The Role of Central Bank of Nigeria in Promoting IFRS Compliance
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Background of the Study
The Central Bank of Nigeria (CBN) has an essential role in ensuring the financial stability and integrity of Nigeria's banking sector. As part of this responsibility, the CBN has been involved in the promotion of International Financial Reporting Standards (IFRS) compliance among Nigerian banks. This study aims to explore the role of the Central Bank of Nigeria in facilitating and ensuring IFRS compliance within the banking sector, assessing the policies, enforcement mechanisms, and support systems implemented by the CBN.
Statement of the Problem
While the Central Bank of Nigeria has been active in encouraging IFRS adoption in the banking sector, there is insufficient research on the specific role it plays in promoting compliance. This study seeks to evaluate the effectiveness of the CBN’s initiatives in ensuring that Nigerian banks comply with IFRS.
Aim and Objectives of the Study
Aim:
To investigate the role of the Central Bank of Nigeria in promoting IFRS compliance among Nigerian banks.
Objectives:
To examine the policies and regulatory frameworks introduced by the Central Bank of Nigeria to promote IFRS compliance in the banking sector.
To assess the effectiveness of the CBN's efforts in ensuring IFRS compliance in Nigerian banks.
To identify the challenges faced by the CBN in enforcing IFRS compliance within the banking sector.
Research Questions
What policies has the Central Bank of Nigeria introduced to promote IFRS compliance among banks?
How effective are the Central Bank of Nigeria’s efforts in ensuring IFRS compliance in Nigerian banks?
What challenges does the Central Bank of Nigeria face in enforcing IFRS compliance?
Research Hypotheses
The Central Bank of Nigeria’s policies significantly promote IFRS compliance in the banking sector.
The Central Bank of Nigeria’s efforts are highly effective in ensuring IFRS compliance in Nigerian banks.
The Central Bank of Nigeria faces significant challenges in enforcing IFRS compliance in the banking sector.
Significance of the Study
This study will provide valuable insights into the role of the Central Bank of Nigeria in promoting IFRS compliance in the banking sector. The findings will be useful for the CBN, other regulatory bodies, and the banking sector in improving IFRS enforcement and compliance mechanisms.
Scope and Limitation of the Study
The study will focus on the policies and enforcement mechanisms of the Central Bank of Nigeria in promoting IFRS compliance among banks. Limitations may include the varying levels of adherence to these policies by different banks.
Definition of Terms
Central Bank of Nigeria (CBN): The regulatory authority responsible for overseeing Nigeria's banking sector and ensuring financial stability.
IFRS Compliance: The adherence of Nigerian banks to the International Financial Reporting Standards in their financial reporting practices.
Regulatory Frameworks: The set of rules, policies, and regulations established by the Central Bank of Nigeria to ensure IFRS compliance.
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