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, and cloud computing are transforming financial reporting and auditing processes worldwide. In Nigeria, the adoption of IFRS is a crucial step toward aligning with global financial reporting standards. The integration of emerging technologies can potentially enhance the efficiency and effectiveness of IFRS implementation. This study aims to quantitatively assess the relationship between the adoption of emerging technologies and the successful implementation of IFRS in Nigerian firms.
Statement of the Problem
While Nigeria has made strides in adopting IFRS, its full integration into business practices may be hindered by limited technological adoption. Emerging technologies could play a pivotal role in overcoming challenges related to IFRS compliance, including data accuracy, transparency, and real-time financial reporting. However, the extent to which these technologies have been adopted in Nigeria and their impact on IFRS implementation remains unclear.
Aim and Objectives of the Study
The aim of this study is to quantitatively analyze the impact of emerging technologies on IFRS adoption in Nigerian firms.
The objectives are:
- To assess the level of adoption of emerging technologies in Nigerian firms.
- To examine the relationship between the use of emerging technologies and the successful adoption of IFRS in Nigeria.
- To explore the benefits of using technologies such as AI, blockchain, and cloud computing for IFRS compliance.
- To evaluate the challenges and barriers Nigerian firms face in integrating emerging technologies with IFRS adoption.
Research Questions
- To what extent have Nigerian firms adopted emerging technologies for IFRS compliance?
- What is the relationship between the use of emerging technologies and the effectiveness of IFRS implementation in Nigerian companies?
- How do emerging technologies enhance the efficiency of financial reporting under IFRS?
- What challenges do Nigerian firms face when combining emerging technologies with IFRS adoption?
Research Hypotheses
- There is a significant positive relationship between the adoption of emerging technologies and the successful implementation of IFRS in Nigerian firms.
- Emerging technologies such as AI, blockchain, and cloud computing significantly enhance the effectiveness of IFRS compliance in Nigeria.
- The integration of emerging technologies into IFRS reporting systems reduces operational challenges and increases reporting accuracy.
Significance of the Study
This study will provide insights into the role of emerging technologies in enhancing the implementation of IFRS in Nigeria. It will offer practical recommendations for businesses seeking to leverage technology to ensure smoother and more effective IFRS compliance.
Scope and Limitation of the Study
The study will focus on Nigerian firms, particularly those in sectors like finance, oil and gas, and telecommunications, where IFRS compliance is critical. Limitations may include challenges in collecting data on the adoption of emerging technologies and firms' willingness to share information on their technological practices.
Definition of Terms
- Emerging Technologies: New and innovative technologies, including AI, blockchain, and cloud computing, that have the potential to disrupt and improve financial reporting processes.
- IFRS Adoption: The process by which Nigerian companies implement International Financial Reporting Standards in their financial reporting practices.
- AI (Artificial Intelligence): Technology that mimics human intelligence processes such as learning, reasoning, and problem-solving.
- Blockchain: A decentralized digital ledger used to secure and verify transactions and data, offering transparency and traceability.
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