The Impact of Regulatory Changes on IFRS Implementation in Nigeria
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style:
- Recommended for :
- NGN 5000
Background of the Study
The adoption and implementation of International Financial Reporting Standards (IFRS) in Nigeria has been influenced by various regulatory changes, both locally and globally. Nigeria's Securities and Exchange Commission (SEC), the Nigerian Accounting Standards Board (NASB), and other regulatory bodies have played a significant role in shaping the country's approach to IFRS adoption. Additionally, changes in global financial regulations, such as the introduction of IFRS 9, IFRS 15, and IFRS 16, have had a significant impact on the implementation process in Nigeria.
This study explores the impact of regulatory changes on the IFRS implementation process in Nigeria, assessing how these changes have shaped the adoption of IFRS in Nigerian companies and the challenges faced by firms in complying with updated regulations.
Statement of the Problem
The implementation of IFRS in Nigeria has faced several challenges, including evolving regulatory frameworks, inconsistent enforcement, and resistance from firms. This study seeks to evaluate how recent regulatory changes have influenced the implementation process, identifying both the opportunities and challenges created by these changes.
Aim and Objectives of the Study
1. To examine the impact of regulatory changes on the adoption and implementation of IFRS in Nigeria.
2. To assess the challenges Nigerian firms face in complying with evolving IFRS regulations.
3. To explore the role of regulatory bodies in facilitating IFRS implementation in Nigeria.
Research Questions
1. How have regulatory changes impacted the adoption and implementation of IFRS in Nigerian firms?
2. What challenges have Nigerian firms faced in complying with regulatory changes related to IFRS?
3. How have regulatory bodies contributed to facilitating the implementation of IFRS in Nigeria?
Research Hypotheses
1. H₀: Regulatory changes do not significantly impact the adoption and implementation of IFRS in Nigeria.
2. H₀: Nigerian firms face no significant challenges in complying with evolving IFRS regulations.
3. H₀: Regulatory bodies have not significantly contributed to facilitating the implementation of IFRS in Nigeria.
Significance of the Study
This study will provide insights into the role of regulatory changes in the successful implementation of IFRS in Nigeria. It will highlight the challenges and opportunities created by evolving regulations and offer recommendations for policymakers, regulators, and firms seeking to improve IFRS compliance.
Scope and Limitation of the Study
The study will focus on regulatory changes affecting IFRS adoption in Nigeria, with particular emphasis on the role of regulatory bodies and challenges faced by firms. Limitations include the complexity of tracking all regulatory changes and the varying degrees of compliance among firms.
Definition of Terms
• Regulatory Changes: Modifications to laws, rules, and regulations that affect the adoption and implementation of financial reporting standards like IFRS.
• IFRS Implementation: The process by which firms adopt and apply International Financial Reporting Standards in their financial reporting.
• Regulatory Bodies: Organizations such as the Securities and Exchange Commission (SEC) and the Nigerian Accounting Standards Board (NASB) that set and enforce accounting standards in Nigeria.
Related Project Materials
THE EFFECT OF DIVIDEND POLICY ON FIRMS’ PERFORMANCE OF NIGERIAN QUOTED COMPANIES
ABSTRACT
Dividend policy is used by listed companies to choose an amount out of its profit to retain and/or pay as dividend to their shar...
IMPACT OF PROBLEM SOLVING AND DISCOVERY STRATEGIES ON ATTITUDE, RETENTION AND PERFORMANCE IN GENETICS CONCEPTS AMONG SECONDARY SCHOOL STUDENTS
Introduction
Science education is an indispensable tool for national development because the economic and political stre...
THE IMPACT OF MANAGEMENT ACCOUNTING TECHNIQUES ON ORGANIZATIONAL DECISION MAKING
ABSTRACT
The study examined the impact of management accounting techniques on organizational decision m...
AN INVESTIGATION INTO THE IMPACT OF TWO TEACHING STYLE ON THE ACADEMIC PERFORMANCE OF JUNIOR SECONDARY SCHOOL STUDENTS IN HOME ECONOMICS
ABSTRACT
The study focused on the impact of two teaching style on the academic performance of junior secondary sch...
THE IMPACT OF PHYSICAL DISTRIBUTION CHANNEL IN MARKETING OF AGRICULTURAL PRODUCT, ONLINE PAYMENT
ABSTRACT
Physical distribution channels has created a created a great impact by bridging the gap betwe...
IMPROVING THE PERFORMANCE OF MICRO-BUSINESSES IN NNEWI
This study aims at improving the performance of small-scale enterprises in Nnewi-South Local Government Area of Anambra State. The resea...
AN ASSESSMENT OF THE EFFECT OF PARENTAL LEVEL OF INCOME ON THE ACADEMIC PERFORMANCE OF JUNIOR SECONDARY STUDENTS IN BAYELSA: PERSPECTIVE OF LOW INCOME EARNING PARENTS
Background of the Study
Parents plays a critical role in the educational improvemen...
A STUDY INTO THE INFLUENCE OF FIELD STUDY ON ACADEMIC PERFORMANCE OF GEOGRAPHY STUDENTS (Case study of Geography Department, UNIBEN)
ABSTRACT
This study was carried out to investigate a study into the influence of field study on academic performance of...
THE ROLE OF ECONOMIC AND FINANCIAL CRIME COMMISSION IN GOVERNMENT ACCOUNTABILITY BETWEEN 2004-2015
ABSTRACT
Despite the pervasive corruption in Nigeria, which led to the underdevelopment of its institutions and economy....
CHALLENGES OF DIGITAL DIVIDE IN VOCATIONAL TRAINING FOR RURAL AREAS
ABSTRACT: The role of vocational education in promoting circular economy practices is crucial for sustainable development and resource efficie...
