The Role of IFRS in Enhancing Financial Accountability in Nigerian Sports Sector
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Background of the Study
The sports sector in Nigeria is a growing industry with significant economic and social impact. However, the sector has faced challenges related to financial mismanagement, lack of transparency, and accountability. International Financial Reporting Standards (IFRS) offer an opportunity for enhancing financial accountability by improving the quality, transparency, and comparability of financial statements. This study will explore the role of IFRS in enhancing financial accountability within the Nigerian sports sector, assessing whether the adoption of these standards leads to better financial practices and governance.
Statement of the Problem
While the Nigerian sports sector has experienced growth, financial accountability remains a significant issue, with instances of mismanagement and corruption undermining its potential. The role of IFRS in enhancing financial accountability within the sector has not been sufficiently explored. This study aims to fill this gap by examining the effect of IFRS adoption on financial practices and governance in Nigerian sports organizations.
Aim and Objectives of the Study
Aim:
To assess the role of IFRS in enhancing financial accountability in the Nigerian sports sector.
Objectives:
To evaluate the level of IFRS adoption within Nigerian sports organizations.
To analyze the impact of IFRS adoption on financial transparency and accountability in the sports sector.
To explore how IFRS compliance influences governance practices in Nigerian sports organizations.
Research Questions
To what extent have Nigerian sports organizations adopted IFRS?
How does IFRS adoption impact financial transparency and accountability in Nigerian sports organizations?
What is the role of IFRS compliance in improving governance practices in Nigerian sports organizations?
Research Hypotheses
IFRS adoption improves financial transparency and accountability in Nigerian sports organizations.
Nigerian sports organizations that adopt IFRS demonstrate stronger governance practices.
The level of IFRS adoption positively correlates with improved financial management in the Nigerian sports sector.
Significance of the Study
This study will provide valuable insights for policymakers, sports administrators, and regulatory bodies aiming to improve financial transparency and accountability in the Nigerian sports sector. It will contribute to understanding how IFRS adoption can help mitigate financial mismanagement and enhance governance within sports organizations.
Scope and Limitation of the Study
The study will focus on sports organizations in Nigeria that have adopted IFRS. Limitations may include challenges related to accessing financial data from private sports organizations and the varying levels of IFRS adoption across the sector.
Definition of Terms
Financial Accountability: The obligation of organizations to report their financial activities transparently and responsibly to stakeholders.
IFRS Adoption: The adoption of International Financial Reporting Standards for the preparation of financial statements.
Governance Practices: The processes and structures through which organizations are directed, controlled, and held accountable.
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