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IFRS and Anti-Corruption Policies in Nigeria

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Background of the Study

Nigeria has struggled with corruption across both public and private sectors, which has hindered economic growth and development. The implementation of International Financial Reporting Standards (IFRS) is seen as a potential tool for enhancing transparency, accountability, and governance in financial reporting. Given that anti-corruption policies in Nigeria seek to address financial mismanagement and enhance transparency, it is essential to explore the relationship between IFRS adoption and the effectiveness of these policies.

Statement of the Problem

Although Nigeria has made significant strides in adopting IFRS, the country continues to grapple with corruption, particularly in government and corporate financial dealings. The question arises as to whether IFRS can assist in reducing corrupt practices by improving the transparency and accountability of financial reporting, particularly in public-sector and corporate governance. There is limited research on the direct correlation between IFRS implementation and anti-corruption efforts in Nigeria.

Aim and Objectives of the Study

The aim of this study is to explore the relationship between IFRS adoption and anti-corruption policies in Nigeria.

The objectives are:

  1. To assess the role of IFRS in improving transparency and accountability in Nigerian corporations and government institutions.
  2. To examine the effectiveness of IFRS in curbing corrupt practices in public and private financial reporting.
  3. To analyze how IFRS compliance influences corporate governance and reduces financial mismanagement.
  4. To evaluate the synergy between IFRS adoption and Nigeria’s anti-corruption policies.

Research Questions

  1. How does IFRS adoption impact the transparency and accountability of financial reports in Nigerian organizations?
  2. To what extent does IFRS compliance contribute to reducing corruption in Nigeria?
  3. How do Nigerian anti-corruption policies align with the objectives of IFRS in improving corporate governance?
  4. What challenges do Nigerian businesses face in leveraging IFRS for anti-corruption purposes?

Research Hypotheses

  1. There is a significant positive relationship between IFRS adoption and improved transparency and accountability in Nigerian firms.
  2. IFRS compliance reduces financial mismanagement and corrupt practices in both public and private sectors in Nigeria.
  3. The synergy between IFRS adoption and anti-corruption policies enhances corporate governance and transparency in Nigerian firms.

Significance of the Study

This study will contribute to the understanding of how IFRS adoption can complement Nigeria’s anti-corruption policies by promoting financial transparency. The findings may influence both policy development and corporate governance practices, improving the overall regulatory environment in Nigeria.

Scope and Limitation of the Study

The study will focus on Nigerian corporations and government institutions that have fully adopted IFRS. It will also examine the role of IFRS in both the public and private sectors. Limitations may include challenges in measuring corruption directly and the influence of factors outside IFRS, such as cultural and institutional corruption.

Definition of Terms

  • Anti-Corruption Policies: Government policies aimed at combating corruption, promoting transparency, and ensuring accountability in financial transactions.
  • IFRS: International Financial Reporting Standards, a set of accounting standards designed to bring consistency and transparency to financial reporting across countries.
  • Corporate Governance: The systems and processes by which companies are directed and controlled, ensuring accountability and transparency to stakeholders.




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