The Effect of IFRS on Sustainability Reporting in Nigerian Oil and Gas Companies
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Background of the Study
Sustainability reporting has become increasingly important for companies, especially in environmentally sensitive industries like oil and gas. The adoption of IFRS provides a standardized framework that emphasizes transparency and accountability in financial and non-financial disclosures, including sustainability reporting. This study investigates the effect of IFRS on sustainability reporting in Nigeria’s oil and gas sector.
Statement of the Problem
Despite the potential for IFRS to enhance sustainability reporting, many Nigerian oil and gas companies struggle with full compliance and consistent disclosure practices. This raises concerns about the sector's commitment to sustainability and transparency.
Aim and Objectives of the Study
The aim of this study is to evaluate the effect of IFRS adoption on sustainability reporting practices in Nigerian oil and gas companies.
Specific objectives include:
- To examine the extent of sustainability disclosures in Nigerian oil and gas companies post-IFRS adoption.
- To analyze the relationship between IFRS compliance and environmental accountability in the oil and gas sector.
- To identify challenges affecting sustainability reporting under IFRS.
- To explore stakeholder perceptions of sustainability reports in the oil and gas sector.
Research Questions
- What is the extent of sustainability disclosures in Nigerian oil and gas companies post-IFRS adoption?
- How does IFRS compliance influence environmental accountability in the oil and gas sector?
- What challenges affect sustainability reporting under IFRS?
- How do stakeholders perceive sustainability reports in the oil and gas sector?
Research Hypotheses
- IFRS adoption has a significant positive effect on sustainability reporting in the Nigerian oil and gas sector.
- Challenges in IFRS compliance hinder effective sustainability reporting.
Significance of the Study
This study highlights the importance of IFRS in promoting sustainability reporting, providing recommendations for improving transparency and accountability in the oil and gas industry.
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