Quantitative Analysis of IFRS Compliance and Operational Risk in Nigeria
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Background of the Study
The adoption of International Financial Reporting Standards (IFRS) has been a transformative shift in the financial reporting practices of Nigerian companies. IFRS aims to standardize financial statements, improve transparency, and enhance comparability across global markets. However, while the benefits of IFRS are widely acknowledged, the relationship between IFRS compliance and operational risk in Nigerian firms remains underexplored. This study aims to quantitatively analyze the extent to which IFRS compliance affects operational risk within Nigerian firms. Understanding this relationship is crucial as firms aim to enhance financial reporting accuracy and manage operational risks in a highly competitive market.
Statement of the Problem
Despite the widespread adoption of IFRS in Nigeria, there is limited research on its influence on operational risk management. This study seeks to fill the gap by examining the impact of IFRS compliance on operational risks faced by Nigerian firms, particularly those listed on the Nigerian Stock Exchange. The findings will provide a deeper understanding of how adopting international financial reporting standards impacts firms' risk management processes.
Aim and Objectives of the Study
Aim:
To analyze the relationship between IFRS compliance and operational risk in Nigerian firms.
Objectives:
To assess the level of IFRS compliance among Nigerian firms.
To identify the types of operational risks faced by Nigerian firms post-IFRS adoption.
To analyze the correlation between IFRS compliance and operational risk management in Nigerian firms.
Research Questions
What is the level of IFRS compliance among Nigerian firms?
What operational risks do Nigerian firms encounter after adopting IFRS?
How does IFRS compliance influence the operational risk management practices of Nigerian firms?
Research Hypotheses
IFRS compliance has a significant positive impact on the management of operational risks in Nigerian firms.
There is a correlation between the level of IFRS compliance and the reduction of operational risks in Nigerian firms.
Nigerian firms with higher IFRS compliance experience fewer operational risks compared to those with lower compliance.
Significance of the Study
This study will provide insights into the relationship between IFRS compliance and operational risk in Nigerian firms. It will help firms understand the potential benefits and challenges of IFRS adoption and its impact on their risk management strategies, thus contributing to the broader literature on IFRS and operational risk.
Scope and Limitation of the Study
The study will focus on publicly listed Nigerian firms and their operational risk management practices post-IFRS adoption. Limitations may include the availability of data on operational risks and the variation in compliance levels across different industries.
Definition of Terms
IFRS Compliance: The adherence of Nigerian firms to the International Financial Reporting Standards in preparing their financial statements.
Operational Risk: The risk of loss due to inadequate or failed internal processes, systems, people, or external events that affect a firm's operations.
Risk Management Practices: The strategies, processes, and actions firms take to minimize and manage operational risks.
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