Thursday, 15 June 2017

Adoption of IFRS in Nigeria: Implimentation and Challenges Among The Nigerian Money Deposit Banks


ABSTRACT
Historically, there is diversity in financial reporting  in  different  countries  due  to  culture,  legal systems,  tax  systems  and  business  structures.  International Financial Reporting Standards (IFRS) harmonizes this diversity by making financial statements more comparable. This study examine the adoption of IFRS in Nigeria in relation to its implementation and challenges among the Nigerian money deposit banks. 


It specifically evaluate whether the first time implementation of IFRS is costly and expensive, it also examine the extent of stakeholders’ awareness of this standard and the influence of existing Nigeria laws on the smooth transition to IFRS.New Institutional Theory is the theoretical framework on which this study was based. 


Eighty five (85) responses were obtained through questionnaires and analyzed using the simple percentages and Z-test statistical method to test its implementation challenges in Nigerian banking industry. The study reveals thatthe first time Implementation of IFRS is very expensive and costly, there is a low level of public awareness on the use of IFRS and the existing Nigerian laws does not have much influence on the smooth transition to IFRS. 

Consequently,recommendations were made that adequate resources should be put in place to support the sustainable implementation of IFRS by government, IFRS awareness programmes should be organized across the country to sensitize and orientate stakeholders on this issue and existing Nigerian laws should further be amended to enhance smooth transition to IFRS in Nigeria. 



TABLE OF CONTENT
Title page
Certification
Dedication
Acknowledgement
Abstract

CHAPTER ONE
INTRODUCTION
1.1 Background of the study
1.2 Statement of the problems
1.3 Objectives of the study

1.4 Research Questions
1.5 Research Hypotheses
1.6 The scope of the study
1.7 Justification for the study
1.8 Outline of the study
1.9 Definition of term 

CHAPTER TWO
LITERATURE REVIEW
2.1 Introduction
2.2 Conceptual Framework
2.3 Theoretical Background
2.4 Empirical Review
2.5 Summary
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Introduction
3.2 Research Design
3.3 Population and Sampling Techniques
3.4 Method of Data Collection
3.5 Method of data Analysis
3.6 Decision Rule

CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
4.1 Introduction
4.2 Presentation and Analysis
4.3 testing of hypotheses
4.4 Discussion of results

CHAPTER FIVE
SUMMARY, CONCLUSION,AND RECOMMENDATIONS
5.1Introduction
5.2 Summary of Findings
5.3 Conclusion
5.4 Recommendations
5.5 Limitations of the Study
5.6 Suggested Areas for Further Research
References
Appendix



ABSTRACT
Historically, there is diversity in financial reporting  in  different  countries  due  to  culture,  legal systems,  tax  systems  and  business  structures.  International Financial Reporting Standards (IFRS) harmonizes this diversity by making financial statements more comparable. This study examine the adoption of IFRS in Nigeria in relation to its implementation and challenges among the Nigerian money deposit banks. 

It specifically evaluate whether the first time implementation of IFRS is costly and expensive, it also examine the extent of stakeholders’ awareness of this standard and the influence of existing Nigeria laws on the smooth transition to IFRS.New Institutional Theory is the theoretical framework on which this study was based. 

Eighty five (85) responses were obtained through questionnaires and analyzed using the simple percentages and Z-test statistical method to test its implementation challenges in Nigerian banking industry. The study reveals thatthe first time Implementation of IFRS is very expensive and costly, there is a low level of public awareness on the use of IFRS and the existing Nigerian laws does not have much influence on the smooth transition to IFRS. 

Consequently,recommendations were made that adequate resources should be put in place to support the sustainable implementation of IFRS by government, IFRS awareness programmes should be organized across the country to sensitize and orientate stakeholders on this issue and existing Nigerian laws should further be amended to enhance smooth transition to IFRS in Nigeria. 


        CHAPTER ONE

INTRODUCTION                                                                          

1.1   BACKGROUD OF THE STUDY

             In the past few years, many developed and developing countries have adopted international financial Reporting Standards (IFRS) as the basis for financial reporting. This is because globalization of capital market is an irreversible process, and there are many potential benefits to be gained from mutually recognized and prospected international accounting standards. The move towards developing an acceptable global high quality financial reporting standard started in 1973 when the International Accounting standards committee (IASC) was formed by professional Accounting bodies from Canada, USA, United Kingdom, Germany, France, Neitherland, Australia, Mexico and Japan. 

The IASC was to formulate uniform and global accountings aimed at reducing the discrepancies in International Accounting principles and reporting practices. In this light, the IASC was established and has actively been championing the uniformity and standardization of accounting principles for the past few years. In April 2001, the IASC was reorganized into International Accounting standard Board (IASB). Thenceforth, the IASB has updated the already existing International Accounting Standards and referred to them as International Financial Reporting standards (IFRS). IFRSs are single set of high quality understandable standard for general purpose of financial reporting which are principles based in contrast to the rules based approach.

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