Quantitative Analysis of Emerging Technologies and IFRS Adoption in Nigeria
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Background of the Study
Emerging technologies such as artificial intelligence (AI), blockchain, data analytics, and cloud computing are increasingly influencing business practices worldwide, including in the field of accounting and financial reporting. In Nigeria, the adoption of International Financial Reporting Standards (IFRS) has been a key step towards aligning financial reporting with global standards, but there is limited research on how emerging technologies are affecting this adoption process.
Emerging technologies have the potential to enhance the effectiveness of IFRS adoption by improving the efficiency, accuracy, and timeliness of financial reporting. These technologies may help in automating processes, reducing human errors, and ensuring compliance with complex IFRS regulations. This study aims to quantitatively analyze the relationship between the adoption of emerging technologies and the effective implementation of IFRS in Nigeria.
Statement of the Problem
While the role of IFRS in improving financial reporting is well-established, little research has been done to explore the interplay between IFRS adoption and emerging technologies in Nigeria. Understanding how these technologies can aid or hinder IFRS compliance is crucial for Nigerian firms and regulators. This study aims to fill this gap by evaluating the effect of emerging technologies on IFRS adoption in Nigeria.
Aim and Objectives of the Study
1. To analyze the impact of emerging technologies on the adoption of IFRS in Nigerian companies.
2. To assess how technologies such as AI, blockchain, and data analytics can enhance IFRS compliance.
3. To explore the challenges faced by Nigerian firms in integrating emerging technologies with IFRS adoption.
Research Questions
1. How do emerging technologies influence the adoption and implementation of IFRS in Nigerian firms?
2. What role do technologies like AI and blockchain play in improving IFRS compliance?
3. What challenges do Nigerian firms face in adopting emerging technologies to facilitate IFRS compliance?
Research Hypotheses
1. H₀: Emerging technologies do not significantly impact the adoption of IFRS in Nigerian firms.
2. H₀: Technologies like AI and blockchain do not significantly improve the accuracy and efficiency of IFRS compliance in Nigeria.
3. H₀: There are no significant challenges faced by Nigerian firms in integrating emerging technologies with IFRS adoption.
Significance of the Study
This study will provide insights into how emerging technologies can improve IFRS adoption in Nigeria, benefiting firms in improving compliance and operational efficiency. The findings can guide Nigerian policymakers and businesses in leveraging technology for better financial reporting practices.
Scope and Limitation of the Study
The study will focus on Nigerian firms that have adopted IFRS and are exploring the integration of emerging technologies in their reporting systems. Limitations include the rapidly evolving nature of technology, which may affect the applicability of findings over time.
Definition of Terms
• Emerging Technologies: New technological innovations, including AI, blockchain, cloud computing, and data analytics, that are transforming business processes.
• IFRS Adoption: The process by which companies align their financial reporting practices with International Financial Reporting Standards.
• Compliance: The degree to which a firm adheres to established standards, regulations, or laws, such as IFRS.
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