An Examination of the Effect of International Trade on Financial Accounting Practices in Nigeria: A Study of Dangote Group
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Background of the Study
International trade has significantly influenced financial accounting practices in emerging economies, including Nigeria. As global trade expands, businesses like the Dangote Group, which operates in multiple international markets, face the need to comply with international financial reporting standards (IFRS) and adapt their practices to global norms (Adegbite & Oladipo, 2024).
The integration of Nigeria into global trade networks has led to increased scrutiny of financial practices, necessitating transparency and consistency. For multinational corporations like the Dangote Group, maintaining financial records that align with international standards is critical for competitiveness and stakeholder confidence (Eze & Bello, 2023). This study explores how international trade affects financial accounting practices in Nigeria, focusing on the Dangote Group as a case study.
Statement of the Problem
While international trade offers opportunities for growth, it also presents challenges in aligning financial accounting practices with global standards. The Dangote Group, as Nigeria's largest conglomerate, must navigate complex regulatory environments, currency fluctuations, and diverse tax regimes (Usman & Okonkwo, 2024).
The lack of uniform adoption of IFRS and inconsistencies in financial reporting frameworks across borders can hinder Nigerian companies’ ability to compete internationally. This study seeks to understand how international trade influences financial accounting practices in the Nigerian context.
Objectives of the Study
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To analyze the impact of international trade on financial accounting practices in Nigeria.
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To examine the challenges faced by the Dangote Group in aligning with international financial reporting standards.
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To propose strategies for improving financial accounting practices to support international trade.
Research Questions
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How does international trade influence financial accounting practices in Nigeria?
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What challenges does the Dangote Group face in complying with international financial reporting standards?
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What strategies can improve financial accounting practices in the context of international trade?
Research Hypotheses
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H₀₁: International trade does not significantly impact financial accounting practices in Nigeria.
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H₀₂: Challenges faced by the Dangote Group do not significantly affect its compliance with international standards.
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H₀₃: Proposed strategies do not significantly enhance financial accounting practices in the context of international trade.
Scope and Limitations of the Study
The study focuses on the Dangote Group and examines how international trade impacts its financial accounting practices. Limitations include the availability of data on proprietary practices and the dynamic nature of international trade regulations.
Definitions of Terms
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International Trade: The exchange of goods and services across international borders.
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Financial Accounting Practices: The methods and standards used to prepare financial records and reports.
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IFRS: International Financial Reporting Standards that govern financial reporting globally.
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