A Quantitative Study of IFRS Compliance and Financial Literacy in Nigeria
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Background of the Study
Financial literacy plays a vital role in enabling individuals and organizations to make informed financial decisions. In the context of IFRS adoption, financial literacy becomes even more critical, as stakeholders must understand the implications of the standards on financial reporting and performance analysis. In Nigeria, a country with a rapidly growing economy, the widespread adoption of IFRS poses new challenges for financial literacy among both professionals and the general public.
This study seeks to examine the relationship between IFRS compliance and financial literacy in Nigeria, focusing on how the understanding of IFRS influences the ability of stakeholders to interpret and use financial statements. The study will also explore the extent to which IFRS knowledge enhances decision-making among investors, financial managers, and other financial stakeholders.
Statement of the Problem
The adoption of IFRS in Nigeria has led to greater financial transparency, but financial literacy remains a challenge. Many individuals and organizations struggle to comprehend the intricacies of IFRS, leading to potential misinterpretations of financial data and hindering effective decision-making. This study will investigate how IFRS compliance is linked to financial literacy levels and how this relationship impacts the ability of stakeholders to utilize IFRS-compliant financial statements.
Aim and Objectives of the Study
The aim of this study is to explore the relationship between IFRS compliance and financial literacy in Nigeria. The specific objectives are:
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To assess the level of financial literacy among stakeholders in Nigeria with respect to IFRS.
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To examine how financial literacy influences the interpretation and application of IFRS-compliant financial statements.
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To investigate the role of financial literacy in improving decision-making among Nigerian investors and financial managers.
Research Questions
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To what extent do Nigerian stakeholders possess financial literacy with respect to IFRS?
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How does financial literacy affect the interpretation of IFRS-compliant financial statements in Nigeria?
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What is the relationship between financial literacy and decision-making in the context of IFRS compliance in Nigeria?
Research Hypotheses
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Higher levels of financial literacy are positively correlated with better understanding and use of IFRS-compliant financial statements.
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Financial literacy improves decision-making among Nigerian investors and financial managers in the context of IFRS adoption.
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IFRS compliance significantly enhances financial literacy levels among stakeholders in Nigeria.
Significance of the Study
This study will contribute to understanding the importance of financial literacy in the successful implementation and utilization of IFRS in Nigeria. The findings will be useful for policymakers, educational institutions, and financial regulators in promoting financial literacy programs tailored to IFRS compliance.
Scope and Limitation of the Study
The study will focus on Nigerian financial professionals, investors, and other stakeholders involved in the application and interpretation of IFRS-compliant financial statements. Limitations include the potential for a low response rate from the target population and the difficulty in assessing the depth of financial literacy.
Definition of Terms
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Financial Literacy: The ability to understand and effectively use financial information, including the interpretation of financial statements and understanding financial concepts.
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IFRS Compliance: Adherence to International Financial Reporting Standards in financial reporting and disclosures.
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Decision-Making: The process of making choices based on available information, which in this context, involves the use of IFRS-compliant financial data.
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