Prospect And Problems Of Adoption Of International Financial Reporting Standard Of Smale Scale Industries In Abia State (A Study Of Selected Companies In Aba)
ABSTRACT
This study focused on the examination of the prospect and problems of adoption of international financial reporting standard on small scale industries in Abia state. Specflcally, it investigated the role of IFRS for improved accounting information in Nigerian banks; the problems regarding the adoption and application of IFRS in Nigerian banks; and extent of implementation of IFRS therein. The study adopted the descriptive survey research design. Data for the study were sourced through primary and secondary source of data. Sample size of 30 staff of three selected banks was determined using the taro Yemen 's formula. A well structured questionnaire was administered to extract data for this study. The descriptive statistics was used as the analytical tool and the study revealed that there is no signfIcant dfference between the benefits before and after the adoption of JFRS among the selected banks and that the problem associated with the adoption and application of IFRS in Nigeria is so high. Thus, the study conclusively argues that through the adoption and application of IFRS in Nigeria creates some problem in Nigeria banks, it will be the betterment of the nation. The research relying on the findings recommends that Nigeria should still go ahead in the implementation of IFRS in view of the sign ficant roles it plays which includes; harmonization of accounting standards, easy consolidation of financial statement, comparability and transparency of results and better management of global operation.
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JOHN, O (2021). Prospect And Problems Of Adoption Of International Financial Reporting Standard Of Smale Scale Industries In Abia State (A Study Of Selected Companies In Aba). Mouau.afribary.org: Retrieved Oct 31, 2024, from https://repository.mouau.edu.ng/work/view/prospect-and-problems-of-adoption-of-international-financial-reporting-standard-of-smale-scale-industries-in-abia-state-a-study-of-selected-companies-in-aba-7-2
OLUOMACHI, JOHN. "Prospect And Problems Of Adoption Of International Financial Reporting Standard Of Smale Scale Industries In Abia State (A Study Of Selected Companies In Aba)" Mouau.afribary.org. Mouau.afribary.org, 16 Jun. 2021, https://repository.mouau.edu.ng/work/view/prospect-and-problems-of-adoption-of-international-financial-reporting-standard-of-smale-scale-industries-in-abia-state-a-study-of-selected-companies-in-aba-7-2. Accessed 31 Oct. 2024.
OLUOMACHI, JOHN. "Prospect And Problems Of Adoption Of International Financial Reporting Standard Of Smale Scale Industries In Abia State (A Study Of Selected Companies In Aba)". Mouau.afribary.org, Mouau.afribary.org, 16 Jun. 2021. Web. 31 Oct. 2024. < https://repository.mouau.edu.ng/work/view/prospect-and-problems-of-adoption-of-international-financial-reporting-standard-of-smale-scale-industries-in-abia-state-a-study-of-selected-companies-in-aba-7-2 >.
OLUOMACHI, JOHN. "Prospect And Problems Of Adoption Of International Financial Reporting Standard Of Smale Scale Industries In Abia State (A Study Of Selected Companies In Aba)" Mouau.afribary.org (2021). Accessed 31 Oct. 2024. https://repository.mouau.edu.ng/work/view/prospect-and-problems-of-adoption-of-international-financial-reporting-standard-of-smale-scale-industries-in-abia-state-a-study-of-selected-companies-in-aba-7-2