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: 327 | Downloads: 96 | 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.
References
- Abata, M.A. (2015), The impact of international financial reporting standards (IFRS) adoption on financial reporting practice in the Nigerian banking sector. Journal of Policy and Development Studies. 9(2), 169-189.
- Ande, J.O. (2013).Framework of Financial Reporting and the environme. 2013 session of the Mandatory continuing professional Development(MCPD) programme Training Manuel.
- Adetula M. A.,and Adeyemi S. L. (2014), Small and Medium Scale Enterprises as A Survival Strategy for Employment Generation in Nigeria . Research Journal of Finance and Accounting: 4(1).
- Akindele, A.O. (2012).The impacts of international financial reporting standards adoption on financial statements: The case of Nigeria. Journal of Business Economics and Tourism, vaasa university of applied sciences.
- Asika, N., (1991), Research Methodology in behavioural sciences. 1st edition,longman Nigeria plc.
- Companies and Allied Matters Act (CAMA)1990 (2004)
- Deloitte Global services limited (2012), “Nigeria to adopt IFRS from 2012” Online: www.delotite .com
- Ezeani, N. S. and Oladele R. (2012), adoption of international financial reporting standard (IFRS) to enhance financial reporting in Nigeria universities Arabian Journal of Business and Management Review (OMAN Chapter) 2 (3), 70.
- Financial Reporting Council of Nigeria (FRCN),2011
- IASB meeting, information for observers- conceptual framework” online 17may 2005, London website: http:/www.iasb.orgBoard
- IASB discussion paper(http://www.ifrs.org/current-project/IASB-projects?conceptual-Framework/Discussion-paper-july2013/Documents-paper-conceptual-framework-july-2013pdf
- http://www.journalofaccountancy.com/news/2013/jul/20138392.html
- http://www.esma.europa.eu/page/corporate-reporting
- http://www.ehow.com definition –corporate-financial-reporting html
- Nwakaeze, O.,(2012). Adopting international financial reporting standards (IFRS) in africa: benefits, prospects and challenges. African J. Accounting, Auditing and Finance, 1(1), 77.
- Oladimeji, T. (1995). IFRS Adoption in Nigeria -Tax Implications. Paper presented at CITN Seminar on IFRS Adoption in Nigeria.
- Olamide,A.(2010) management practices in small industry”.
- Okoye, V. (1994) Impact of regulatory accountant to refrain from professional misconduct. Journal of Accounting and Finance . 13(5) 139-147.