The Role of Central Bank of Nigeria in Promoting IFRS Compliance
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Background of the Study
The Central Bank of Nigeria (CBN) plays a crucial role in the country’s financial regulatory environment, overseeing the banking sector and ensuring financial stability. As part of Nigeria’s transition to International Financial Reporting Standards (IFRS), the CBN has been actively involved in promoting and facilitating compliance with these standards, particularly among financial institutions. The adoption of IFRS is essential for enhancing transparency and accountability in financial reporting, which is critical for maintaining investor confidence and fostering financial market development.
The CBN's role in this process includes issuing guidelines, conducting training programs, and monitoring the compliance of financial institutions. The CBN also collaborates with other regulatory bodies, such as the Nigerian Securities and Exchange Commission (SEC) and the Financial Reporting Council of Nigeria (FRCN), to ensure smooth IFRS adoption across the banking and financial sectors. This study will examine the role of the CBN in promoting IFRS compliance in Nigeria, evaluating its effectiveness and the challenges it faces.
Statement of the Problem
While the Central Bank of Nigeria has been involved in promoting IFRS compliance among financial institutions, the actual impact of its initiatives and policies remains underexplored. This study aims to assess the role of the CBN in promoting IFRS compliance, focusing on its efforts, successes, and challenges.
Aim and Objectives of the Study
The aim of this study is to examine the role of the Central Bank of Nigeria in promoting IFRS compliance. The specific objectives are:
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To analyze the policies and initiatives of the Central Bank of Nigeria aimed at promoting IFRS compliance among financial institutions.
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To evaluate the effectiveness of the Central Bank’s efforts in ensuring IFRS compliance.
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To identify the challenges faced by the Central Bank of Nigeria in promoting IFRS compliance in the financial sector.
Research Questions
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What policies and initiatives has the Central Bank of Nigeria implemented to promote IFRS compliance?
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How effective have the Central Bank’s initiatives been in promoting IFRS compliance among financial institutions?
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What challenges has the Central Bank of Nigeria encountered in ensuring IFRS compliance in the financial sector?
Research Hypotheses
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The policies and initiatives of the Central Bank of Nigeria significantly promote IFRS compliance among financial institutions.
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The efforts of the Central Bank of Nigeria have a significant positive impact on the level of IFRS compliance in the financial sector.
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Challenges faced by the Central Bank of Nigeria in promoting IFRS compliance negatively affect the effectiveness of its initiatives.
Significance of the Study
This study will offer valuable insights into the role of the Central Bank of Nigeria in the promotion of IFRS compliance, helping policymakers and financial regulators improve their strategies for enhancing compliance in the banking sector. The findings will also contribute to the development of more effective regulatory frameworks for IFRS implementation.
Scope and Limitation of the Study
The study will focus on the role of the Central Bank of Nigeria in promoting IFRS compliance in the banking sector from 2012 to 2025. Limitations include challenges in accessing proprietary data from financial institutions and potential variations in the level of compliance across different banks.
Definition of Terms
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Central Bank of Nigeria (CBN): The central regulatory authority for Nigeria’s financial sector, overseeing banking operations and monetary policies.
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IFRS Compliance: The adherence to International Financial Reporting Standards in the preparation of financial statements.
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Financial Institutions: Banks and other entities involved in financial intermediation and services.
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