ABSTRACT
The study investigated on the impact of IFRS on the preparation of financial statements: The major objective of the study is to examine the impact of IFRS on the preparation of financial statements. To achieve the objective of the study, survey research design method was adopted. The researcher adopted primary data in getting the required information. The population of the study is made up of 7 6 respondents while sample size is made up of 64 after applying taro Yamane formula. However, a total of 64 questionnaires were administrated to the respondents. In testing the hypotheses, Pearson Product Moment . Correlation Coefficient was used. The findings revealed that quality of financial statements issued is enhanced by IFRS, there is high level, of awareness by regulators and other stakeholders on the use of IFRS. The findings further revealed that accounting education and training among regulatory authorities .and stakeholders have a significant effect on the practical implementation IFRS. The researcher recommends that Banks and the regulators should ensure that there is availability of training facilities and materials for professional accountants on the concept of accounting standards and issues relating to its implementation and conversion. The researcher further recommends that Professional accounting bodies in Nigeria should make IFRS training a part of MCPE at a reduce cost. While monitoring the IFRS implementation timetable, the government, the Central Bank of Nigeria and other regulatory bodies should ensure that ethical environment and corporate transparency are observed.
TABLE OF CONTENTS
Title page
Certification 11
Declaration 111
Dedication lV
Acknowledgement
List of Tables
Table of Content
Abstract
CHAPTER ONE: INTRODUCTION 1
1.1 Background to the Study 1
1.2 Statement of the Problem 3
lJObjectives of the Study 5
1 A Research Questions 5
1.5 Research Hypotheses 5
1.6 Significance Of Study 5
1. 7 Scope of the Study 6
1.8 Operational Definition Of Terms 6
CHAPTER TWO: REVIEWOF RELATED LITERATURE 8
2.1 Conceptual Framework 8
2.1.1 Development of Accounting Standards in Nigeria 9
2.1.2 International Financial Reporting Standards 9
2.1.3 Challenges of Adopting Accounting Standards 12
2.1.4 Developing a Common International Approach 13
2.1.5 Barriers to International Approach 14
2.1.6 Benefits of Accounting Standards 15
2.1.7 Lapses Associated With Accounting Standards 15
2.1.8 Financial Statements 17
2.1.9 Objectives of Financial Statements 18
2.1.10 Underlying Assumptions in the Preparation of Financial Statements 19
2.1.11 Characteristics of Financial Statements 20
2.1.12 Elements of Financial Statements 23
2.1.13 Recognition of the Elements of Financial Statements 26
2.1.14 Measurement of the Elements of Financial Statements 28
2.1.15 Contents of Financial Statements 38
2.1.16 Users of Financial Statements and Their Specific Needs 34
2.2 Theoretical Framework 35
2.3 Empirical Review 36
CHAPTERTHREE:METHODOLOGY 39
3 .1 Research Design 39
3 .2 Area of Study 39
3 .3 Population of the Study 39
3 .4 Sample Size and Sample Size Determination 40
3.5 Sample Selection and Sampling Technique 41
3.6 Data Sources and Collection 41
3. 7 Validity and Reliability of Research Instrument 42
3.8 Method of Data Presentation and Analysis 42
CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND INTERPRETATION
4.1 Data presentation 44
4.2 Data Analysis 49
4.3 Test of Hypothesis 52
4. 4 Discussion/Interpretation 53
CHAPTERFIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION 55
5.1 Summary of Findings 55
5.2 Conclusion 55
5.3 Recommendations 56
References 57
Appendix 59
OGELE, C (2021). Impact Of IFRS On The Preparation Of Financial Statements In Nigeria. Mouau.afribary.org: Retrieved Oct 31, 2024, from https://repository.mouau.edu.ng/work/view/impact-of-ifrs-on-the-preparation-of-financial-statements-in-nigeria-7-2
CHINAZO, OGELE. "Impact Of IFRS On The Preparation Of Financial Statements In Nigeria" Mouau.afribary.org. Mouau.afribary.org, 10 Mar. 2021, https://repository.mouau.edu.ng/work/view/impact-of-ifrs-on-the-preparation-of-financial-statements-in-nigeria-7-2. Accessed 31 Oct. 2024.
CHINAZO, OGELE. "Impact Of IFRS On The Preparation Of Financial Statements In Nigeria". Mouau.afribary.org, Mouau.afribary.org, 10 Mar. 2021. Web. 31 Oct. 2024. < https://repository.mouau.edu.ng/work/view/impact-of-ifrs-on-the-preparation-of-financial-statements-in-nigeria-7-2 >.
CHINAZO, OGELE. "Impact Of IFRS On The Preparation Of Financial Statements In Nigeria" Mouau.afribary.org (2021). Accessed 31 Oct. 2024. https://repository.mouau.edu.ng/work/view/impact-of-ifrs-on-the-preparation-of-financial-statements-in-nigeria-7-2