Adoption and Application of International Financial Reporting Standards (IFRS) in Nigeria: Problems and Prospects:- Anya, Eucharia Chidinma

ANYA | 94 pages (19455 words) | Projects
Accounting | Co Authors: EUCHARIA CHIDINMA

ABSTRACT

Nigeria has adopted international financial reporting standard (IFRS) from 1st January, 2012. This study examines the problems and prospects on the adoption and application of IFRS in Nigeria with the aim of assessing the effects of IFRS adoption and application on profit after tax and cost of operations of 5 selected banks in Nigeria (Access bank pie, First bank pie, Guaranty Trust bank pie, Diamond bank pie and Zenith bank pie). Ex-post facto research design was used and secondary data were sourced for from the financial statements of the selected banks. Simple Regression was used to test the two hypotheses formulated. The findings suggest that IFRS adoption and application has no significant effect on profit after tax of the selected banks; however IFRS adoption and application exhibits significant effect on cost of operations of the selected banks. The study however concludes that adoption and application of IFRS, despite its cumbersomeness and problems would be to the betterment of the National economy in view of the fact that it enhances better accountability and transparency and improve quality of reporting. This study at the end recommends that there is the need to focus on massive qualitative training on IFRS matters by professional bodies so as to reduce the challenges perceived on IFRS adoption and application and training resources should be readily available at affordable price in order to reduce the cost of training personnel. 

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APA

ANYA, A (2024). Adoption and Application of International Financial Reporting Standards (IFRS) in Nigeria: Problems and Prospects:- Anya, Eucharia Chidinma. Mouau.afribary.org: Retrieved Oct 31, 2024, from https://repository.mouau.edu.ng/work/view/adoption-and-application-of-international-financial-reporting-standards-ifrs-in-nigeria-problems-and-prospects-anya-eucharia-chidinma-7-2

MLA 8th

ANYA, ANYA. "Adoption and Application of International Financial Reporting Standards (IFRS) in Nigeria: Problems and Prospects:- Anya, Eucharia Chidinma" Mouau.afribary.org. Mouau.afribary.org, 11 Mar. 2024, https://repository.mouau.edu.ng/work/view/adoption-and-application-of-international-financial-reporting-standards-ifrs-in-nigeria-problems-and-prospects-anya-eucharia-chidinma-7-2. Accessed 31 Oct. 2024.

MLA7

ANYA, ANYA. "Adoption and Application of International Financial Reporting Standards (IFRS) in Nigeria: Problems and Prospects:- Anya, Eucharia Chidinma". Mouau.afribary.org, Mouau.afribary.org, 11 Mar. 2024. Web. 31 Oct. 2024. < https://repository.mouau.edu.ng/work/view/adoption-and-application-of-international-financial-reporting-standards-ifrs-in-nigeria-problems-and-prospects-anya-eucharia-chidinma-7-2 >.

Chicago

ANYA, ANYA. "Adoption and Application of International Financial Reporting Standards (IFRS) in Nigeria: Problems and Prospects:- Anya, Eucharia Chidinma" Mouau.afribary.org (2024). Accessed 31 Oct. 2024. https://repository.mouau.edu.ng/work/view/adoption-and-application-of-international-financial-reporting-standards-ifrs-in-nigeria-problems-and-prospects-anya-eucharia-chidinma-7-2

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