The Effect of IFRS on Financial Transparency in Nigeria’s Oil and Gas Sector
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Background of the Study
The oil and gas sector is a major contributor to Nigeria’s economy, but it has faced criticism for lack of transparency and accountability in financial reporting. IFRS adoption aims to improve financial transparency, enhancing stakeholder trust and regulatory oversight in the sector.
Statement of the Problem
Despite the implementation of IFRS, the oil and gas sector in Nigeria continues to face issues related to financial opacity and inconsistencies in reporting. Understanding the effect of IFRS on financial transparency in this sector is critical for evaluating its overall effectiveness.
Aim and Objectives of the Study
The aim of this study is to analyze the effect of IFRS adoption on financial transparency in Nigeria’s oil and gas sector.
Specific objectives include:
- To assess the level of financial transparency in the oil and gas sector post-IFRS adoption.
- To evaluate the impact of IFRS on stakeholder confidence in financial reports.
- To identify challenges in implementing IFRS in the oil and gas sector.
- To explore the relationship between IFRS compliance and regulatory oversight in the sector.
Research Questions
- What is the level of financial transparency in the oil and gas sector after IFRS adoption?
- How does IFRS adoption influence stakeholder confidence in financial reports?
- What are the challenges in implementing IFRS in the oil and gas sector?
- How does IFRS compliance affect regulatory oversight in the sector?
Research Hypotheses
- IFRS adoption significantly enhances financial transparency in the oil and gas sector.
- Implementation challenges hinder the full realization of IFRS benefits in the sector.
Significance of the Study
This study highlights the impact of IFRS on financial transparency in the oil and gas sector, providing actionable recommendations for improving compliance and accountability.
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