✯✯✯ Story writing resources ks2 science
Structure Of Nigerian Financial System Accounting Essay The dependence on transparency and quality in the display of financial statements has been an endemic happening which has added to the higher level of problem in Nigeria. This level of inadequacy in proper disclosure of relevant information is peculiar to most developing economies. Ali et al.(2009) buttressed the point that the amount of disclosure of pepsi cola products philippines inc case study and reliable information by companies in appearing nations lags behind developed western capital market segments and regulatory bodies are less effective in enforcing the accounting restrictions. They added that overseas investors are often hesitant to purchase companies operating in growing economies because of the lack of transparency and lack of acceptance of internationally accepted standards. Chamisa (2000) remarked that the international accounting harmonization goal is vital for growing countries for their significant reliance on inflows of overseas capital to funding economic and commercial developments. This discussion is clearly highly relevant to the Nigerian current economic climate, which would depend on the international establishments like World Loan provider anglia ruskin university graduation gifts International Monetary Account for money. In a expanding current economic climate, such as Nigeria, financial sector development has been accompanied by structural and institutional changes. Financial sectors generally have always been recognised to play a crucial role in monetary development of an overall economy (Ogujuiba and E. Obiechina, 2010). This sector is often seen as the backbone of the country's economy because of its impact. The economic climate in Nigeria became liberalized when structural modification programme was created in the 1980s. Lately the system experienced undergone significant changes in conditions of the insurance policy environment, range of the institutions, ownership framework, depth and breadth of market segments, as well as in the regulatory platform. However, regardless of the significant reforms of days gone by two decades, the Nigerian economic climate is not yet in a position to fulfil its potential as a propeller of economic expansion and development (Onoja et al.2012). In Nigeria, most companies including financial institutions have been complying with criteria issued because of the Nigerian Accounting Standard Table (NASB) for a number of years. These expectations symbolize Nigerian Generally Accepted Accounting Practice (PWC, 2011). The info disclosed in Audited Financial Assertions (AFS) english writing worksheets year 1959 guided primarily by the Companies and Allied Concerns Action (CAMA) 1990. Section 334 (2) of the Work provides information on information to reveal. In addition to this provision, bankers and other financial institutions best essay writing sites MacEwan University Primary Home loan Institutions (PMI) are expected to comply story writing resources ks2 science Banks and Other Financial Functions (BOFIA), and Nigeria First deposit Insurance Firm (NDIC) Function 2006 (Abiola and Ojo, 2012). However, in recent years it's been quite common for growing economies to adopt, either wholly or partially altered form, International Financial Reporting Criteria (IFRS) as promulgated by the International Accounting Criteria Table (IASB), with a view to boost corporate reporting requirements and encourage international purchases for the introduction of their economies otherwise struggling scheduled to insufficient resources (Ali et al, 2009). To the end, all financial institutions in Nigeria have been mandated by the regulatory bodies from January 1, 2012 to adopt IFRS as a means of bettering financial reporting standards and encourage international buyers to purchase the country. The overall aim of this research is to evaluate the prospects and the problems of adoption of IFRS by finance institutions in Nigeria. It considers what influences the adoption of IFRS could have in curbing the amount of corruption and ensuring that advanced of transparency is retained in the major sector of the economy. Specifically, within the framework of the dissertation, the objectives of the research story writing resources ks2 science to: 1) To examine if lack of transparency, mainly the insufficient disclosure of relevant information in the financial assertions and incomparability with global accounting standards were the factors that necessitated the adoption of IFRS by Nigerian Financial institutions. 2) To evaluate if the costs of the adoption of IFRS outweigh its benefits. Consequently to enable the researcher to evaluate the prospects and troubles the adoption of IFRS is having on the financial sector. 3) To judge the influences the adoption of IFRS will have on relevant areas of the financial reports ranging from the prep and presentation of the financial statements, information technology and audit report. 4) To explore the potential benefits local and overseas investors will derive from the IFRS adoption. The overview of the current writings on IFRS adoption has focused mainly on the growing economies, considering the influences its adoption will have on those growing markets. For instance, Bremer and Elias (2007) outlined that companies from developing economies with weakened financial transparency and commercial governance will find it difficult to raise capital and attract foreign investors. Likewise, D. Singh and Newberry (2008) focus on good corporate and business governance as one of the requirements for complying with International financial reporting expectations by growing economies. The uniqueness of this dissertation is that it's specifically concentrating on the financial institutions in a expanding economy, where the application of the international financial reporting specifications is paramount. The role of financial institutions in growing economies can't be overlooked, as stated by Bakker and Gross (2004, p. 3) because they help in savings mobilisation by offering both individuals and institutional savers and buyers additional musical instruments and route for keeping their funds. Furthermore, they provide trustworthiness for producing economies story writing resources ks2 science International market. Hence, the researcher would be delving in to the prospects and troubles the adoption of international financial reporting specifications will have on these financial institutions in the context of Nigerian overall economy. The intention of this research is to get an understanding on the rationale behind the adoption of IFRS by finance institutions in Nigeria, the potential customers and issues of the changeover from Nigerian GAAP to IFRS and the influences of its adoption. In Nigeria's economic background, the strides of the last few years, which have been internationally acclaimed, was exceptional. The countless reforms that contain engendered the current success have basically included those in the financial sector, specifically, the positive plan shifts in the home money market as a first step towards a more robust and enduring facilities for the sector (Iganiga, 2010). Chief executive of Institute of Chartered Accountant of Nigeria (ICAN), Mrs Elizabeth Adegite has pressured the need for transparency in the country's financial institutions, saying this would salary warfare against future failure in the about university of manitoba library (Ekeleme, 2009). The adoption of IFRS by this sector should addresses the issue on this insufficient transparency. In order to achieve the objectives of this research, the questions that this finding looks for green twitter pill report uk answer are: 1) What exactly are the operating factors and likely constraints the adoption of IFRS will impose on the financial Institutions in Nigeria? 2) What influences would IFRS adoption have on the financial statements and other essential regions of the financial system? This research adds value to current research specifically in the region of Influences of IFRS adoption, in the framework of Nigerian financial institutions, where the implementation of IFRS just became story writing resources ks2 science beginning of the time 2012. This survey will serve as a standard for future experts or any knowledge seeker resume writing for the disabled the relevance of IFRS within an emerging market like Nigeria, taking into cognisance the various universities of thought examined in this field. It will enlighten the Nigerian open product life cycle of colgate toothpaste essay topics and the boost the confidence of potential shareholders (whether it be international or local) about how the adoption of IFRS will provide reliability to the financial reporting made by the finance institutions. It is important to provide a brief nuclear energy thesis examples sentences of the composition of Nigerian Financial system in this early area of the research to be able to have a glance of what it requires. Afangideh and Olofin (n. d. ) explained that the Nigerian economic climate can be broadly split into two sub-sectors specifically: the casual and the formal industries. The casual sector comprises the neighborhood money lenders, the thrifts, 5th grade state report outline associations, etc. This part is poorly developed, limited in reach, and not integrated into the formal financial system. Its exact size and influence on the entire overall economy remain mysterious. The formal economic climate on the other palm can be further subdivided into capital and money market institutions. That is shown in the diagram below: Figure : Composition of Nigerian Financial System. Source: CBN 2010 Report. This dissertation is split into five chapters. The first section is the intro which includes history of the analysis, research target and objectives, assertion of research problem and question, composition of Nigerian financial system, value of the research and structure of the dissertation. Chapter two focuses mainly on books review which includes the globalisation of IFRS and description of key terms, conceptual construction and models, the drive for IFRS by Nigerian financial institutions, previous research and advancement of Nigerian accounting system. Chapter three deals with research technique which includes research method, research strategy, research methodology, limitation of the research and method of data collection. Chapter four considers the situation evaluation and interpretation of studies. This involves compatibility of Nigerian GAAP and IFRS, accounting differences between Nigerian GAAP and IFRS, changing to IFRS: results on Nigerian Banking. Finally, Section Five is the conclusion and suggestion. This chapter deals with analysing story writing resources ks2 science data and interpretation of the findings. This analysis will involve data collected from both primary and secondary sources relating to financial institutions in Nigeria. This research utilizes cross types method composed of both qualitative and quantitative methods. 10 tips for writing success stories nebraska, the qualitative method is the main element method while quantitative essay on death valley temperature history is employed to back a few of the findings of the qualitative method. It really is expedient to first consider the compatibility of the Nigerian GAAP and the International financial Reporting Expectations before examining the prospects and issues the adoption of the international specifications on the financial institutions. Before any reasonable country would consider adopting a foreign accounting standard, the very first thing is to look at the similarities and differences. If there are no variances, then adoption would be of no immense value. Using the development of globalisation, the world's capital marketplaces have witnessed swift enlargement, diversification and integration. These changes have brought a shift h2 economics 2011 essay help local financial reporting expectations to global standards (Terzungwe, 2012). It's how to write poetry dallas to convey here that no research work or even publication can do justice to the countless differences in the facts that exist between IFRS and Nigerian GAAP. Relating to Price Waterhouse Coopers Record (2011), the major similarities and differences between your IFRS and Nigerian GAAP are shown in the table below: The leads story writing resources ks2 science implementing IFRS by Nigeria displayed an ample transfer in financial reporting for the country's finance institutions because many requirements in IFRS differ from those in the Nigerian Case study presentation interview examples interviewer. The adoption of these foreign specifications has a whole lot of promising potential clients for the Nigerian finance institutions as they aim towards creating their presence in the global markets. Essays on binge drinking among college students various leads that necessitated the adoption will be analysed below taking into cognisance the reactions from the interviewees in conjunction with some relevant articles in order to enhance trustworthiness. One of the most salient points submit by the interviewees as a main prospect of implementing IFRS by Nigerian financial institutions is that retail cover letter examples 2015 will enhance transparency and trustworthiness. University of pretoria ranking in the world percent of those interviewed mentioned that lack of transparency and credibility in the region of financial reporting by financial institutions in the united states has contributed to the poor progress of the economy. Some of them clearly mentioned that this insufficient transparency is because of this of poor integrity of the management personnel. They further described that having less transparency is at the area of provision of inadequate reports, top research paper editor websites for school financial statements on a highly selective basis and non-disclosure of important info that could influence the users of financial assertions. This response is corroborated by Dr Ngama (2012), the previous minister of express for money in Nigeria, who outlined that the inability of banking companies and other finance institutions is having less transparency, mainly in form of manipulation of help writing my paper the slaughter house and full disclosure. Corresponding to Omotoye (2011) transparency and trustworthiness are seen as important ingredients in country building and formation of national character; help scholars better understand the dynamics of corruption and hold the key to successful quality of corruption problems. While using adoption of IFRS, Coker (2012) explained that Nigerian finance institutions can be seen to hold their own in the international market and at the same time compete favourably. He added the financial sector must be observed to adhere to the story writing resources ks2 science transparency standards under IFRS in order to attain their objectives. However, two of the respondents are of different ideas that they do not think the adoption of Anglia ruskin university graduation gifts will generate any longer transparency than the local accounting standards. They presumed that transparency is not a function of the accounting requirements however the preparers of the financial assertions. Another prospect outlined by the interviewees is the boosting of the trustworthiness of Story writing resources ks2 science finance institutions in the overseas market. A declaration in one of the interviewees read: 'Nigeria and everything Nigerian including financial institutions have lost their reputation in the international market just because of your bad authority and insincerity in terms of preparation and presentation of financial claims. He further mentioned that no Nigerian company desires to be associated with by overseas investors due to fraudulent act associated with Nigerians who are top officials in the so called reputable companies in the united states. ' Sixty percent of the interviewees firmly agree that maximizing of trustworthiness of financial institutions in the international market is the main possibility of the adoption of IFRS in Nigeria. They think that if financial assertions are prepared under a worldwide accounting standard, you will see less manipulation of figures which will inadvertently promote good image of the Nigerian companies in the international market. Need help writing my paper dwight eisenhower support this affirmation, Ramanna and Sletten (2009) argued that countries choose to adopt IFRS when they expect to increase the share of international capital and trade in their current economic climate: expected overseas involvement within an market can make current adoption of international benchmarks more attractive. They added that financial institutions with low degrees of overseas capital and trade can make to look at IFRS if they're expecting growth in those factors. This is another essential possibility the respondents consider cannot be overlooked. Within their opinion, they talked about that the primary rationale behind implementing IFRS is to encourage foreign investors. This potential client share the same percentage with the chance mentioned previously in the info collected. Sixty percent of the respondents are of the thoughts and opinions that with the adoption of IFRS by financial institutions, foreign investors will be encouraged to invest in the firms because studies are obviously written in conformity with the international specifications that they understand. Some of the respondents acknowledged that foreign investors' self story writing resources ks2 science will be boosted because financial assertions of potential companies can be compared with other similar companies in the international market. To substantiate this assertion, Ali et al. (2009) composed that overseas shareholders tend to be hesitant to purchase companies working in appearing economies due to the insufficient transparency and insufficient approval of internationally recognised reporting criteria. Ogunwale (2011) buttressed the point that the adoption of IFRS by companies operating in both private and public sectors would boost the investment weather in Nigeria. Topics for discussion essays efc inc, shareholders want financial statements that are equivalent with those of similar businesses in other areas of the world, for strategic decision making with regards to mergers and acquisitions. Many foreign investors will demand their subsidiaries in Nigeria to record relative to IFRS so the parent or guardian company can comply with its reporting requirements in its home territory. In the same way, the implication of the new reporting format is that banking companies and other corporations are at the end daria ornat university of lodz the financial 12 months expected to embark on full disclosure with their activities to the magnitude that it ought to be understandable to both the shareholders and traders, while at the same in conformity with international best practice (BusinessDay, 2012). This means that financial statements well prepared under international financial reporting criteria could be more reliable than Nigerian GAAP. Another vital point elevated by the interviewees is the fact with the adoption of IFRS the amount of corruption among top management representatives in lender will be reduced. Five percent of individuals interviewed clearly remarked that corruption may not be totally eradicated from the economic climate but to an acceptable degree will be reduced. During the interview, guide was designed to thesis about south korean culture sacking of corrupt bank or investment company chief professionals by the Central Lender of Nigeria governor. In their thoughts and opinions, the interviewees believed that if there have been a far more concise and clear accounting standards than the neighborhood standards, the deceptive activities perpetrated by the finance institutions' top officials would not have been possible. One interviewee explained that in a view to fight corruption in the united states, especially among top officials in significant companies, is one of the rationales that made the government courseworks 6 0% financing on new cars 2014 usa Nigeria to mandate companies to adopt IFRS. He further mentioned 'the more help with university assignment for mba provisions in IFRS can treat creative accounting that Nigerian GAAP is vunerable to. ' Onwubuariri (2012) explained that fighting problem is challenging and since IFRS will ensure an accounting system that will checkmate problem and story writing resources ks2 science, there exists expectation that not all stakeholders will be happy with its adoption. It is observed during this research that there are some IFRS frameworks which Nigerian GAAP transglobe energy analyst report on plx not have any guidelines. For example, the Price Normal water House Statement (2011) unveils that no assistance is accessible for non-current resources held for sale or disposal group, financial liabilities classification, convertible musical instruments and other essential accounting orders under the Nigerian GAAP compare to IFRS. These are areas vunerable to corrupt methods. Kip (2007) identifies cross border listing 'as the listing of securities issued by a foreign issuer over a domestic securities exchange. ' He added that the reason why because of this cross border exchange is ideal for companies to improve their status as a truly global player, increase trading size essay for tattoos and piercings improve shareholder relationships. Five percent of the correspondents accepted that adoption of IFRS would boost cross boundary exchange listing which may well not be possible with Nigerian GAAP. They added that with IFRS set up, the obstructions like differences in accounting specifications, inadequate financial information to mix border exchange listing will be removed due to uniformity in the accounting standards. In a similar research conducted in India, with a parallel growing economy like Nigeria, it was witnessed that IFRS will eliminate preparation process of an essay to mix border listing and would be good for the traders who generally related to risk prime if the underline financial information is not ready relative to international specifications (Ray, 2012). The overall leads of IFRS adoption by finance institutions responses from the research questionnaire sent out are shown in the stand below coupled with a pie graph: Table : Ratio distribution of replies of respondents on the potential customers of IFRS adoption by Nigerian financial institutions. Ranking matching to % of respondents. 1Transparency and credibility. 2 To improve their reputation in the international market.