The Role of IFRS in Promoting Green Accounting Practices in Nigeria
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Background of the Study
Green accounting is a framework that incorporates environmental and social costs into traditional accounting systems. As concerns about climate change and environmental degradation intensify, green accounting has gained prominence globally. IFRS adoption provides a foundation for standardized reporting, which is critical for the successful implementation of green accounting practices. In Nigeria, green accounting remains underdeveloped, and IFRS may play a pivotal role in its promotion.
Statement of the Problem
Despite the adoption of IFRS, the integration of green accounting practices in Nigeria remains limited. Challenges such as a lack of awareness, insufficient regulatory enforcement, and inadequate training hinder progress. This study explores the role of IFRS in advancing green accounting practices in Nigeria.
Aim and Objectives of the Study
Aim:
To assess the role of IFRS in promoting green accounting practices in Nigeria.
Objectives:
To evaluate the adoption of green accounting practices in Nigerian firms.
To examine the influence of IFRS on the integration of environmental and social costs in financial reporting.
To identify barriers to adopting green accounting practices in Nigeria.
Research Questions
What is the current state of green accounting practices in Nigeria?
How does IFRS adoption influence the integration of green accounting practices?
What are the barriers to implementing green accounting in Nigeria?
Research Hypotheses
IFRS adoption significantly promotes the integration of green accounting practices.
Barriers such as regulatory gaps and limited awareness hinder green accounting adoption in Nigeria.
Significance of the Study
This study contributes to the understanding of how IFRS can enhance environmental and social accountability in Nigerian businesses. It provides actionable recommendations for companies, regulators, and policymakers.
Scope and Limitation of the Study
The study focuses on firms in Nigeria’s oil and gas, energy, and manufacturing sectors from 2012 to 2023. Limitations include limited data on green accounting practices and evolving regulatory frameworks.
Definition of Terms
Green Accounting: Incorporation of environmental and social costs into traditional accounting systems.
IFRS: International financial reporting standards ensuring transparency and comparability in financial statements.
Environmental Sustainability: Responsible interaction with the environment to avoid depletion of resources.
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