0704-883-0675     |      dataprojectng@gmail.com

IFRS Adoption and Its Effect on Internal Control Systems in Nigerian Corporations

  • Project Research
  • 1-5 Chapters
  • Abstract : Available
  • Table of Content: Available
  • Reference Style:
  • Recommended for :
  • NGN 5000

Background of the Study

The adoption of International Financial Reporting Standards (IFRS) requires companies to make significant changes to their accounting and reporting practices. As a result, internal control systems, which ensure the accuracy, reliability, and efficiency of financial reporting, must also evolve. IFRS adoption may necessitate the redesign of internal controls to accommodate the increased complexity and transparency required under the new reporting framework. This study seeks to examine the effect of IFRS adoption on the internal control systems of Nigerian corporations.

Statement of the Problem

The adoption of IFRS may lead to challenges in maintaining or enhancing effective internal control systems in Nigerian corporations. The new accounting requirements may demand greater documentation, new systems for financial reporting, and adjustments to existing control procedures. This study aims to assess the impact of IFRS adoption on internal control systems in Nigerian corporations and identify the areas of improvement or challenges faced.

Aim and Objectives of the Study

The aim of this study is to examine the effect of IFRS adoption on the internal control systems in Nigerian corporations.

The objectives are:

  1. To assess the impact of IFRS adoption on the internal control systems of Nigerian corporations.
  2. To identify the challenges Nigerian corporations face in adapting their internal controls to meet IFRS requirements.
  3. To evaluate the effectiveness of internal control systems in ensuring compliance with IFRS in Nigerian corporations.

Research Questions

  1. How has IFRS adoption affected the internal control systems of Nigerian corporations?
  2. What challenges do Nigerian corporations face in adapting their internal controls to meet IFRS requirements?
  3. How effective are internal control systems in ensuring compliance with IFRS in Nigerian corporations?

Research Hypotheses

  1. IFRS adoption has led to significant changes in the internal control systems of Nigerian corporations.
  2. Nigerian corporations face challenges in redesigning internal controls to meet IFRS requirements.
  3. Internal control systems are effective in ensuring compliance with IFRS and improving the accuracy of financial reporting in Nigerian corporations.

Significance of the Study

This study will provide valuable insights into the effects of IFRS adoption on the internal control systems of Nigerian corporations. The findings will help companies, auditors, and regulators understand the challenges and benefits associated with strengthening internal controls as part of the IFRS implementation process.

Scope and Limitation of the Study

The study will focus on Nigerian publicly listed companies that have adopted IFRS. Limitations include the availability of relevant data on internal control systems and the subjective nature of assessing the effectiveness of these systems.

Definition of Terms

  • Internal Control Systems: Processes and procedures implemented by a company to ensure the accuracy and reliability of financial reporting.
  • IFRS: International Financial Reporting Standards, a globally accepted set of accounting rules.
  • Adoption: The process of implementing and integrating IFRS into a company's accounting and financial reporting practices.

 





Related Project Materials

Examining the Role of Newspapers in Educating Farmers About Market Prices in Darazo Local Government Area, Bauchi State

Chapter One: Introduction

1.1 Background of the Study...

Read more
IMPACT OF DRUG ABUSE YOUTHS

Abstract

This research centers on a review on  drug abuse  and its impact on Nigeria youth. Drug abuse an...

Read more
The Impact of Photography on Documenting Flooding Effects in Agatu Local Government Area, Benue State

Chapter One: Introduction

1.1 Background of the Study

AN APPLICATION OF DUE PROCESS IN EXISTING PROCUREMENT METHODS IN NIGERIA

BACKGROUND TO THE STUDY

The construction industry activities include procurement of goods and services...

Read more
EFFECTIVENESS OF INTERNAL AUDITING IN ENHANCING MANAGERIAL DECISION-MAKING IN TARKA LGA

Background of the Study

Internal auditing is a critical aspect of an organization’s financial con...

Read more
ASSESSMENT OF THE VIABILITY OF COMMUNITY RESOURCE CENTRES AS ALTERNATIVE SCHOOL IN PROMOTING GIRL CHILD EDUCATION IN KADUNA STATE-NIGERIA

ABSTRACT

This study assessed the viability of community resource centres as alternative school in promoting girl child education in Kadun...

Read more
POLITICAL LEADERSHIP AND UNDERDEVELOPMENT IN NIGERIA. (A STUDY OF BABANGIDA’S ADMINISTRATION) A RESEARCH PROJECT PRESENTED TO THE DEPARTMENT OF PUBLIC ADMINISTRATION, SCHOOL OF BUSINESS, FEDERAL POLYTECHNIC OKO.

ABSTRACT

A CURSORY GLANCE AT THE ECONOMIC CONDITIONS OF NIGERIA WILL REVEAL THAT UNDERDEVELOPMENT HAS PERSISTED IN SPITE...

Read more
STRATEGIES TO SUPPORT DUAL LANGUAGE LEARNERS (DLLS) IN EARLY CHILDHOOD EDUCATION (ECE) SETTINGS ACROSS NIGERIA

Abstract: This study examines strategies to support dual language learners (DLLs) in early childhood educati...

Read more
Effectiveness of Radio Programs in Combating School Dropout Rates: A Case Study of Ringim Local Government Area, Jigawa State

Chapter One: Introduction

1.1 Background of the Study

School dropout rates in Nigeria have remained a significant challenge, pa...

Read more
PORT REGIONALIZATION: TOWARDS A NEW PHASE IN PORT DEVELOPMENT  

ABSTRACT

Logistics integration and network orientation in the port and maritime industry have redefined the function...

Read more
Share this page with your friends




whatsapp