The Effect of IFRS on Business Continuity Planning in Nigerian Firms
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Background of the Study
Business continuity planning (BCP) is a critical component for organizations, ensuring they can continue operations during and after unexpected disruptions such as natural disasters, financial crises, or technological failures. The adoption of International Financial Reporting Standards (IFRS) has altered the way financial performance is reported and assessed, which could potentially impact business continuity strategies. IFRS emphasizes transparency, comparability, and consistency in financial reporting, which may provide valuable insights into a firm's ability to sustain its operations in the face of unforeseen challenges. This study explores the effect of IFRS compliance on business continuity planning in Nigerian firms, focusing on whether adherence to IFRS improves or influences their approach to risk management and continuity planning.
Statement of the Problem
Despite the significant role of business continuity planning in ensuring the resilience of firms, the relationship between IFRS compliance and business continuity practices remains under-researched. This study aims to fill this gap by investigating how IFRS adoption in Nigerian firms has influenced their approach to business continuity planning, particularly in terms of risk management and financial preparedness.
Aim and Objectives of the Study
Aim:
To examine the impact of IFRS compliance on business continuity planning in Nigerian firms.
Objectives:
To assess the level of IFRS compliance among Nigerian firms with respect to their business continuity planning practices.
To explore the relationship between IFRS compliance and the incorporation of risk management strategies in business continuity planning.
To evaluate whether IFRS adoption has improved the financial preparedness and resilience of Nigerian firms during disruptions.
Research Questions
What is the level of IFRS compliance in Nigerian firms regarding business continuity planning?
How does IFRS adoption influence the integration of risk management in business continuity plans?
To what extent has IFRS compliance improved the financial preparedness of Nigerian firms for business disruptions?
Research Hypotheses
IFRS compliance has a significant positive effect on the integration of risk management strategies into business continuity planning in Nigerian firms.
Nigerian firms with higher levels of IFRS compliance are more financially prepared to withstand disruptions.
Business continuity planning practices in Nigerian firms have improved due to IFRS compliance.
Significance of the Study
This study will provide insights into how IFRS adoption affects the business continuity planning strategies of Nigerian firms. The findings will be useful for organizations seeking to enhance their risk management processes and ensure greater financial resilience in the face of operational disruptions.
Scope and Limitation of the Study
The study will focus on Nigerian firms that have adopted IFRS and their business continuity practices. Limitations may include the availability of data on continuity planning and variations in planning practices across different industries.
Definition of Terms
Business Continuity Planning (BCP): The process of creating systems of prevention and recovery to deal with potential threats to a company.
IFRS Compliance: The adherence to International Financial Reporting Standards in preparing and presenting financial statements.
Risk Management: The identification, assessment, and prioritization of risks followed by the coordinated application of resources to minimize or control the likelihood and impact of unfortunate events.
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