THE IMPACTS OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTION ON FINANCIAL STATEMENTS (The case of Nigeria)

For more Business Economics and Tourism Projects click here


ABSTRACT
The Adoption of International Financial Reporting Standards (IFRS) has changed the way and manner in which financial statements are prepared, reported or presented. Globalization of capital markets requires a unified global accounting, reporting and disclosure set of standards. As a result of increasing volume of cross border capital flows and the growing number of foreign direct investments via mergers and acquisitions in the globalization era, the need for the harmonization of different practices in accounting and the acceptance of worldwide standards has arisen. The International Accounting Standards Board adopted the IFRS framework on 1 April, 2001, following which the standards were adopted by over 90 countries around the world. Nigeria's growing prominence in the global business community necessitates that regulators and operators in the Nigerian Financial System take proactive steps to ensure a seamless migration to the IFRS Reporting Framework. The aim of this research is studying the impacts of IFRS adoption on financial statements. The explorative research uses a quantitative approach. The study examines the level of IFRS adoption in Nigeria and the merits and demerits of IFRS.


TABLE OF CONTENTS

ABSTRACTS
LIST OF FIGURES AND TABLES

1 INTRODUCTION
1.1 Background Information
1.2 The Objective of the study
1.3 Research problems or questions
1.4 Definition and Limitations of the thesis
1.5 Structure of the Study

2 GENERAL OVERVIEW OF ACCOUNTING
2.1 Definition of accounting and bookkeeping
2.2 Accounting concepts and principles
2.3 The Importance of accounting Knowledge
2.4 Users of Financial statements

3 FINANCIAL STATEMENTS
3.1 Definition of financial statement
3.2 The Objective of Financial statements
3.3 The Assumptions of Financial statements
3.4 Qualitative Characteristics of Financial Statements
3.5 Elements of Financial statements
3.5.1 Assets
3.5.2 Liabilities
3.5.3Equity
3.5.4 Income
3.5.5 Expenses
3.6 Cash Flow
3.6.1 Benefits of Cash flow
3.6.2 Presentation of Cash Flow Statement

4 ACCOUNTING PROFESSIONAL BODIES AND ACCOUNTING STANDARDS
4.1 Accounting professional bodies
4.1.1 International Federation of Accountants (IFAC)
4.1.2 Accounting professional body in West Africa
4.1.3 Accounting professional Body in Nigeria
4.2 Accounting Standards
4.2.1 International Accounting Standard Committee (IASC)
4.2.2 Standards Advisory Council
4.2.3 International Financial Reporting Interpretations Committee (IFRIC)
4.2.4 International Accounting Standards Board
4.2.5: International Financial Reporting Standards (IFRS)
4.2.6 The benefits of IFRS adoption
4.2.7 Demerits of IFRS adoption in Nigeria
4.2.8 Accounting standards and regulations in Nigeria

5 RESEARCH METHODOLOGY
5.1 Definition of research
5.2 Research Design
5.3 Qualitative versus Quantitative research method
5.4 Sources of data
5.5 Reliability, Validity and Sensitivity

6 RESEARCH FINDINGS
6.1 Years of experience of the workers
6.2 Reaction towards the introduction of IFRS
6.3 The difficulties encountered at the first time adoption of IFRS
6.4 Involvement in training activities when IFRS was introduced
6.5 Involvement in Seminar activities when IFRS was introduced
6.6 IFRS has affected the Nigerian GAAP
6.7 Adoption of all the IFRS 1-9
6.8 IFRS has increased the numbers of investors
6.9 Benefit of raising capital from abroad
6.10 Nigerian GAAP is partly outdated
6.11 Nigerian GAAP is not sufficient enough to prepare quality financial statements
6.12 IFRS is better than Nigerian GAAP
6.13 IFRS has improved the reporting practice compare to Nigerian GAAP
6.14 IFRS is cumbersome
6.15 IFRS adoption brings about high quality financial statement
6.16 IFRS adoption brings about transparent financial statements
6.17 IFRS brings about comparable financial statements
6.18 IFRS helps the local investors to make better investment decisions than Nigerian GAAP
6.19 The cost of adopting IFRS is too high compare to the benefit that will be enjoyed

7 CONCLUSION AND RECOMMENDATION
7.1 Summary
7.2 Conclusion and Recommendations
7.3 Suggestions for Future Studies
REFERENCES
APPENDICES


1     INTRODUCTION

This is the introductory part of the research work. The introductory part of this research material consists of the background of the study, it will also give a view of the objective of this study, it also includes the research problem, definition and limitation of study and an overall structure of the research work.

1.1     Background Information

Globalization of capital markets requires a unified global accounting, reporting and disclosure set of standards. As a result of increasing volume of cross border capital flows and the growing number of foreign direct investments via mergers and acquisitions in the globalization era, the need for the harmonization of different practices in accounting and the acceptance of worldwide standards has arisen. This worldwide standard is International financial reporting standards (IFRS) <http://ces.epoka.edu.al/icme/21.pdf>

The International Accounting Standards Board adopted the IFRS framework on 1 April, 2001; the standards were adopted by over 90 countries around the world. International financial reporting standards (IFRS) was established and approved by the International Accounting Standards Board (IASB). The goals of the IFRS Foundation and the IASB is to develop, in the public interest, a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. < http://www.ifrs.org>

In pursuit of this goal, the IASB works in close cooperation with stakeholders around the world, including investors, national standard-setters, regulators, auditors, academics, and others who have an interest in the development of high-quality global standards.


Nigeria's fast growth in the global business community necessitates that regulators and operators in the Nigerian financial system take proactive steps to ensure a seamless migration to the IFRS Reporting Framework.
On 28 July 2010, the Nigerian Federal Executive Council approved 1st January 2012 as the effective date for convergence of accounting standards in Nigeria with International Financial Reporting Standards (IFRS). The Council directed the Nigerian Accounting Standards Board (NASB), under the supervision of the Nigerian Federal Ministry of Commerce and Industry, to take further necessary actions to give effect to Councils' approval.


On 3 September 2010, the Nigerian Accounting Standards Board (NASB) announced a staged implementation of IFRS, as follows: Publicly listed entities and significant public interest entities are expected to implement IFRS by 1 January 2012, Other public interest entities are expected to implement IFRS by 1 January 2013 and Small and medium-sized entities are expected to implement by 1 January 2014.

On 20 July 2011 a workshop was held in Abuja Nigeria and the workshop was about attracting investments into Nigeria. During the workshop, the Nigerian Federal Minister of Trade & Investment, Dr. Olusegun Aganga, announced the signing of the law necessary for Nigeria to implement International Financial Reporting Standards (IFRSs) in Nigeria.

On 28 July 2010, the Nigerian Federal Executive Council announced a 'Road Map' for Nigeria’s staged adoption of IFRS, commencing from 1 January 2012. The necessary law to enact the changes in the Financial Reporting Council of Nigeria Act 2011, had previously been passed by the Nigerian legislature, but had not been signed into law by the Nigerian President.


With the Nigerian President signing the act into law, the final processes for Nigeria's adoption of IFRS can now be put in place. The effect of the law is to create a new Financial Reporting Council, incorporating and replacing the existing Nigerian Accounting Standards Board (NASB), which will issue and...

For more Business Economics and Tourism Projects click here
___________________________________________________________________________
This is a General Thesis for both Undergraduate & Postgraduate Studies. The complete research material plus questionnaire and references can be obtained at an affordable price of N3,000 within Nigerian or its equivalent in other currencies.


INSTRUCTION ON HOW TO GET THE COMPLETE PROJECT MATERIAL

Kindly pay/transfer a total sum of N3,000 into any of our Bank Accounts listed below:
·         Diamond Bank Account:
A/C Name:      Haastrup Francis
A/C No.:         0096144450

·         GTBank Account:
A/C Name:      Haastrup Francis
A/C No.:         0029938679
After payment, send your desired Project Topic, Depositor’s Name, and your Active E-Mail Address to which the material would be sent for downloading (you can request for a downloading link if you don’t have an active email address) to +2348074521866 or +2348066484965. You can as well give us a direct phone call if you wish to. Projects materials are sent in Microsoft format to your mail within 30 Minutes once payment is confirmed. 

--------------------------------------------------------
N/B:    By ordering for our material means you have read and accepted our Terms and Conditions


Terms of Use: This is an academic paper. Students should NOT copy our materials word to word, as we DO NOT encourage Plagiarism. Only use as guide in developing your original research work.

Delivery Assurance
We are trustworthy and can never SCAM you. Our success story is based on the love and fear for God plus constant referrals from our clients who have benefited from our site. We deliver project materials to your Email address within 15-30 Minutes depending on how fast your payment is acknowledged by us.

Quality Assurance
All research projects, Research Term Papers and Essays on this site are well researched, supervised and approved by lecturers who are intellectuals in their various fields of study.
Share:

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

Search for your topic here

See full list of Project Topics under your Department Here!

Featured Post

Article: How to Write a Research Proposal

Most students and beginning researchers do not fully understand what a research proposal means, nor do they understand ...

Popular Posts