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Effects of International Financial Reporting Standard in delivery of reliable accounting information

  • Type:Project
  • Pages:114
  • Format:Microsoft Word
(Accounting Project Topics & Materials)


ABSTRACT

As the forces of globalization prompt more and more countries to open their doors to foreign investments and as businesses expand across borders, this has led to recognition of the benefits of having a commonly understood financial reporting framework supported by strong global accepted accounting standards. The circumstances that necessitated this recognition arose out of the need for reliability, in respect of financial information being disclosed in the published financial statement of various enterprises in various countries. The adoption of IFRS has therefore become an issue of global relevance. The research project investigated the effect of International Financial Reporting Standards (IFRS) in the delivery of reliable accounting information. The problem has always been the need for accounting standards that would cut across borders. Thus, boosting the reliability of local accounting information as well as the confidence of local financial information users and foreign investors alike. Primary data was sourced by the researcher through the distribution of a well drafted 52 questionnaires. Simple regression and Pearson product moment correlation were used as analytical technique to test the relationship between the variables. The variables considered in the study are IFRS and delivery of reliable accounting information. After the study it was concluded that Accounting information serve their purpose better only when they are prepared in compliance with the relevant standards. Also the study established that the existence of two different accounting systems is problematic for both companies and investors and also that Investors cannot readily compare the accounting information in different countries. Furthermore, the study stated that the need to prepare multiple set of accounting information is costly and administratively burdensome. Based on the above the study recommends that Top management, external auditors and regulators being the key players in standards, need to work together and tighten compliance so that impact of IFRS could be felt more.


TABLE OF CONTENTS

Title page
Declaration ii
Certification iii 
Dedication iv 
Acknowledgments v
List of tables ix        
 Abstract x

CHAPTER ONE: INTRODUCTION 
1.1 Background to the Study
1.2 Statement of Problem 5
1.3 Objectives of the Study 6
1.4 Research Questions 7
1.5 Statement of Hypotheses 7
1.6 Significance of the Study 8
1.7 Scope of the Study 9
1.8 Limitations of the Study 10
1.9 Definition of Terms 11

CHAPTER TWO: REVIEW OF RELATED LITERATURE 
2.1 Conceptual Framework 14
2.1.1 Definition of Accounting 15
2.1.2 Concept of Accounting Information 17
2.1.3 Concept of reliable of Accounting Information 18
2.1.4 Importance of Reliable Accounting Information 21
2.1.5 The Effects of IFRS in the Delivery of Reliable
           Accounting Information to users. 22
2.2 Theoretical Framework 24
2.2.1 Accounting Standard 24
2.2.2 International Accounting Standards 25
2.2.3 Theoretical Framework of Financial Statement 26
2.2.4 The Role of the Framework 27
2.2.5 The Scope of the Framework 28
2.2.6 Qualitative Characteristics of Financial Statement 28
2.2.7 Element of Financial Statements (IAS 1 ARTICLE 10) 29
2.2.8 Recognition of Elements of Financial Statements 30
2.2.9 Measurement of the Elements of Financial Statements 31
2.2.9 Effects of IAS on the preparation of Financial Statements of
         Banks and similar Financial Institution 33
2.2.11 Accounting Policies Applicable in Banks 34
2.2.12 Requirements of IFRS 38
2.2.13 Adoption of IFRS 39
2.2.14 The roadmap for transition to IFRS 41
2.2.15Roadmap to IFRS conversion in Nigeria 43
2.2.16 Statement of Adoption 44
2.2.17 List of issued IFRS and IAS 47
2.2.18 Benefits of IFRS Adoption 52
2.2.19 Challenges of IFRS Adoption 55
3.1     Empirical Review 60

CHAPTER THREE: RESEARCH METHODOLOGY 
3.1 Research Design 62
3.2 Population to the Study 62 
3.3 Area of the Study 63
3.4 Sample size and sample Techniques 63
3.5 Sources of data and data collection Method 65
3.6 Validity and reliability of Instrument   66
3.7 Model Specification 66
3.8 Data analysis Technique 68

CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND INTERPRETATION 
4.1 Data Presentation 69
4.2 Test of hypotheses 84
4.3 Discussion of Findings 89

CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND 
RECOMMENDATIONS 
5.1 Summary of Findings 91
5.2 Conclusion 93
5.3 Recommendations 93
References 
Appendices

LIST OF TABLES
4.1 Distribution of questionnaire and response rate 69
4.1.1 Distribution of respondents according to branch office 70
4.1.2 Distribution of respondents according to department 70
4.1.3 Distribution of respondents according to year of banking experience 71
4.1.4 Distribution of respondents according to level of position 72
4.1.5 Distribution of respondents according to highestqualification 73
4.1.6 Distribution of respondents according to gender 74
4.1.7 Question 1 75
4.1.8 Question 2 76
4.1.9 Question 3 77
4.1.10 Question 4 78
4.1.11 Question 5 79
4.1.12 Question 6 80
4.1.13 Question 7 81
4.1.14 Question 8 82
4.1.15 Question 9 83
4.2.1 Model summary 84
4.2.2 ANOVA 85 
4.2.3 Coefficient 86






Effects of International Financial Reporting Standard in delivery of reliable accounting information

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Details

Type Project
Department Accounting
Project ID ACC1939
Price ₦3,000 ($9)
No of Pages 114 Pages
Format Microsoft Word

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    Details

    Type Project
    Department Accounting
    Project ID ACC1939
    Price ₦3,000 ($9)
    No of Pages 114 Pages
    Format Microsoft Word

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