0704-883-0675     |      dataprojectng@gmail.com

IFRS Compliance and Its Implications on Taxation for Nigerian SMEs

  • Project Research
  • 1-5 Chapters
  • Abstract : Available
  • Table of Content: Available
  • Reference Style:
  • Recommended for :
  • NGN 5000

Background of the Study

The adoption of International Financial Reporting Standards (IFRS) by small and medium enterprises (SMEs) in Nigeria is a significant step toward enhancing the quality and transparency of financial reporting. However, the transition to IFRS can have profound implications on taxation, particularly in countries like Nigeria where tax laws and accounting standards may not fully align. This study explores the impact of IFRS compliance on taxation for Nigerian SMEs and examines the challenges they face in reconciling IFRS with the Nigerian tax system.

Statement of the Problem

While IFRS compliance offers many benefits in terms of transparency and financial reporting quality, Nigerian SMEs may face challenges in terms of taxation, especially due to the differences between IFRS and tax accounting principles. This misalignment could lead to increased complexity in tax reporting and tax liabilities, and may potentially create opportunities for tax avoidance. Therefore, understanding the relationship between IFRS compliance and tax implications is critical for Nigerian SMEs.

Aim and Objectives of the Study

Aim:
To examine the implications of IFRS compliance on taxation for Nigerian SMEs.

Objectives:

To analyze the challenges faced by Nigerian SMEs in reconciling IFRS compliance with the tax system.

To assess the impact of IFRS adoption on the tax liabilities of SMEs in Nigeria.

To explore the role of IFRS compliance in enhancing transparency and accountability in tax reporting for Nigerian SMEs.

Research Questions

What challenges do Nigerian SMEs face when aligning IFRS compliance with the taxation system?

How does IFRS adoption affect tax liabilities for SMEs in Nigeria?

What role does IFRS compliance play in enhancing tax reporting transparency for Nigerian SMEs?

Research Hypotheses

IFRS compliance leads to higher tax liabilities for Nigerian SMEs due to differences in accounting principles.

Nigerian SMEs face significant challenges in reconciling IFRS financial statements with Nigerian tax laws.

IFRS compliance improves transparency in tax reporting for Nigerian SMEs.

Significance of the Study

This study will provide insights into the challenges Nigerian SMEs face when adopting IFRS and the tax implications of such adoption. Understanding these challenges can help policymakers, tax authorities, and SMEs themselves navigate the complexities of tax compliance in the context of international accounting standards.

Scope and Limitation of the Study

The study will focus on Nigerian SMEs that are required to adopt IFRS. Limitations include potential difficulties in obtaining financial data from SMEs and the complexity of comparing tax outcomes due to varying business operations.

Definition of Terms

IFRS Compliance: The adherence to the International Financial Reporting Standards in financial reporting.

Taxation for SMEs: The process of assessing and collecting taxes from small and medium enterprises.

Tax Liabilities: The total amount of tax a company owes to the government based on its income and other factors.





Related Project Materials

INDUSTRIAL RELATIONS AS A STRATEGY FOR ENHANCING ORGANIZATIONAL PERFORMANCE IN PEUGEOT AUTOMOBILE NIGERIA LIMITED

ABSTRACT

The study emphasizes on the success and effectiveness of industrial relations towards enhancing organizatio...

Read more
MOTIVATION AND TEACHERS JOB PERFORMANCE IN PUBLIC PRIMARY SCHOOLS

ABSTRACT

The study examines the relationship between motivation and teacher’s job performance in Alimosho Local G...

Read more
PARENTING STYLE AND ITS INFLUENCE ON STUDENTS ACADEMIC ACHIEVEMENT AND CAREER PATH

BACKGROUND OF THE STUDY

The academic achievement of adolescents has been a major concern of educators f...

Read more
AN EXAMINATION ON SOREN KIERKEGAARD’S NOTION OF HUMAN EXISTENCE

ABSTRACT

 

Soren Kierkegaard’s philosophy marks the beginning of a new way of ascribing meaning to...

Read more
CRTITCAL ANALYSIS OF THE IMPACT OF INSURANCE INDUSTRY TOWARDS ECONOMIC DEVELOPMENT OF NIGERIA

 Abstract

Evaluation of the impact risk survey in the manufacturing firm in Nigeria. The research was aimed at eval...

Read more
THE CHALLENGES AND PROSPECTS OF TEACHING AND LEARNING VERBS IN SECONDARY SCHOOLS

ABSTRACT

This study is designed to investigate the challenges and prospects of teaching and learning ve...

Read more
IMPACT OF ADULT EDUCATION ON ENVIRONMENTAL AWARENESS

Abstract: The research investigates the impact of adult education on environmental awareness. The study aimed to explore how adult education p...

Read more
INFLUENCE OF MEDIA CREDIBILITY ON NEWS CONSUMPTION AMONG CIVIL SERVANTS

ABSTRACT

The research is on the thrust to examine the effect of media credibility on news consumption among civil servan...

Read more
THE INFLUENCE OF ANXIETY AND PERSONALITY TYPE ON ACADEMIC ACHIEVEMENT OF SENIOR SECONDARY SCHOOL STUDENTS IN ENGLISH LANGUAGE

ABSTRACT

This study examined the influence of anxiety on students’ academic performance in Englis...

Read more
EMPIRICAL INVESTIGATION INTO THE CAUSES AND PREVENTION OF COVID-19 AMONG ALVAN IKOKU FEDERAL COLLEGE OF EDUCATION, OWERRI

ABSTRACT

This study was carried out to empirically investigate into the causes and prevention of Covid-...

Read more
Share this page with your friends




whatsapp