AN ASSESSMENT OF IFRS REGULATION FRAMEWORK: IMPLICATION FOR PRESENTATION OF FINANCIAL REPORTS AND FINANCIAL INFORMATION USEFUL IN NIGERIA
Keywords:
Accounting frameworks, IFRS, Preparation of Reports, Financial Information Useful
Abstract
Accounting regulations specify how companies should maintain records, pertaining to reported income and expenses, to accomplish some goals. In recent times, accounting standards have taken the form of International Financial Reporting Standards (IFRS) - a set of high-quality standards introduced by the International Accounting Standards Board (IASB) in 2001. This investigates the compliance of private in Nigeria on the framework of IFRS regulations. The paper applied the Chi-square to analyst responses from 200 respondents, including accountants and managers, from private in Nigeria. The paper revealed that there is a relationship between IFRS framework and the preparation and presentation of financial reports. Morso, there is a relationship between IFRS frameworks and financial information useful for evaluating performance.
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References
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Pizzey, A. (1994). Accounting and Finance: A Firm Foundation. Casell Ltd. London, pp.288-289.
Sidebothan, R. (1977). Introduction to the Theory and Context of Accounting. 2nd Ed., Pergamon Press, New York.
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Gbadebo, A. D. (2023). Review of the Global-IFRS Accounting and the Recent Sustainability-Disclosure Standards. International Journal of Social and Educational Innovation (IJSEIro), 10 (20).
Klimczak, K. (2011). Market reaction to mandatory IFRS adoption: evidence from Poland. Accounting & Management Information Systems. 10(2): 228–248.
Leuz, C. & Wysocki, P. D. (2016). The economics of disclosure and financial reporting regulation: evidence and suggestions for future research. Journal of Accounting Research, 54(2), 525–622.
Ma, C., Awan, R. U., Ren, D., Alharthi, M., Haider, J. & Kouser, R. (2022). The IFRS adoption, accounting quality, and banking performance: An evaluation of susceptibilities and financial stability in developing economies. Plos One, 17(7), e0265688.
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Anao, A.R and Uche, C.U (2002): Research Design and Implementation in Accounting and Finance. Benin City: University of Benin Press
Alao, S. (2000) "New Law to Legalise NASB in the Offing. Business Times, Vol. 25, No.51, p.4.
Ambode, A. (2000). Towards Probity and Accountability in Public Service. Business Times, October 9, 2000.
IFRS Foundation (2018). Use of IFRS Standards by Jurisdiction. Available at: www.ifrs.org/usearoundthe-world/use-of-ifrs-standards-by-jurisdiction/.
IFRS Foundation (2021). IFRS Foundation announces International Sustainability Standards Board, consolidation with CDSB and VRF, and publication of prototype disclosure requirements.
IFRS Foundation (2023). About the International Sustainability Standards Board. Archived. https://www.ifrs.org/groups/international-sustainability-standards-board/
Isaboke, C. & Chen, Y. (2019). IFRS adoption, value relevance and conditional conservatism: evidence from China. International Journal of Accounting & Information Management 27 (4). https://doi.org/10.1108/IJAIM-09-2018-0101.
Judge, W., Li, S. & Pinsker, R. (2010). National adoption of international accounting standards: an international perspective. Corporate Governance: An International Review, 18(3): 161–174.
Klimczak, K. (2011). Market reaction to mandatory IFRS adoption: evidence from Poland. Accounting & Management Information Systems. 10(2): 228–248.
Tawiah, V., & Boolaky, P. (2020). A Review of Literature on IFRS in Africa. Journal of Accounting and Organizational Change. 16 (1), 47-70. http://dx.doi.org/10.1108/JAOC-09-2018-0090.
Gbadebo, A. D. (2023a). Does the International Financial Reporting Standard impact earnings management of the JSE firms? Jurnal Dinamika Akuntansi, 15 (1): 99–115. http://dx.doi.org/10.15294/jda.v15i1.44096
ACCA. Accounting Concepts and Standards. A research monograph, CAET London
Blake, J. (1994). Accounting Standards. 4th ed., Longman UK Ltd.
Chandler Rand Rees, N. (2000). Global Harmony. Accountancy, p.133.
NASB (1982-2001) Nigerian Accounting Standards (various issues), ISSN: 118-292.
Nnadi Godson (1998). Accounting Standards Cannot Prevent Distress. Interview granted to The Guardian Newspaper, August 17, pp.44-45.
Nobes, C. (1998). IASC's Brave Nev World. Accounting and Business, Journal of Chartered Association of Certified Accountants of London, March, pp. 22-23.
Ogunleye, R. (2001). New Accounting Policies in Banks. Business Times, Vol. 26, No.3, p.7.
Okaro, S.C. (1987). Accounting Standards. Journal of Accountancy, University of Nigeria, Vol. 11, No.15, pp.17-18.
Ollier Corinne (1998). Accounting Standards in Africa. Accounting and Business, Journal of Chartered Association of Certified Accountants of London, March, pp.1820.
Pizzey, A. (1994). Accounting and Finance: A Firm Foundation. Casell Ltd. London, pp.288-289.
Sidebothan, R. (1977). Introduction to the Theory and Context of Accounting. 2nd Ed., Pergamon Press, New York.
Okaro, S.C. (2002). Accounting standard: The Nigerian Experience. The Nigerian Accountant. Pp 29-31.
Gbadebo, A. D. (2023). Review of the Global-IFRS Accounting and the Recent Sustainability-Disclosure Standards. International Journal of Social and Educational Innovation (IJSEIro), 10 (20).
Klimczak, K. (2011). Market reaction to mandatory IFRS adoption: evidence from Poland. Accounting & Management Information Systems. 10(2): 228–248.
Leuz, C. & Wysocki, P. D. (2016). The economics of disclosure and financial reporting regulation: evidence and suggestions for future research. Journal of Accounting Research, 54(2), 525–622.
Ma, C., Awan, R. U., Ren, D., Alharthi, M., Haider, J. & Kouser, R. (2022). The IFRS adoption, accounting quality, and banking performance: An evaluation of susceptibilities and financial stability in developing economies. Plos One, 17(7), e0265688.
Nijam, H. M. & Jahfer, A. (2018). IFRS adoption and value relevance of accounting information: Evidence from a developing country. Global Business Review. 097215091879457. https://doi.org/10.1177/0972150918794571.
Anao, A.R and Uche, C.U (2002): Research Design and Implementation in Accounting and Finance. Benin City: University of Benin Press
Published
2024-10-31
How to Cite
Oyasor, E. (2024). AN ASSESSMENT OF IFRS REGULATION FRAMEWORK: IMPLICATION FOR PRESENTATION OF FINANCIAL REPORTS AND FINANCIAL INFORMATION USEFUL IN NIGERIA. J-MACC : Journal of Management and Accounting, 7(2), 275-285. https://doi.org/https://doi.org/10.52166/j-macc.v7i2.9314
Section
Articles
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