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 has grown significantly over the years, with increased investments in infrastructure, sponsorships, and athlete development. However, financial accountability remains a challenge, particularly in ensuring that financial information is accurate, transparent, and trustworthy. The adoption of International Financial Reporting Standards (IFRS) is one of the ways in which organizations can improve their financial reporting and governance structures. In the sports sector, where public and private funds are often invested, implementing IFRS is essential for ensuring that funds are used efficiently and effectively.
This study explores the role of IFRS in enhancing financial accountability within the Nigerian sports sector, focusing on how the adoption of these standards influences financial reporting, internal control practices, and overall accountability.
Statement of the Problem
While there have been efforts to improve financial accountability within Nigeria’s sports sector, the lack of standardized and transparent financial reporting practices remains a key concern. The adoption of IFRS is expected to improve these practices, but there is limited research on the effectiveness of IFRS in enhancing financial accountability in the sports industry. This study will assess the role of IFRS in improving transparency, accountability, and financial governance in the Nigerian sports sector.
Aim and Objectives of the Study
The aim of this study is to evaluate the impact of IFRS adoption on financial accountability in the Nigerian sports sector. The specific objectives are:
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To assess the level of IFRS compliance among sports organizations in Nigeria.
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To examine how IFRS adoption has influenced financial reporting and accountability in the sports sector.
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To investigate the role of IFRS in improving internal control systems and governance in Nigerian sports organizations.
Research Questions
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To what extent have sports organizations in Nigeria adopted IFRS in their financial reporting?
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How has the adoption of IFRS enhanced financial accountability in the Nigerian sports sector?
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What role has IFRS played in improving internal control systems and governance within Nigerian sports organizations?
Research Hypotheses
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IFRS adoption has significantly improved financial accountability in the Nigerian sports sector.
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The implementation of IFRS has enhanced the transparency of financial reporting in Nigerian sports organizations.
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There is a positive relationship between IFRS adoption and improvements in internal control systems within Nigerian sports organizations.
Significance of the Study
This study will provide valuable insights into how IFRS adoption can enhance financial accountability in the Nigerian sports sector. The findings will benefit sports organizations, regulators, and policymakers by highlighting the importance of standardized financial reporting and the positive effects of IFRS compliance on governance and financial transparency.
Scope and Limitation of the Study
The study will focus on Nigerian sports organizations that have adopted IFRS between 2012 and 2025. Limitations include access to internal financial data from these organizations and potential variations in IFRS compliance across different levels of sports organizations.
Definition of Terms
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Financial Accountability: The obligation of organizations to ensure that financial resources are used responsibly and in compliance with established standards.
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IFRS Compliance: The adherence to the International Financial Reporting Standards for financial reporting and disclosures.
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Internal Control Systems: The processes and procedures that organizations implement to ensure accurate financial reporting and safeguard assets.
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