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EXTENT OF ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) FOR SMALL AND MEDIUM SCALE ENTERPRISES (SMEs) IN NIGERIA

Adetula, D. T. and Owolabi, F. and lgbanibo, Saluchi (2016) EXTENT OF ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) FOR SMALL AND MEDIUM SCALE ENTERPRISES (SMEs) IN NIGERIA. EUROPEAN JOURNAL OF BUSINESS RESEARCH, 16 (2). ISSN 1945-2977

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Abstract

This study examines the extent of adoption of International Financial Reporting Standards (/FRS) for SMEs by Nigerian Small and Medium Enterprises by Nigerian (SMEs), the level of awareness and the hindrances preventing the adoption of /FRS for SMEs in Nigeria. The survey research method was adopted in data collection while one sample t-test was used to test the hypotheses formulated for the research study. The analysis of responses from the administered questionnaires showed that although there was awareness of /FRS for SMEs by Nigerian SMEs, the extent of adoption was low, and there were impediments preventing the adoption of the standard by Nigerian SMEs such as complexity of the standard, lack of interest and inadequacy of accountants that were /FRS competent. The study recommends that more awareness of /FRS for SMEs should be created among owners, managers, accountants, auditors and stakeholders of SMEs, and they should a/so be encouraged to adopt the standard by emphasizing the incentives associated with /FRS adoption. Professional Accounting bodies such as /CAN and ANAN should a/so provide subsidized training through events such as seminars and workshops, and management teams of SMEs should show interest in the standard, and encourage their employees to do the same by sending them for trainings.

Item Type: Article
Uncontrolled Keywords: International Financial Reporting Standards (/FRS), awareness, hindrances-
Subjects: H Social Sciences > HF Commerce
H Social Sciences > HF Commerce > HF5601 Accounting
H Social Sciences > HG Finance
Divisions: Faculty of Law, Arts and Social Sciences > School of Management
Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Mrs Patricia Nwokealisi
Date Deposited: 20 Jun 2017 15:39
Last Modified: 20 Jun 2017 15:39
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/8405

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