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Author: Abdulsalam Mas'ud
Publisher:
ISBN:
Category :
Languages : en
Pages : 1
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Book Description
The rapidity in global adoption of International Financial Reporting Standard (IFRS) by more than 120 countries as at September 2011 indicates that harmonization and uniformity in financial reporting throughout the world is attainable. However, despite the opportunities that can be exploited through IFRS adoption some countries encountered some setbacks in the adoption process. Among the problems being encountered are filing a legal action against the standard's adoption, cost implication and low level of preparedness by both governments and standard implementers. For the fact that IFRS adoption is important ingredient to sustainable national development in Nigeria, this paper conducts a SWOT analysis to the impending IFRS adoption in Nigeria. On the strength side Nigeria possesses all the elements needed for IFRS adoption. However, on the weakness side, it was found that there are some flaws in these elements. It was also found that despite the opportunities such as; increased flow of Foreign Direct Investment (FDI), accessing capital by Nigerian companies from abroad and International rating, the country need to be aware of threats such as the level of preparedness, transition cost and the complexity of IFRS. Based on the SWOT analysis conducted, appropriate recommendations were made.
Author: Abdulsalam Mas'ud
Publisher:
ISBN:
Category :
Languages : en
Pages : 1
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Book Description
The rapidity in global adoption of International Financial Reporting Standard (IFRS) by more than 120 countries as at September 2011 indicates that harmonization and uniformity in financial reporting throughout the world is attainable. However, despite the opportunities that can be exploited through IFRS adoption some countries encountered some setbacks in the adoption process. Among the problems being encountered are filing a legal action against the standard's adoption, cost implication and low level of preparedness by both governments and standard implementers. For the fact that IFRS adoption is important ingredient to sustainable national development in Nigeria, this paper conducts a SWOT analysis to the impending IFRS adoption in Nigeria. On the strength side Nigeria possesses all the elements needed for IFRS adoption. However, on the weakness side, it was found that there are some flaws in these elements. It was also found that despite the opportunities such as; increased flow of Foreign Direct Investment (FDI), accessing capital by Nigerian companies from abroad and International rating, the country need to be aware of threats such as the level of preparedness, transition cost and the complexity of IFRS. Based on the SWOT analysis conducted, appropriate recommendations were made.
Author: Solomon Abuba
Publisher:
ISBN:
Category :
Languages : en
Pages : 12
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Book Description
The globalization of economic systems as part of the move towards turning the world to a global village has not left the financial reporting and the accounting system and has propelled the introduction of International Financial Reporting Standard (IFRS). The International Standards of Accounting and Reporting (ISAR) as a professional body set to oversee the implementation and maintenance of IFRS discovered through case studies that the implementation of IFRS in countries with different economic culture have introduced different versions of the IFRS. In line with this, this paper is a critical insight on the adoption of IFRS in Nigeria, looking at its history, benefits, challenges and lessons which will help countries that are yet to adopt IFRS in charting their course; the paper discovered that Nigeria have experienced the benefits of IFRS mostly in its international transaction as a developing nation; that Nigeria is using the gradual convergence method; that some of the local GAAP is conflicting with the IFRS when it gets to local circumstances because some of those domestic financial reporting policies have not been amended to accommodate IFRS; these challenges were surmised under: Existing Laws and Regulations, Costs of Implementation, Technology and Technical Capacity, Level of Awareness, Level of Education and Enforcement. The position of this paper is that the urgency in the adoption of is a positive move towards Nigeria's economic development with better adoption options as a way forward.
Author: Emmanuel Ogbenjuwa
Publisher:
ISBN: 9783659898907
Category :
Languages : en
Pages : 280
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Author: Zaharaddeen Salisu Maigoshi
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 91
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Author: Adewale Adegoke Alawiye-Adams
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ISBN:
Category :
Languages : en
Pages : 19
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The financial statements of banks are depended upon by a large number of stakeholders. The quality of such financial statements is of paramount importance, especially in the advent of globalization. International Financial Reporting Standards (IFRSs) were developed to ensure not only uniform standard but good quality of financial reporting. In Nigeria, doubts have been raised on financial statements of banks in the last decade to the extent that some of these banks failed. This study sets out to examine the impact of IFRSs on the quality of financial statements of banks in Nigeria with emphasis on the comparability, relevancy and clarity of objectives of Nigerian banks. A case study approach was used to arrive at conclusion drawn from the study. This involves a survey of both internal and external stakeholders using a questionnaire. Data obtained were analysed using the Chi-Square technique. Results show that there is a significant relationship between IFRS adoption and the comparability objectives of Nigerian banks as X2-calculated of 14.96 is greater than the X2-critical/table value of 5.99 at 0.05 LOS. It was further discovered that IFRS adoption has a substantial influenced on the relevancy quality as X2-calculated of 14.0 is greater than the X2-critical/table value of 5.99 at 0.05 LOS. It was also found that IFRS adoption has significantly influence the clarity objectives of Nigerian banks as X2-calculated of 25.4 is greater than the X2-critical/table value of 5.99 at 0.05 LOS. It was concluded that IFRS adoption has significant impact on quality of financial statements of banks in Nigeria. It is recommended that the adoption of IFRS in preparation and disclosure of financial statement should be enforced. Auditors should declare if the accounts comply with the requirements of the standards.
Author: Ogbuogebe Chukwudubem Victor
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 33
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Author: Olawale Luqman
Publisher:
ISBN:
Category :
Languages : en
Pages : 21
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This research work examined the impact of International Financial Reporting Standard (IFRS) adoption on Banks performance in Nigeria. The study is based on the appraisal of IFRS compliance and Adoption. Both primary and secondary data were used in this study. The primary data would be sourced via a questionnaire administered in a survey conducted on examining the convergence to IFRS in Nigeria Commercial Banks using Access bank Plc. as a case study while the secondary data collected from Annual Report of Access Banks Plc from 2007 to 2012 as well as journals, textbooks and newspapers. The result of the analysis showed that at there is significant relationship adoption of IFRS and financial reporting of banks in Nigeria and that there is significant relationship between IFRS and banks performance in Nigeria. At degree of freedom 2 and 5% level of significance, the X2 table value is 5.99 while the calculated value is 6.380 and the F statistics computed value show a figure of 23.254 which is significant at 5% level of significant which leads to the rejection of the null hypotheses and the acceptance of the alternate hypotheses which state that there is significant relationship between adoption of international financial reporting standards and financial reporting of banks in Nigeria and that there is significant relationship between international financial reporting standards and banks performance in Nigeria. However, comprehensive implementation of the standard to its totality by firms in the country, and the regulatory authorities should monitor strict compliance.
Author: Maria Ming Bengtsson
Publisher:
ISBN: 9789178959037
Category :
Languages : en
Pages :
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In the past few decades, there has been a global trend of international harmonization of accounting standards, with many countries having either partially or completely replaced their national accounting standards with the International Financial Reporting Standards (IFRS). The intended goal is to remove the barriers that hinder investors when comparing accounting information of companies from different nations, while simultaneously reducing the transaction costs for firms. However, research has shown that countries adopt IFRS unequally, ranging from resistance, partial adoption to full adoption. If the IFRS are not adopted to the same extent around the world, the central purpose of international standards can be compromised, as foreign investors cannot be confident when comparing financial statements. Uneven IFRS adoption could even be harmful to investors who believe that accounting standards have been converged worldwide--when, in fact, financial reporting differences continue to exist across national borders while being covered under the façade of the IFRS.Using China as the case country, this thesis aims to conduct an analysis on the causes of different degrees of IFRS adoption at the national level and to examine how and why such causes affect accounting standard-setters' strategies in the era of international accounting harmonization. To build a holistic view within the complex empirical phenomenon of simultaneous convergence with and resistance to the IFRS, this thesis draws on the influence of neo-institutional theory while integrating the approach from international accounting classification. It puts forward the viewpoint that, in order to comprehend the coexistence of diversified acceptance levels of IFRS, it is necessary to understand the dynamics of the institutional variables that underlie the responses deployed by accounting standard-setters when deciding whether a set of exogenously developed accounting standards can really fit into their domestic institutional settings.The research relies on extensive archival documents. The findings show that the factors influencing China's current convergence status with the IFRS are multifaceted, fluid, and interrelated. The Chinese accounting standard-setters' reaction to the pressure of international accounting harmonization is a strategic response that follows China's national ideology. Furthermore, IFRS convergence in the case of China reflects a cooperation and mutual dependence between the external institutional norm and the adopting organization, rather than a one-sided pressure. The Chinese experience also reveals that the economic incentives embedded in the technical attributes of the IFRS contributed to IFRS acceptance in China.
Author: Professor Muhammad Tanko
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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This paper assesses the effect of compliance with the regulation and provisions of the international financial reporting standards on the performance of some selected Nigerian banks that are quoted on the Nigerian stock market. The paper defines the change in performance based on two parameters. First, change in Accounting Quality of the firms, for which we used such variables as; earnings management, and timely loss recognition. Secondly we measure the performance of the firms based on changes on identified financial ratios of the firms. We tested the impact of adoption as it relates to profitability, growth, leverage, and liquidity performance. The paper utilizes secondary data to tests the effects of the adoption of IFRS on the performance of the selected firms in Nigeria. Logit regression and t-test were used in the analysis. The paper finds that variability of earnings has decreased from an average of 32624.4 to 14432.2 which suggest that there was low variability in earnings in the post adoption period. Timely loss recognition is the measure for prevalence of large negative earnings where large negative results suggest that the loss recognition is not timely in the post adoption period. For our study we found LNEG to be positive which signifies that IFRS firms recognize losses more frequently in the post adoption period than they do in the pre adoption period, we therefore conclude that accounting quality improves after the adoption of IFRS. Furthermore, under IFRS firms tend to exhibit higher values on a number of profitability measures, such as earnings per share (EPS). It is our recommendation that comprehensive implementation of the standard to its totality by firms should be encouraged and regulatory authorities such as the Securities and Exchange Commission, and external auditors should monitor strict compliance with the adoption and provisions of the standards.
Author: Ezeani Nneka S.
Publisher:
ISBN:
Category :
Languages : en
Pages : 16
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