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Download the complete Accounting project topic and material (chapter 1-5) titled IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS), PROSPECTS AND CHALLENGES: A STUDY OF SELECTED LISTED COMPANIES IN NIGERIA here on PROJECTS.ng. See below for the abstract, table of contents, list of figures, list of tables, list of appendices, list of abbreviations and chapter one. Click the DOWNLOAD NOW button to get the complete project work instantly.

 

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Download the complete Accounting project topic and material (chapter 1-5) titled IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS), PROSPECTS AND CHALLENGES: A STUDY OF SELECTED LISTED COMPANIES IN NIGERIA here on PROJECTS.ng. See below for the abstract, table of contents, list of figures, list of tables, list of appendices, list of abbreviations and chapter one. Click the DOWNLOAD NOW button to get the complete project work instantly.

 

PROJECT TOPIC AND MATERIAL ON IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS), PROSPECTS AND CHALLENGES: A STUDY OF SELECTED LISTED COMPANIES IN NIGERIA

The Project File Details

  • Name: IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS), PROSPECTS AND CHALLENGES: A STUDY OF SELECTED LISTED COMPANIES IN NIGERIA
  • Type: PDF and MS Word (DOC)
  • Size: [572KB]
  • Length: [70] Pages

 

ABSTRACT

The International financial reporting standards (IFRS) adoption is already an -issue of global relevance among various countries of the world due to the quest for uniformity, reliability and comparability of financial statements of companies. The implementation of International Financial Reporting Standards (IFRS) in Nigeria like in many countries has prospects and challenges, thus Low level of public awareness by regulators and other stakeholders on the use of IFRS in Nigeria, Poor knowledge of IFRS procedures and implementation of the standards in Nigeria are some of the problems in which this research wants to measure. The population consists of listed companies in Nigeria, 60 structured questionnaires –was administered Using Z- test and ANOVA for the analysis of questionnaires. Findings showed that International Financial Reporting Standards have the -potential for yielding greater benefits than current Generally Acceptable Accounting Principle (GAAP) and there is wide gap between practical implementation of IFRS and accounting education and training among regulatory authorities and stake holders, it is duly recommended that Nigeria government should endeavor to raise awareness of professionals, regulators and prepares to improve the knowledge gap and Professional accounting bodies in Nigeria should make IFRS training a part of MCPE at a reduce cost. With implementation, Nigeria companies will produce a more credible financial statements that will not only be uniformed but also provide a basis for better interpretation.

TABLE OF CONTENTS

Title Page i
Declaration ii
Certification iii
Dedication iv
Acknowledgements v
Abstract vi
Table of Contents vii
List of Tables ix

CHAPTER ONE: INTRODUCTION
1.1 Introduction 1
1.2 Background to the study 1
1.3 Statement of the problem 2
1.4 Objectives of the study 2
1.5 Research questions 3
1.6 Statement of the hypotheses 3
1.7 Significance of the study 4
1.8 Justification of the study 4
1.9 Scope of the study 5
1.10 Definitions of terms 5

CHAPTER TWO: LITERATURE REVIEW
2.0 Introduction 6
2.1 Conceptual frame work 6
2.2 Theoretical framework 15
2.3 Literature on subject matter 18

CHAPTER THREE: METHODOLOGY
3.0 Area of study 23
3.1 Research design and sources of data 23
3.2 Study Population and Determination of Sample Size 23
3.3 Instrumentation 24
3.4 Procedure for Data Collection and Data Analysis 25
3.5 Limitations of the study 26

CHAPTER FOUR: DATA ANALYSIS FINDINGS AND DISCUSSION
4.0 Data Analysis, Findings and Discussion 27
4.1 Findings of the Study 27
4.2 Discussions of Findings 50

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION
5.0 Summary of findings 52
5.1 Conclusion 52
5.2 Recommendations 53
References 55
Appendix 57

LIST OF TABLES
Table 3.2.1: Distribution of staff of the selected listed companies—————————–24
Table 4.1.1: Answer from Respondent Gender—————————————————-27
Table 4.1.2: Answer from Respondent Age distribution—————————————–28
Table 4.1.3: Answer from Respondent Marital status——————————————– 29
Table 4.1.4: Answer from Respondent Educational qualification—————————— 29
Table 4.1.5 Correlations on objectives one———————————————————31
Table 4.1.6 Correlations on objectives two———————————————————32
Table 4.1.7 Correlations on objectives three——————————————————–33
Table 4.1.8 Correlations on objectives four———————————————————34
Table 4.1.9 Hypothesis 1——————————————————————————35
Table 4.1.10 Computation of mean and standard deviation IFRS——————————- 36
Table 4.1.11——————————————————————————————— 37
Table 4.1.12 Hypothesis 2—————————————————————————-38
Table 4.2.13——————————————————————————————–39
Table 4.1.14 Adoption of IFRS———————————————————————-40
Table 4.1.15 Hypothesis 3—————————————————————————-41
Table 4.1.16 Computation of mean and standard deviation Effect of IFRS——————-42
Table 4.1.17 Adoption of IFRS———————————————————————-43
Table 4.1.18 Model Summary of hypothesis one————————————————– 44
Table 4.1.19 ANOVAb of hypothesis one———————————————————–45
Table 4.1.20 Coefficientsa of hypothesis one——————————————————-46
Table 4.1.21 Model Summary of hypothesis two————————————————–46
Table 4.1.22 ANOVAb of hypothesis two———————————————————–47
Table 4.1.23 Coefficientsa of hypothesis two——————————————————–48
Table 4.1.24 Model Summary of hypothesis three————————————————–48
Table 4.1.25 ANOVAb of hypothesis three———————————————————–49
Table 4.1.26 Coefficientsa of hypothesis three——————————————————–50

CHAPTER ONE

INTRODUCTION
The International financial reporting standards (IFRS) adoption is already an -issue of global relevance among various countries of the world due to the quest for uniformity, reliability and comparability of financial statements of companies. The implementation of International Financial Reporting Standards (IFRS) in Nigeria like in many countries has prospects and challenges, thus Low level of public awareness by regulators and other stakeholders on the use of IFRS in Nigeria, Poor knowledge of IFRS procedures and implementation of the standards in Nigeria are some of the problems in which this research wants to measure.

1.2 Background to the Study
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standard board (IASB) that is becoming the global standard for the preparation and presentation of public company financial statement. Currently, there are thirteen IFRSs and 29 IASs that are used to drive businesses globally. In the same vein, there are 15 interpretations under the new IFRS. All these are expected to guide firms in the preparation of financial statements (Micheal.O, 2013) this end concluded that the global adoption of a single set of financial reporting standard will in no small measure enhance comparability and create an enabling environment for all investors to be able to compare effectively investment opportunities across the global market. It will be in the interest of the Nigerian. Okpala, K.E (2011) stated also that the adoption of the IFRS will ensure transparency, accountability and integrity in financial reporting necessary for addressing the crisis in the financial sector in Nigeria which was responsible for the Nigeria loss of the Foreign Direct Investment (FDI) in the oil and gas sector to countries such as Ghana that have begun oil production in commercial quantity and who are perceived to have better financial reporting standards in place. Nigeria still needs to brace up for the significant change in the financial reporting landscape that will be brought about by the full adoption of IFRS in Nigeria. In the conversion process, organization need to understand the effect on their financial statements especially income statement, equity and distributable profit. The conversion process will impact on management reporting, budgeting, accounting manuals, chart of accounts and bases of valuations.

1.3 Statement of problem
The survival of any business organization to a large extent depends on the quality of the management decision of such firms. To this end, Management decision making is not possible without the aid of accounting information. The non-adoption of International Financial Reporting Standard in reporting financial stewardship/activities over the years might have been informed by the following specific problems (Ovute and Eyisi, 2014).
 Poor knowledge of IFRS procedures and implementation of the standards in Nigeria.
 Adverse Influence of existing organizational Nigeria laws on the domestication and smooth transition to IFRS.
 Low level of public awareness by regulators and other stakeholders on the use of IFRS in Nigeria.
 Difficulty in comparability of financial statements of similar companies.
 Reliability placed on the financial statement by users.

1.4 Objectives of the study
The general objective of this study is to examine the prospects of adopting the IFRS in a corporate organization while the specific objectives are:
i. Determine the effect of accounting education and training among others, provided by regulatory authorities and stakeholder towards practical implementation of IFRS in Nigeria.
ii. To determine the extent to which IFRS implementation affect the consolidation of financial statements of listed companies
iii. Ascertain ways of enhancing organizational performance through implementation of IFRS in Nigeria listed companies.
iv. Examine the influence of existing Nigeria laws on the domestication and smooth transition to IFRS.

1.5 Research Questions
i. Is there significant effect of accounting education and training among regulatory authorities and stakeholder on the practical implementation of IFRS in Nigeria?
ii. To what extent does IFRS affect the consolidation of financial statements of listed companies?
iii. In what ways can the implementation of IFRS enhance organizational performance of listed companies?
iv. What is the influence of existing standards on the smooth transition to IFRS?

1.6 Statement of the Hypotheses
Hypothesis I
Ho: IFRS does not provide greater benefit than the current GAAP (SASs).
Hi: IFRS provides greater benefit than the current GAAP (SASs)
Hypothesis II
Ho: there is no significant relationship between IFRS implementation and changes in organizational performance of listed companies.
Hi: There is significant relationship between IFRS implementation and changes in organizational performance of listed companies
Hypothesis III
Ho: There is no significant relationship between practical implementation of IFRS and accounting education and training among regulatory authorities and stakeholders.
Hi: There is significant relationship between practical implementation of IFRS and accounting education and training among regulatory authorities and stakeholders.

1.7 Significance of the Study
This study is of immense benefits apart from assurance of useful and meaningful decision on investment portfolio in the country, there would be attraction of Foreign Direct investment (FDI). This study also is significant to the Nigerian economy as the IFRS would enhance transparency in the conduct of business in the private and public sectors of the economy (Okpala, K.E, 2012).

1.8 Justification of the Study
The significance of this study would also create easier access to external capital; reduction in the cost of doing business across borders by eliminating the need for supplementary information from Nigerian companies; easier regulation of financial information in the country; and enhance knowledge of global financial reporting standards in tertiary institutions amongst others (G.O Demaki, 2013) Researchers in other developing nations which are yet to adopt the policy may also find this study relevant in spite of technology, expertise and environmental challenges
prevailing in the circumstance, than in more advanced nations as IFRS is a globalised and converged policy across the globe.

1.9 Scope of the study
The content of this research work is not totally exhaustive of all possible situations available. Therefore, the scope of this research work will be limited to the prospect and challenges of international financial reporting standard, (IFRS) of three selected listed companies in Oyo state. The reasons for this is because, International Financial Reporting Standards (IFRS) is a living study thus a contemporary issue in accounting development and as such, entities in Nigeria are ongoing in the processes.
1.10 Definition of terms
1.10.1 Implementation: an instance of adopting somebody or something such idea, name or attitude
1.10.2 Organizational performance: this relates to how successful organized group of people with particular purpose perform a function
1.10.3 Accounting standard: they specify how transactions and other event are to be recognized, measured and presented.
1.10.4 Challenges: Significant
1.10.5 Prospect: Benefits
1.10.6 Financial statement: are collection of report about and organization financial condition and cash flow.
1.10.7 GAAP: Generally Acceptable Accounting Principle
1.10.8 IFRS: International Financial Reporting Standard

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