IFRS Adoption and Its Impact on Market Risk Reporting in Nigeria
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Background of the Study
Market risk, defined as the risk of losses due to fluctuations in market prices such as interest rates, equity prices, and commodity prices, is an important aspect of financial reporting. The adoption of International Financial Reporting Standards (IFRS) aims to improve the accuracy, transparency, and comparability of financial statements across countries. However, its impact on market risk reporting in Nigeria remains under-explored. This study seeks to examine how IFRS adoption affects the reporting of market risks in Nigerian firms, focusing on the methods and disclosures used to capture these risks.
Statement of the Problem
Despite the adoption of IFRS, the effectiveness of market risk reporting in Nigerian firms has not been fully evaluated. The study will address the gap by exploring the extent to which IFRS adoption has improved market risk reporting and the challenges Nigerian firms face in implementing IFRS requirements for market risk disclosure.
Aim and Objectives of the Study
Aim:
To investigate the impact of IFRS adoption on market risk reporting in Nigeria.
Objectives:
To assess the methods used by Nigerian firms to report market risks under IFRS.
To evaluate the effectiveness of IFRS in enhancing the quality of market risk disclosures in Nigerian firms.
To identify the challenges faced by Nigerian firms in adopting IFRS for market risk reporting.
Research Questions
How do Nigerian firms report market risks under IFRS?
What is the impact of IFRS adoption on the quality of market risk reporting in Nigerian firms?
What challenges do Nigerian firms face in adopting IFRS for market risk reporting?
Research Hypotheses
IFRS adoption significantly enhances the quality of market risk reporting in Nigerian firms.
Nigerian firms with higher IFRS compliance demonstrate more accurate and comprehensive market risk disclosures.
The challenges faced by Nigerian firms in adopting IFRS for market risk reporting affect the quality of the disclosures.
Significance of the Study
This study will contribute to the understanding of how IFRS adoption influences market risk reporting in Nigerian firms. It will provide insights for financial analysts, investors, and regulators on how IFRS improves the transparency and reliability of market risk information, facilitating better decision-making.
Scope and Limitation of the Study
The study will focus on Nigerian firms that have adopted IFRS, with a particular emphasis on market risk reporting. Limitations may include the variation in market risk reporting practices across different sectors and the availability of data on market risk disclosures.
Definition of Terms
Market Risk: The risk of losses arising from fluctuations in the prices of financial instruments, commodities, or other assets in the market.
IFRS Adoption: The process of implementing and adhering to the International Financial Reporting Standards by firms in their financial reporting practices.
Risk Reporting: The process of disclosing and communicating the risks faced by a firm, including market risk, in its financial statements.
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