Challenges of the Current Trends in Financial Reporting Standards: Evidence from Nigeria Stock Exchange.
Author(s)
Ozuomba, Chidinma, Nwamaka , Ogujiofor, Magnus, Nkemjika , Onuoha, Ikenna ,
Download Full PDF Pages: 84-93 | Views: 369 | Downloads: 103 | DOI: 10.5281/zenodo.3464866
Abstract
Since International Financial Reporting Standards (IFRS) became operational more light has been thrown on financial reports. This research work seeks to determines the quality of corporate financial reporting in relation to IFRS, to ascertain the extent of capital formation in corporate entities since adoption of the current trends of corporate financial reporting in Nigeria, and to ascertain users acceptance of financial statement in compliance with IFRS and its improvement in corporate earnings. In order to achieve these objectives, 150 questionnaires were distributed to Zenith bank Nigeria plc, Afrik Pharmaceuticals, ashaka cement, Berger paints, Conoil and Presco Nigeria plc. Data collected was analysed using Z- Test. The study reveals that corporate entities have improved with the provision and implementation of IFRS in Nigeria, that the current trends of corporate financial reporting standards have positive impact on corporate investment. We further recommend that the government and stakeholders should engage in creative awareness and monitor how the current trends of corporate reporting standards can be sustain and consolidate. This will go a long way ensuring that organization which has not implemented the current standards of corporate report is enforced to do so.a
Keywords
Financial reporting standard, current trends, financial statement.
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