Effect of IFRS on Corporate Governance Disclosure in Nigerian Firms
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Background of the Study
Corporate governance refers to the systems, processes, and practices by which companies are directed and controlled. Effective corporate governance enhances transparency, accountability, and the protection of stakeholders' interests. IFRS adoption in Nigeria has significantly impacted corporate governance structures and disclosures. This study seeks to examine the effect of IFRS on corporate governance disclosure practices in Nigerian firms, exploring how these standards have influenced the reporting of governance-related matters.
Statement of the Problem
In the past, Nigerian firms have faced criticisms regarding inadequate corporate governance practices, which hinder transparency and accountability. With the introduction of IFRS, companies are now required to improve their corporate governance disclosures to meet international standards. However, it remains unclear how IFRS adoption has influenced corporate governance reporting in Nigeria. This study will assess the impact of IFRS on corporate governance disclosures in Nigerian firms.
Aim and Objectives of the Study
The main aim of this study is to analyze the effect of IFRS adoption on corporate governance disclosure in Nigerian firms.
The specific objectives are:
- To evaluate the extent of corporate governance disclosures made by Nigerian firms under IFRS.
- To assess how IFRS adoption has improved the quality of corporate governance reporting in Nigerian firms.
- To explore the relationship between IFRS adoption and stakeholders' perception of corporate governance transparency.
- To identify the challenges Nigerian firms face in complying with corporate governance disclosure requirements under IFRS.
Research Questions
- How has IFRS adoption affected corporate governance disclosures in Nigerian firms?
- To what extent has IFRS improved the quality of corporate governance reporting in Nigerian firms?
- What challenges do Nigerian firms face in disclosing corporate governance information under IFRS?
- How do stakeholders perceive the changes in corporate governance disclosure after IFRS adoption?
Research Hypotheses
- IFRS adoption has significantly enhanced corporate governance disclosures in Nigerian firms.
- Corporate governance disclosures in Nigerian firms are more transparent and detailed after IFRS adoption.
- Nigerian firms face significant challenges in complying with IFRS corporate governance disclosure requirements.
Significance of the Study
The findings of this study will be essential for policymakers, regulatory bodies, and corporate governance experts to understand the effectiveness of IFRS in improving governance reporting. It will also provide Nigerian companies with insights on enhancing their corporate governance practices, promoting better transparency and accountability.
Scope and Limitation of the Study
The study will focus on Nigerian publicly listed companies that have fully adopted IFRS. Limitations may include the difficulty of obtaining detailed governance disclosure data and variations in firms' reporting practices.
Definition of Terms
- IFRS: International Financial Reporting Standards, a globally recognized framework for financial reporting.
- Corporate Governance: The system by which companies are directed and controlled, including the processes of making decisions, overseeing management, and ensuring accountability.
- Disclosure: The act of providing financial and non-financial information to stakeholders, ensuring transparency in corporate governance and operations.
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