The Effect of IFRS on Financial Reporting Quality: A Comparison Between Nigeria and Ghana
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Background of the Study
International Financial Reporting Standards (IFRS) adoption is a global initiative to improve the quality of financial reporting by enhancing transparency, comparability, and reliability. Both Nigeria and Ghana have embraced IFRS to align their financial reporting practices with international standards. However, differences in economic structures, regulatory frameworks, and institutional capacities influence the effectiveness of IFRS in improving financial reporting quality in these two countries.
Nigeria, as Africa’s largest economy, has faced challenges related to resource allocation, corruption, and technical capacity in IFRS adoption. Ghana, with a smaller but rapidly growing economy, has demonstrated a more structured approach to IFRS implementation. This comparative study examines the effect of IFRS adoption on financial reporting quality in Nigeria and Ghana, highlighting similarities, differences, and best practices.
Statement of the Problem
While both Nigeria and Ghana have adopted IFRS, the impact on financial reporting quality varies due to differences in institutional capacity and implementation processes. This study seeks to identify these differences and assess their implications for financial reporting quality.
Aim and Objectives of the Study
1. To compare the effect of IFRS adoption on financial reporting quality in Nigeria and Ghana.
2. To analyze the factors influencing IFRS implementation in both countries.
3. To identify best practices for improving financial reporting quality in the context of IFRS adoption.
Research Questions
1. How does IFRS adoption affect financial reporting quality in Nigeria and Ghana?
2. What factors influence IFRS implementation in each country?
3. What best practices can enhance financial reporting quality in Nigeria and Ghana?
Research Hypotheses
1. H₀: IFRS adoption does not significantly affect financial reporting quality in Nigeria and Ghana.
2. H₀: Factors influencing IFRS implementation do not significantly differ between the two countries.
3. H₀: Best practices do not significantly improve financial reporting quality in either country.
Significance of the Study
This study provides a comparative analysis of the impact of IFRS on financial reporting quality in Nigeria and Ghana, offering insights into the factors driving successful adoption. The findings will guide policymakers and regulators in both countries.
Scope and Limitation of the Study
The study focuses on Nigeria and Ghana, comparing the effects of IFRS adoption on financial reporting quality. Limitations include potential differences in data availability and contextual factors unique to each country.
Definition of Terms
• Financial Reporting Quality: The degree to which financial statements provide accurate and useful information.
• Comparative Study: An analysis comparing two or more entities or systems.
• Institutional Capacity: The ability of organizations or governments to implement policies effectively.
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