Background of the Study
Compliance with financial reporting standards is critical to the credibility and integrity of the banking sector. In Nigeria, the adoption of IFRS aimed to standardize financial reporting practices across the industry. Zenith Bank, one of the leading banks in Nigeria, has established itself as a benchmark for financial performance and reporting. The Central Bank of Nigeria (CBN) and other regulatory bodies monitor compliance with IFRS to ensure transparency and fairness in financial reporting practices.
Nigerian banks, including Zenith Bank, face increasing scrutiny regarding their adherence to these standards. Compliance enhances stakeholders’ trust and facilitates better decision-making by providing accurate and reliable financial information. However, challenges such as insufficient training, complex regulatory requirements, and resource constraints hinder effective compliance (Obaje & Olufemi, 2023). This study evaluates Zenith Bank’s adherence to financial reporting standards and the factors influencing compliance.
Statement of the Problem
Non-compliance with financial reporting standards remains a significant issue in the Nigerian banking sector. Despite stringent regulations, lapses in compliance persist, undermining confidence in financial statements. Zenith Bank, a leader in the sector, serves as an ideal case study for evaluating compliance levels.
Challenges such as inconsistencies in reporting practices, inadequate technical expertise, and insufficient enforcement mechanisms contribute to non-compliance. Understanding these issues within Zenith Bank can provide insights into broader compliance trends in the Nigerian banking industry (Abubakar & Salami, 2024).
Objectives of the Study
To assess the level of compliance with financial reporting standards by Zenith Bank.
To identify challenges affecting compliance with IFRS in Zenith Bank.
To evaluate the role of regulatory bodies in ensuring compliance with financial reporting standards.
Research Questions
What is the extent of compliance with financial reporting standards by Zenith Bank?
What challenges does Zenith Bank face in adhering to IFRS?
How effective are regulatory bodies in ensuring compliance with financial reporting standards?
Research Hypotheses
Zenith Bank complies significantly with financial reporting standards.
Challenges in IFRS implementation negatively affect compliance in Zenith Bank.
Regulatory bodies play a significant role in ensuring compliance with financial reporting standards.
Scope and Limitations of the Study
The study focuses on evaluating Zenith Bank's compliance with financial reporting standards between 2015 and 2025. While it relies on publicly available financial reports and stakeholder interviews, limitations may arise from restricted access to internal data and regulatory insights.
Definition of Terms
Compliance: Adherence to rules, standards, or laws governing financial reporting.
Regulatory Bodies: Institutions tasked with overseeing compliance with financial reporting standards.
IFRS: Accounting standards designed for global consistency in financial reporting.
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