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ABSTRACT
This
study examined the challenges of international financial reporting standard
implementation by small and medium enterprises. The survey research
design was adopted in the study. The data for the study was drawn from answered
questionnaires from a total of 100 sampled respondents from BIRS. Using
descriptive statistics and chi-square (x2) as tools for data
analysis, the study found that there is significant effect of accounting education and training
among authorities and stakeholders in the practical implementation of IFRS in
Nigeria. The
study therefore recommends that organizations should strengthen profession
education and training. The professional accountancy bodies should align their
continuing professional education requirements with IFAC guidelines. Business
ethics should be taught as separate subject in undergraduate accounting and
business programs and revision to universities accounting curricular should
enable students to gain exposure to practical IFRS application.
CHAPTER ONE
INTRODUCTION
1.1 Background of
the study
The move towards developing an
acceptable global high quality financial reporting standards started in 1973
when the International Accounting Standards Committee (IASC) was formed by
professional accounting bodies from Canada, United States of America, United
Kingdom, Germany, France, Netherlands, Australia, Mexico and Japan. The IASC
was to formulate uniform and global accounting standards aimed at reducing the
discrepancies in international accounting principles and reporting practices.
In this light, the IASC was established and has actively been championing the
uniformity and standardization of accounting principles for over two decades,
(Carson cited in Madawaki, 2012). In April 2001, the IASC was reorganized into
International Accounting Standards Boards (IASB). Henceforth, the IASB has
updated the already existing International Accounting Standards and referred to
them as International Financial Reporting Standards (IFRS).
IFRS are a single set of high-quality;
understandable standards for general purpose financial reporting which are
principles-based in contrast to the rules based approach. IFRS comprises of
fourty one (41) IAS; eighteen (18) IFRS; the Standing Interpretation Committee
Statements, eleven (11) SICs; and the International Financial Reporting Issues
Committee Statement, eighteen (18) IFRICs, Akhidime (2010). While some
countries have been using these standards since 2005, they are however new for
transition economies like Nigeria. In Nigeria, implementation of IFRS was
launched in September 2010, by the Honorable Minister, Federal Ministry of
Commerce and Industry, Senator Jubril Martins-Kuye(OFR). The adoption was
organized such that all stakeholders use the IFRS by January 2014. The adoption was scheduled to start with
Public Listed Entities and Significant Public Interest Entities who were
expected to adopt the IFRS by January 2012. All Other Public Interest Entities
are expected to mandatorily adopt the IFRS for statutorily purposes by January
2013 and Small and Medium-Sized Entities shall mandatorily adopt IFRS by
January 2014, (Jubril & Michael, 2010). However, the successful adoption
and implementation of these standards will remain a mirage in any country
including Nigeria, (Madawaki, 2012). In the light of this therefore, this study
focused on the process of adopting the IFRS by small and medium enterprises in
Nigeria as a developing economy, the benefits and challenges of IFRS, bearing
in mind the prevailing domestic legal and regulatory framework of accountancy.
TABLE OF
CONTENTS
Title Page - - - - - - - - -
i
Declaration - - - - - - - - - ii
Approval Page - - - - - - - - iii
Dedication - - - - - - - - - iv
Acknowledgement - - - - - - - v
Table of contents - - - - - - - vii
Abstract - - - - - - - - - x
CHAPTER ONE:
INTRODUCTION
1.1 Background
of the Study - - - - - 1
1.2 Statement
of Problem - - - - - - 3
1.3 Objective
of the Study - - - - - - 3
1.4 Research
Questions - - - - - - 4
1.5 Research
Hypothesis - - - - - - 4
1.6 Significance
of the Study - - - - - 5
1.7 Scope
of the Study - - - - - 6
1.8 Structure
of the Study - - - - - - 6
1.9 Definition
of Operational terms - - - - 8
CHAPTER TWO:
REVIEW OF RELATED LITERATURE
2.1 Introduction - - - - - - - 9
2.2 Conceptual
Clarification - - - - - - 9
2.2.1 Understanding
International Financial Reporting Standards-
9
2.2.2 Development
of Accounting Profession in Nigeria: Brief Overview
- - - - - - - - - - 12
2.2.3 Legal and
Regulatory Framework of Accounting in Nigeria; (CAMA) 1990 - - - - - - - - 13
2.2.4 The Nigerian Accounting Standard Board (NASB) Act
2003.- 14
2.2.5 Key
Differences between GAAP and IFRS - - - 14
2.2.6 IFRS Adoption
Process in Nigeria - - - - 20
2.2.7 Annual
Reports in the IFRS - - - - - 24
2.2.8 Key Stakeholders in the Adoption and Implementation
of International Accounting Standards - - - - - 28
2.2.9
Challenges to IFRS in Nigeria - - - - - 36
2.3 Review
of Empirical Studies - - - - - 41
CHAPTER THREE: RESEARCH
METHODOLOGY
3.1 Introduction - - - - - - - 45 3.2 Research
Design - - - - - - - 45
3.3 Population
of the Study - - - - - 46
3.4 Sample
and sampling technique - - - - 46
3.5 Source
of Data - - - - - - - 46
3.6 Instruments of Data Collection - - - - - - 47
3.7 Techniques
for Data Analysis - - - - 47
CHAPTER FOUR:
DATA PRESENTATION ANALYSIS AND INTERPRETATION OF RESULTS
4.1 Introduction - - - - - - - 51
4.2 Data
Presentation and Analysis - - - - 51
4.3 Test
of Research Hypothesis - - - - - 61
4.4 Discussion
of Result - - - - - - 63
CHAPTER FIVE:
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary
of findings - - - - - - 65
5.2 Conclusion - - - - - - - - 65
5.3 Limitation
of the Study - - - - - 66
5.4 Recommendation - - - - - - 67
5.5 Suggestion
for Further Research - - - - 68
References
Appendix
TOPIC: CHALLENGES OF INTERNATIONAL FINANCIAL REPORTING STANDARD IMPLEMENTATION BY SMALL AND MEDIUM ENTERPRISES
Chapters: 1 - 5
Delivery: Email
Delivery: Email
Number of Pages: 65
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