFRS compliance among firms listed on the Nigerian Stock Exchange.
To investigate the impact of the Nigerian Stock Exchange's efforts on the quality of financial reporting in Nigeria.
Research Questions
What mechanisms does the Nigerian Stock Exchange employ to promote IFRS compliance among listed companies?
To what extent do firms listed on the Nigerian Stock Exchange comply with IFRS standards?
What is the impact of the Nigerian Stock Exchange's efforts on the quality of financial reporting in Nigeria?
Research Hypotheses
The Nigerian Stock Exchange’s efforts significantly promote IFRS compliance among listed companies.
Firms listed on the Nigerian Stock Exchange show a high level of IFRS compliance.
The Nigerian Stock Exchange's promotion of IFRS compliance enhances the quality of financial reporting in Nigeria.
Significance of the Study
This study will provide critical insights into the role of the Nigerian Stock Exchange in promoting IFRS compliance, benefiting regulatory bodies, investors, and firms listed on the exchange. The findings will help policymakers identify areas where the NSE's efforts can be improved to ensure better financial reporting practices.
Scope and Limitation of the Study
The study will focus on publicly listed companies on the Nigerian Stock Exchange and their level of IFRS compliance. Limitations may include the accessibility of data from firms and the potential variance in the quality of reporting across sectors.
Definition of Terms
Nigerian Stock Exchange (NSE): A platform for the trading of securities, including stocks, bonds, and other financial instruments, in Nigeria.
IFRS Compliance: The adherence of companies to the International Financial Reporting Standards in their financial reporting.
Financial Reporting Quality: The accuracy, transparency, and reliability of financial statements prepared by firms.
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