An Evaluation of Financial Reporting Practices in Export-Focused SMEs in Nigeria: A Case Study of Agribusinesses in Ondo State
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Background of the Study
Financial reporting is a critical aspect of business operations, particularly for export-focused SMEs that require transparency and accountability to build trust with international stakeholders. In Ondo State, where agribusiness SMEs dominate the export sector, effective financial reporting practices are essential for accessing foreign markets, securing investments, and complying with international regulations (Adekunle & Ige, 2024).
Despite their significance, many agribusiness SMEs struggle with inadequate financial reporting practices due to limited technical expertise, financial constraints, and a lack of awareness about international standards. Enhancing these practices is crucial for boosting their competitiveness and sustainability in global markets.
Statement of the Problem
Export-focused agribusiness SMEs in Ondo State face significant challenges in adopting effective financial reporting practices, including inadequate knowledge of IFRS, poor record-keeping, and insufficient technological resources. These limitations undermine their ability to compete in the global market and comply with international financial reporting requirements (Ogunleye & Alabi, 2023).
While financial reporting practices are critical for export success, there is limited empirical research on how Nigerian agribusiness SMEs in Ondo State manage these practices. This study seeks to evaluate their financial reporting processes and recommend improvements.
Objectives of the Study
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To evaluate the current financial reporting practices of export-focused agribusiness SMEs in Ondo State.
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To identify the challenges these SMEs face in implementing effective financial reporting practices.
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To propose strategies for improving financial reporting practices to enhance global competitiveness.
Research Questions
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What are the current financial reporting practices of export-focused agribusiness SMEs in Ondo State?
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What challenges do these SMEs face in implementing effective financial reporting practices?
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What strategies can improve financial reporting practices to enhance global competitiveness?
Research Hypotheses
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Financial reporting practices in export-focused agribusiness SMEs in Ondo State do not significantly align with international standards.
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Challenges faced by agribusiness SMEs do not significantly affect their financial reporting practices.
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Proposed strategies do not significantly improve financial reporting practices in export-focused agribusiness SMEs.
Scope and Limitations of the Study
This study focuses on export-focused agribusiness SMEs in Ondo State, evaluating their financial reporting practices and challenges. Limitations include sectoral diversity within agribusiness SMEs and potential resistance to sharing sensitive financial information.
Definitions of Terms
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Financial Reporting Practices: Methods and processes used to prepare and present financial statements in accordance with regulatory and international standards.
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Export-Focused SMEs: Small and medium-sized enterprises that primarily engage in exporting goods and services.
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Agribusiness: Business activities related to agriculture, including production, processing, and distribution of agricultural products.
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