The Effect of IFRS on Financial Risk Reporting in Nigerian Corporations
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Background of the Study
Corporate governance plays a vital role in ensuring that companies are managed in a transparent, accountable, and ethical manner. The adoption of International Financial Reporting Standards (IFRS) is expected to improve corporate governance practices by providing a framework for more transparent, accurate, and comparable financial reporting. In Nigeria, corporate governance has been an area of concern due to issues such as board composition, executive compensation, and shareholder rights.
IFRS introduces a number of regulations that enhance the transparency and accountability of financial reporting, thus influencing governance practices. The objective of adopting IFRS is not just to improve financial reporting, but also to enhance corporate governance by ensuring that companies’ financial health is communicated clearly and honestly to stakeholders. This study investigates how IFRS adoption has impacted corporate governance practices in Nigerian firms, focusing on governance elements such as board diversity, internal controls, financial transparency, and stakeholder engagement.
Statement of the Problem
The effect of IFRS adoption on corporate governance practices in Nigerian firms remains inadequately explored. While IFRS aims to improve financial transparency, it is unclear how its implementation has influenced key governance aspects. This study seeks to bridge this gap by examining the relationship between IFRS adoption and corporate governance practices in Nigeria.
Aim and Objectives of the Study
1. To assess the impact of IFRS adoption on corporate governance practices in Nigerian firms.
2. To evaluate the relationship between IFRS compliance and board-level decision-making.
3. To explore how IFRS influences financial transparency and accountability in Nigerian companies.
Research Questions
1. How has IFRS adoption influenced corporate governance practices in Nigerian firms?
2. What is the relationship between IFRS compliance and board-level decision-making?
3. How does IFRS adoption impact financial transparency and accountability in Nigerian companies?
Research Hypotheses
1. H₀: IFRS adoption does not significantly impact corporate governance practices in Nigerian firms.
2. H₀: There is no significant relationship between IFRS compliance and board-level decision-making in Nigerian firms.
3. H₀: IFRS adoption does not significantly enhance financial transparency and accountability in Nigerian companies.
Significance of the Study
This study will provide insights into how IFRS adoption can influence corporate governance practices, helping policymakers, regulators, and business leaders in Nigeria strengthen governance mechanisms and improve financial reporting practices.
Scope and Limitation of the Study
The study focuses on Nigerian firms and examines the effect of IFRS adoption on corporate governance practices. Limitations include potential biases in corporate governance reporting and challenges in gathering data on governance practices across different industries.
Definition of Terms
• Corporate Governance: The system of rules, practices, and processes by which a company is directed and controlled.
• IFRS Compliance: Adherence to International Financial Reporting Standards in financial reporting.
• Financial Transparency: The openness with which companies disclose their financial information to stakeholders.
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