ABSTRACT
This research study borders on accessing the relationship between IFRS and financial reporting of companies. The research started by examining the historical background of IFRS and financial reporting as well as discussing other authors’ view on various topics related to the issue. Data were collected from both primary and secondary sources. The relevant data collected were analyzed and tested using simple percentages, tables and charts. Subsequently, the two hypotheses were tested using Regression Analysis and Pearson’s Correlation Coefficients through the use of Statistical Packages for Social Science. The result of the analysis revealed that there is a significant relationship between IFRS and financial reporting of companies in Nigeria and that IFRS adoption has increased the level of confidence of global investors and investment analysts in the financial statements of companies in Nigeria. The findings from the research work also revealed that IFRS serves as effective tool for enhancing comparability and interpretation of financial statements of the companies. The study concluded that despite the challenges associated with adopting IFRS such as its complexity of conversion, lack of sound ethical environment and IFRS trained Accountants; IFRS is still a great catalyst for enhancing and boosting financial reporting of companies. Finally, the study recommends that for a successful adoption of IFRS in Nigeria, the government and the relevant authorities should improve upon the training of professionals, provide more funds for conversion and enable a sound ethical environment and corporate transparency.
INTRODUCTION
.............. Financial reporting is an important aspect in every business enterprise and company. It involves a process of formally recording the company’s financial activities with the use of financial reports or statements, which includes all the relevant financial information. These statements apart from providing information about the financial position also provide information as to the level of income, financial position, changes in equity and cash flows of these enterprises that is useful to a wide range of users in making economic decisions.
For the preparation and usage of these financial statements, some accounting standards have been put in place and are often reviewed by the appropriate standard-setting body locally and internationally (Robert O., 2009). The Nigerian Accounting Standards Board (NASB), now Financial Reporting Council of Nigeria (FRCN), issues these standards in Nigeria. The standards issued by the NASB are known as Statements of Accounting Standards (SAS) while the International Accounting Standards Board (IASB) – formerly International Accounting Standards Committee (IASC), issues them at the international level. The standards issued by the IASB are referred to as International Financial Accounting Standards (IFRS).
In 1973, the International Accounting Standards Committee (IASC) was established as an independent, private sector body to set acceptable and applicable standards for the preparers and users of financial statements around the world. During the period from 1997-1999, a restructuring program was implemented which resulted in the cessation and its replacement by a new IASC with effect from 1st April 2001 with two main organs- The Trustees and IASB (Robert O. I., 2009).
The increasing growth in international trade and investment in which most of these companies are unavoidably in has brought to the fore the craze for adoption of International Financial Reporting Standards (IFRS) by both the developed and developing countries. A number of African countries including Nigeria, Ghana, Sierra Leone, South Africa, Kenya, Zimbabwe, and Tunisia among others have adopted or declared intentions to adopt the standard. This is a welcome development considering the fact that the quality of financial reporting is essential to the needs of users who require useful accounting information for investment and other decision-making purposes (Owolabi A. & Iyoha F. O., 2011). ...............
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CHAPTER ONE: INTRODUCTION
1.1 Background to the study
1.2 Statement of problem
1.3 Objectives of the study
1.4 Research questions
1.5 Research hypotheses
1.6 Significance of the study
1.7 Scope and limitation of the study
1.8 Organization of the study
1.9 Definition of terms
REFERENCES
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1 Introduction
2.2 Structure and List of IFRS
2.3 Objectives and importance of IFRS
2.4 Reasons why Countries adopt IFRS
2.5 Reasons why Nigeria decided to adopt IFRS
2.6 Concept of Financial Reporting
2.7 Purpose of Financial Reports by Business Entities
2.8 Accounting Models under IFRS
2.9 Underlying Assumptions in IFRS
2.10 Qualitative Characteristics of Financial Statements
2.11 Elements of Financial Statements
2.12 Requirements of IFRS
2.13 The Five Stages Involved in IFRS Adoption
2.13.1 Stage1: Initial Assessment
2.13.2 Stage 2: Detailed Analysis
2.13.3 Stage 3: Designing the Change Process
2.13.4 Stage 4: Managing the Change Process
2.13.5 Stage 5: Implement and Monitor
2.14 Institutional and Legal Requirements for Financial Reporting in Nigeria
2.14.1 Accountancy Bodies (ICAN and ANAN)
2.14.2 Central Bank of Nigeria
2.14.3 Securities and Exchange Commission (SEC)
2.14.4 Nigerian Accounting Standards Board (NASB)
2.14.5 National Insurance Commission (NAICOM)
2.15 General Implications of IFRS Adoption
REFERENCES
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction
3.2 Research Design
3.3 Population Description
3.4 Sample Size Determination
3.5 Sources of Data
3.6 Instrument of Data Collection
3.7 Design and Administration of Questionnaires
3.8 Method of Data Analysis
3.8.1 Regression Analysis
3.9.2 Karl Pearson Product- Moment Correlation Co-Efficient
3.9 Operational Measures of Variables
3.10 Validity and Reliability of the Research Instrument
3.11 Method of Organizing Data
REFERENCES
CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND INTERPRETATION
4.1 Introduction
4.2 Presentation, Analysis and Interpretation
4.2.1 Distribution and Return of Questionnaires
4.2.2 Responses from Section A
4.2.3 Responses from Section B
4.2.4 Analysis using Secondary Data
4.3 Hypothesis Testing
4.3.1 Test of Hypothesis 1
4.3.2 Test of Hypothesis 2
4.4 Discussion of Findings
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Introduction
5.2 Summary of Findings
5.2 Conclusions
5.4 Recommendations
Bibliography
Appendix 1
Appendix 2
Reference code: c007
Reference code: c007
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95 Pages
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