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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 a critical aspect of corporate transparency, particularly for industries with significant environmental and social impacts, such as the oil and gas sector. The adoption of International Financial Reporting Standards (IFRS) is expected to enhance the clarity and consistency of sustainability reporting by oil and gas companies, aligning their non-financial disclosures with financial reporting standards. This study aims to explore the effect of IFRS adoption on sustainability reporting practices in Nigerian oil and gas companies.

Statement of the Problem

The Nigerian oil and gas sector plays a crucial role in the economy, but its environmental and social impacts necessitate robust sustainability reporting. While IFRS provides a standardized financial reporting framework, its influence on the non-financial sustainability disclosures made by oil and gas companies is not well understood. This study will investigate how IFRS affects the comprehensiveness and quality of sustainability reporting in this sector.

Aim and Objectives of the Study

The aim of this study is to analyze the effect of IFRS adoption on sustainability reporting in Nigerian oil and gas companies.

The objectives are:

  1. To assess the quality and completeness of sustainability reports issued by Nigerian oil and gas companies post-IFRS adoption.
  2. To examine how IFRS has influenced the integration of sustainability reporting with financial disclosures in Nigerian oil and gas companies.
  3. To identify the challenges Nigerian oil and gas companies face in adopting IFRS and integrating sustainability reporting.

Research Questions

  1. How has IFRS adoption impacted the quality and completeness of sustainability reporting by Nigerian oil and gas companies?
  2. In what ways has IFRS influenced the integration of sustainability reporting with financial disclosures in the Nigerian oil and gas sector?
  3. What challenges do Nigerian oil and gas companies face in adopting IFRS and reporting sustainability practices?

Research Hypotheses

  1. IFRS adoption has improved the quality and completeness of sustainability reporting in Nigerian oil and gas companies.
  2. IFRS adoption has led to a more integrated approach to sustainability and financial reporting in Nigerian oil and gas companies.
  3. Challenges in adopting IFRS hinder the effective integration of sustainability reporting in Nigerian oil and gas companies.

Significance of the Study

This study will provide insights into the role of IFRS in improving sustainability reporting practices in the Nigerian oil and gas sector. The findings will be relevant for regulators, companies, and stakeholders concerned with the environmental and social impacts of the oil and gas industry.

Scope and Limitation of the Study

This study will focus on major Nigerian oil and gas companies that have adopted IFRS. Limitations include challenges in obtaining detailed sustainability reports and variations in the adoption of sustainability reporting practices across different companies.

Definition of Terms

  • IFRS: International Financial Reporting Standards, accounting standards for financial reporting.
  • Sustainability Reporting: The practice of disclosing a company’s environmental, social, and governance (ESG) performance.
  • Oil and Gas Sector: The industry involved in the exploration, extraction, and processing of petroleum and natural gas resources.




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