The Effect of IFRS on Business Continuity Planning in Nigerian Firms
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Background of the Study
Business continuity planning (BCP) is an essential strategy for Nigerian firms to ensure operational resilience in the face of disruptions such as economic crises, natural disasters, and regulatory changes. The adoption of International Financial Reporting Standards (IFRS) in Nigeria has transformed the way businesses manage financial risks and plan for continuity. IFRS emphasizes transparency, risk management, and the accurate disclosure of financial health, all of which are crucial for effective business continuity planning.
In the context of Nigeria’s volatile business environment, this study explores how the adoption of IFRS influences business continuity planning strategies in Nigerian firms. The study examines whether the improved transparency and financial reporting brought about by IFRS adoption assist firms in identifying risks and planning for long-term sustainability.
Statement of the Problem
While business continuity planning is recognized as vital for organizational resilience, there is limited research on how IFRS adoption has influenced the development and execution of these plans in Nigerian firms. This study seeks to bridge this gap by evaluating whether IFRS contributes to more effective business continuity planning.
Aim and Objectives of the Study
1. To examine the impact of IFRS adoption on business continuity planning in Nigerian firms.
2. To assess how IFRS enhances financial transparency, risk identification, and preparedness for unforeseen disruptions.
3. To identify the challenges Nigerian firms face in aligning IFRS-compliant practices with their business continuity planning.
Research Questions
1. How does IFRS adoption affect business continuity planning in Nigerian firms?
2. To what extent does IFRS improve the identification and management of financial risks critical to business continuity?
3. What challenges do Nigerian firms face in integrating IFRS compliance with their business continuity planning?
Research Hypotheses
1. H₀: IFRS adoption does not significantly impact business continuity planning in Nigerian firms.
2. H₀: IFRS adoption does not improve the identification and management of financial risks related to business continuity.
3. H₀: Nigerian firms do not face significant challenges in integrating IFRS compliance with business continuity planning.
Significance of the Study
This study will offer valuable insights into how IFRS can support Nigerian firms in enhancing business continuity planning, improving financial risk management, and building long-term organizational resilience. Findings can guide firms and policymakers on how to leverage IFRS for better risk preparedness.
Scope and Limitation of the Study
The study will focus on Nigerian firms across various sectors, examining their business continuity planning practices in the context of IFRS adoption. Limitations include potential differences in the application of IFRS across industries and the subjective nature of business continuity assessments.
Definition of Terms
• Business Continuity Planning (BCP): The process by which firms develop strategies to ensure they can continue operating during and after disruptive events.
• IFRS: International Financial Reporting Standards that provide a framework for standardized financial reporting globally.
• Financial Risk Management: The identification, assessment, and management of financial risks that may affect an organization’s ability to achieve its objectives.
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