Comparative Analysis of IFRS Compliance in Public and Private Sectors in Nigeria
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Background of the Study
The adoption of International Financial Reporting Standards (IFRS) in Nigeria marked a significant shift toward achieving global financial transparency and accountability. Both public and private sectors were mandated to comply with IFRS to ensure uniformity and comparability in financial reporting. While private sector entities embraced IFRS as a pathway to attract foreign investments and improve corporate governance, public sector organizations faced challenges related to bureaucratic structures and limited resources.
The public sector in Nigeria, governed by the International Public Sector Accounting Standards (IPSAS) aligned with IFRS principles, has often been criticized for inconsistent compliance. On the other hand, private sector entities, driven by market competitiveness and investor scrutiny, have shown varying levels of compliance depending on industry demands and organizational capacities. This comparative analysis seeks to evaluate the levels of IFRS compliance between public and private sector entities in Nigeria, identifying key factors influencing compliance and the resulting impact on financial reporting quality.
Statement of the Problem
Despite the universal mandate for IFRS compliance, disparities exist between the public and private sectors in Nigeria. While the private sector is often motivated by market demands, the public sector faces systemic challenges in achieving compliance. This study examines the factors contributing to these disparities and their impact on financial reporting quality.
Aim and Objectives of the Study
1. To evaluate the level of IFRS compliance in Nigeria’s public and private sectors.
2. To identify factors influencing IFRS compliance in both sectors.
3. To assess the impact of compliance disparities on financial reporting quality.
Research Questions
1. What is the level of IFRS compliance in Nigeria's public and private sectors?
2. What factors influence IFRS compliance in each sector?
3. How do compliance disparities impact financial reporting quality?
Research Hypotheses
1. H₀: There is no significant difference in IFRS compliance between the public and private sectors in Nigeria.
2. H₀: Factors influencing IFRS compliance are not significantly different between the two sectors.
3. H₀: Compliance disparities do not significantly impact financial reporting quality.
Significance of the Study
This study will provide a comprehensive understanding of IFRS compliance across Nigeria’s public and private sectors. The findings will guide policymakers, regulators, and organizations in addressing compliance challenges and improving financial reporting standards nationwide.
Scope and Limitation of the Study
The study focuses on IFRS compliance in Nigeria’s public and private sectors, comparing compliance levels, influencing factors, and their impacts on reporting quality. Limitations include access to reliable public sector data and potential differences in compliance interpretations.
Definition of Terms
• IFRS Compliance: Adherence to International Financial Reporting Standards in preparing financial statements.
• Public Sector: Government and state-owned entities responsible for public administration and services.
• Private Sector: Businesses and organizations owned and operated by private individuals or entities.
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