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THE IMPACT OF IFRS ON THE SERVICES DELIVERED BY PRICE WATERHOUSE COOPERS (PWC) LAGOS, NIGERIA
CHAPTER ONE
INTRODUCTION
1.1. Background to the Study
Financial statements, apart from stating the financial position of an organization, provides other information such as value added, changes in equity, if any, and cash flows of the enterprise within a defined period time to which it relates (Iyoha and Faboyede, 2011). This information is useful to a wide range of users making informed economic decisions. The quality of financial reporting is indispensable to the need of users who require them for investment and other decision making purposes.
Financial reports can only be regarded as useful if it represents the “economic substance” of an organization in terms of relevance, reliability, comparability and aids interpretation simplicity (Okpala, 2012); to prepare and audit financial statements, some accounting conventions and principles known as standards have been put in place by appropriate bodies set up for the purpose of encouraging uniformity and reliability. The implementation and adoption of IFRS would therefore reduce information irregularity and strengthens the communication link between all stakeholders. It also reduces the cost of preparing different version of financial statements where an organization is a multi-national (Healy and Palepum, 2001).
Globalization of business requires a unified global accounting, reporting and disclosure set of standards. As a result of increasing volume of cross border capital flows and the growing number of foreign direct investments via mergers and acquisitions in the globalization era, the need for the harmonization of different practices in accounting and the acceptance of worldwide standards has arisen (Akindele, 2012). This worldwide standard is called International Financial Reporting Standards (IFRS).
Before IFRS adoption era, most countries had their own standards with local bodies responsible for developing and issuance. The Nigerian Accounting Standards Board (NASB) was responsible for developing and issuing standards known as Statements of Accounting Standards (SAS) and in the new dispensation, the body was renamed Financial Reporting Council (FRC) of Nigeria as the regulatory body overseeing the adoption and implementation of IFRS. The International Accounting Standards Board (IASB) adopted the IFRS framework on 1st April, 2001; the standards were adopted by over 90 countries around the world. IFRS was established and approved by the IASB.
Accounting Framework has been shaped by International Financial Reporting Standards (IFRS) to provide for recognition, measurement, presentation and disclosure requirements relating to transactions and events that are reflected in the financial statements. IFRS was developed in the year 2001 by the International Accounting Standard Board (IASB) in the public interest to provide a single set of high quality, understandable and uniform accounting standards. Users of financial statement worldwide require sound understanding of financial statement but this can only be made possible based on Generally Accepted Accounting Practice (GAAP). With globalization of finance gaining ground, convergence with IFRS will enable the world to exchange financial information in a meaningful and trustworthy manner (Ikpefan and Akande, 2012).
Realization of the anticipated benefits to be derived as a result of the change from national Generally Accepted Accounting Principles (GAAP) to IFRS in terms of improved quality of financial reporting is the core motive of the proponents of general adoption of IFRS. Supporters of IFRS adoption argue that benefits will flow from expanded financial statement disclosures, differences in company reporting arising when a variety of national GAAP is used (Schipper,2005; Whittington, 2005).
As a result of the global acceptance of IFRS, some developing nations who considered the global impact would have on their economies either through foreign aids, Foreign Direct Investments (FDI) or the development of the capital market in terms of capital inflow decided to go for IFRS (Irvine and Lucas, 2006).
1.2. Statement of the Problem
IFRS is a new and emerging issue globally, with the objective of formulating and publishing accounting standards to be observed in the presentation of financial statements and equally as a benchmark for countries which are developing their own national regulation and by companies listed on the world Stock Exchange. The adoption of IFRS can bring significant additional short-term costs to businesses such as fees to train staffs and pay specialist external accountants. Equally, there are no enough experts in the country who are specialized in IFRS field. Adjustments to comply with IFRS can make performance comparisons difficult for investment analysis and also, it will reduce the level of confidence the shareholder have in the company.
Indeed, Nigeria had in 2010 signaled its willingness to adopt the IFRS in 2012. This dateline is anchored on the understanding of a progression along the milestones and timeliness enunciated in the country roadmap. However, as the Financial Reporting Council (FRC), formerly Nigeria Accounting Standards Board (NASB), duly acknowledged, the transition framework for effective and meaningful adoption may be derailed if any of the milestones and timeliness is ignored (NASB, 2010).
The adoption of IFRS reflects a fundamental shift in national accounting systems and profession. Critical constituents of a national system for a successful transition to IFRS include the tertiary educational system and the accounting profession. On this premise, the joining of anecdotal evidence with the paucity of published research about the dimensions of IFRS adoption in Nigeria tends to suggest that not much is known about this new financial language in the Nigerian academic environment and even globally (Doyle, 2010).
1.3. Research Questions
Based on the objectives of the study, the following research questions were carefully raised:
(i) What is the extent of IFRS familiarity by auditors, accountants and other experts in auditing firms in Nigeria?
(ii) Do accountants, auditors and other experts in auditing firms have different perspectives about IFRS readiness?
(iii) Do accountants, auditors and other experts have different perception regarding the enhancement of financial reporting quality through the adoption of IFRS?
1.4. Justification for the Study
Various researchers have asserted that the introduction of the IFRS has given room for uniformity in global financial reporting, although much emphasis is laid on the impact of IFRS on the economy generally and non-financial institutions among others.
Okoye and Ezejiofor (2014) worked on the impact of IFRS adoption on stock market movement in Nigerian corporate organization. The research assessed the extent at which the impact of IFRS on stock market movement can improve the position of corporate organization in Nigerian capital market. Ezeani and Rotimi (2012) worked on the adoption of IFRS to enhance financial reporting in Nigerian universities. They examined the extent to which adoption of IFRS can enhance financial reporting system in Nigerian universities.
Evans and Enahoro (2014) worked on the comparative study of the IFRS implementation in Ghana and Nigeria. The research was conducted to compare the IFRS adoption and implementation of Ghana and Nigeria. Markku V. and Hannu S. (2012) examined the impact of IFRS transition on audit and non-audit fees. The study focused on fees paid to auditors during a major accounting change associated with extra audit risk and work. They analyzed how a major accounting change from local GAAP and IFRS affects the audit and non-audit fees paid to auditors.
Nicholas A. and Ateboh B. (2014) examined the impact of IFRS adoption by Nigerian listed firms on key financial ratios used by investors. G. Demaki (2013) worked on the prospects and challenges of IFRS to economic development in Nigeria. Okafor and Ogiedu (2011) investigated the potential effects of the adoption and implementation of IFRS in Nigeria from the perspective of stakeholders. KPMG (2010) examined the impact of IFRS on the upstream oil and gas industry. Firoz and Aziz (2010) worked on environmental accounting and IFRS. They made a critical appraisal of the contemporary environmental accounting literature and examined the applicable and relevant paragraphs of the global IFRS.
There has been very little or no emphasis laid on the impact of IFRS on the services delivered by the auditing firms in Nigeria. Hence, this research will go a long way in bridging this identified gap, and to determine the impact of IFRS on the services delivered or by auditing firms in Nigeria.
1.5. Objectives of the Study
The main objective of the study was to investigate the impact of ifrs on the services delivered by price Waterhouse coopers (Pwc) Lagos, Nigeria. Other specific objectives were to:
(i) Examine the extent of IFRS familiarity by accountants, auditors and other experts in auditing firms.
(ii) Investigate whether accountants, auditors and other experts have different perspectives about IFRS readiness.
(iii) Assess whether auditors, accountants and other experts have different perception regarding enhancement of financial reporting quality through the adoption of IFRS.
1.6. Hypotheses of the Study
Based on the research questions, the following research hypotheses were tested:
HO1: There is no difference in the extent of IFRS familiarity by the accountants, auditors and other experts in auditing firms.
HO2: Accountants, auditors and other experts in auditing firms do not have significant differences in their perspectives about IFRS readiness.
HO3: Accountants, auditors and other experts in auditing firms do not have different perception regarding the enhancement of financial reporting quality through the adoption of IFRS.
1.7. Scope of the Study
This intellectual exercise focused on the impact of the IFRS on the services delivered by Price Waterhouse Coopers, Lagos Nigeria by focusing the work on accountants, auditors and other experts.
1.8. Plan of the Study
This research comprises five chapters. Chapter one focuses on the introductory part of this study, with overall insights on the background of the study, the statement of the problem, objectives of the study, hypotheses of the study, justification of the study and scope of the study. Literature review being the second chapter elucidates the various concepts underlying the study as well as the theoretical background and empirical framework or findings. Research methodology following the literature review, is the third chapter which comprehensively deals with the sampling techniques and selection, population of the study, and other methodology of data collection and analysis. Chapter four of this study being the data presentation, analysis of data and its interpretation of results, explicitly discloses both in tabular and theoretical form, the results obtained from respondents involved data collection. Chapter five focuses on the summary, conclusion and recommendation as regards the study including the limitation of the study as well as suggested areas for further research.
Definition of Terms
IFRS:International Financial Reporting Standards are standards and rules for reporting financial information. IFRS was established and approved by the International Accounting Standards Board (IASB).
Accountant:A person who is well vast and saddled with the monetary affairs of a company or an organization.
Policy:This is an initiative enforced by the government of the day in a country or by the hierarchy of an organization on its citizens/ employees, for the betterment of the country or company.
Capital market:This is a section of the financial market where bond, shares and stocks are traded.
Accounting standards:This is a statement issued by appropriate standard setting body locally or internationally on a specific area, or topic of financial accounting. The acceptance or application of which is mandatory.
Financial reporting:This is the process of conveying information contained in the financial statement to the various users of financial statement in other to meet their various needs.
Implementation:This is the process of putting into effective use, new standards, rules or regulations.
Reporting Standards:These are set of rules, regulations and principles guiding the preparation and presentation of financial reports to the stakeholders.
Employees:Employees are interested in earning higher wages and salaries. If a company is making more profit, employees would like to have a fair share of the cake. Therefore, employees make use of accounting information when negotiating for remuneration. Job security can be measured on the basis of performance.
Financial institutions:Financial institutions use accounting information in order to evaluate the credit worthiness of a company when a loan is to be advanced.
Suppliers:Businesses usually buy goods and merchandise on credit. Suppliers use accounting information in order to establish the maximum value of goods to be sold on credit including the solvency level of the entity.
Potential investors:Investors make use of accounting information when deciding whether or not to invest in a company.
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Tags: NIGERIA), THE IMPACT OF IFRS ON THE SERVICES DELIVERED BY PRICE WATERHOUSE COOPERS (PWC) LAGOS
ATTENTION:
BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
YOU CAN GET THE COMPLETE PROJECT OF THE TOPIC BELOW. THE FULL PROJECT COSTS N5000 ONLY. THE FULL INFORMATION ON HOW TO PAY AND GET THE COMPLETE PROJECT IS AT THE BOTTOM OF THIS PAGE. OR YOU CAN CALL: 08068231953, 08168759420
THE EFFECT OF FINANCIAL MANAGEMENT PRACTICES ON THE PROFITABILITY OF SMALL AND MEDIUM SCALE ENTERPRISES (SMES) IN KWARA STATE, NIGERIA
CHAPTER ONE
INTRODUCTION
1.1 Background to the study
Small and medium enterprise (SMEs) are considered backbone of economic growth in all countries (Rajesh, Surash and Deshmukh, 2008). Small and medium enterprises play an important role in Nigeria’s economic growth, as they constitute 97.2% of the companies in Nigeria (Ministry of Trade and Investment, 2011). It is unfortunate that SMEs performances have fallen short of expectations in Nigeria (Osotimehin, 2012). The country is still characterised with alarming unemployment rate of 19.7% in 2010 (CIA, 2010), as well as, high level of poverty for more than half of the population still live below the poverty line (Abu and Abdullah, 2010). This shows that Small and Medium- Scale Enterprises are not very effective in this part of the world. Most SMEs die shortly after their establishment and few that survive die following the ageing or physical incapacitation or death of their owners. The failure rate of small business stands around 50 percent in Africa (Adelakun, 2008; Ebiringa, 2011). Huyghebaert and Gucht (2004) have noted that 50% of new entrepreneurial ventures disappear within the first five years after their establishment in USA and probably that of Nigeria is higher. It should be noted that most business failures result in heavy personal loss for the entrepreneur (Bannock, 1980; Watson, 2003). The country also count losses; the loss in taxation and the business contribution to gross domestic product (GDP) as well as employment, add up to very huge losses for the country as a whole. is limited especially by market constraints. In addition to the SMEs internal limitations such as limited capital, old and poorly maintained equipment, outdated technology, lack of management skills, lack of financing resources and inexperience in the utilization of financial management practices are currently the most serious issues. Financial management plays an important role and has a large area in every activity of SMEs. Obviously, a reasonable and logical financial management practice will assist SMEs increase profitability and therefore will aid them to pass the obstacles. Financial management often led business enterprises to serious problems. According to Kwame (2010), careless financial management practices are the main cause of failure for business enterprises in Nigeria. Regardless of whether an owner manager or hired manager, if the financial decisions are wrong, profitability of the company will be adversely affected. Consequently, a business organization’s profitability could be damaged because of inefficient financial management practices. Business Enterprises’ have often failed due to the lack of knowledge of efficient financial management practices. Moreover, the uncertainty of the business environment causes business Enterprises to rely excessively on equity and maintain high liquidity and these financial characteristics affect profitability. Financial management in SMEs is noticed by many researchers. However, in many previous studies about financial management still have some limitations and more so little or no research work has been carried on financial management practices of SMEs especially in a developing country like Nigeria. It is said that, profitability is one of the most concerned goal of enterprise owners, therefore studying about relations between financial management and profitability in SMEs will have more belief in the effectiveness of financial management and to be more helpful in understanding the financial management of SMEs
1.2 Statement of the problem
Most previous researchers have concentrated on examining, investigating and describing the behavior of business enterprises in practicing financial management. Their findings are mainly related to exploring and describing the behavior of business Enterprises’ towards financial management practices. Also previous research studies came from the developed economic such as the United States of America. There seems to be a lack of evidence from less developed countries like Nigeria. Second, most previous researchers focus on investigating and describing financial management practices. There has been little research examining the effect of financial management practices on profitability (McMahon, et al, 1993).
This lack of empirical evidence from less developed economies like Nigeria and the lack of examination of the effect of financial management practices on profitability are major gaps that needs to be examined. Based on previous research findings and recognition of these gaps, a study of the effect of financial management practice on profitability should be developed and tested by using empirical data from less developed economies (Kieu, 2004). The case of Nigeria is very serious. Most Business Enterprises have not appointed financial managers to be in charge of financial management of the company. Usually, the owners or general managers with the assistance of the accountant control financial matters of the company. On the other hand, most owners or managers have no formal training in management skills, especially financial management Hence, the effect of financial management practices on the profitability of SMEs is still one of the major challenges
1.3 Objectives of the study
The main objective of this study is to determine the effect of financial management practices on the profitability of small and medium scale enterprises (SMEs) in Kwara state, Nigeria. Other specific objectives include:
i. To determine the effect of financial reporting and analysis on the profitability of small and medium scale enterprises.
ii. To determine the impact of working capital management on the profitability of small and medium scale enterprises
iii. To determine the effect of accounting information system on the profitability of small and medium scale enterprises.
1.4 Research questions
i. What is the effect of financial reporting and analysis on profitability of small and medium scale enterprises?
ii. What is the impact of working capital management on profitability of small and medium scale enterprises?
iii. What is the effect of accounting information system on the profitability of small and medium scale enterprises?
1.5 Hypotheses of the study
The following hypothesis stated in null form would be tested in this research work:
H01: financial reporting and analysis do not have effect on profitability of SMEs
H02: working capital management do not have impact on profitability of SMEs
H03: Accounting information system do not have effect on profitability of SMEs
1.6 Justification of the study
In terms of financial management practices, most previous researchers have focused on examining, investigating and describing the behaviour of SMEs in practising financial management. The specific areas of financial management practices including financial reporting and analysis, working capital management, fixed asset management and capital structure management have long attracted the attention of researchers (McMahon, et al. 1993).
Their findings are mainly related to exploring and describing the behaviour of SMEs towards financial management practices. Although they provided such descriptive statistical data and empirical evidence on SME financial management practices, it appears that there still are some gaps in the literature, which need to be addressed.
Firstly, most empirical evidence comes from the developed economies such as the United States of America (USA), the United Kingdom (UK), Canada and Australia (McMahon et al. 1993). There seems to be a lack of evidence from emerging economies, especially from transiting economies such as Nigeria
Secondly, most previous researchers focus on investigating and describing financial management practices whereas there has been little research examining the impact of financial management practices on the profitability of Smes (McMahon et al. 1993).
These are major gaps and it is difficult to convince business financial management practitioners of the need for changes in practices until evidence of the effects of financial management practices on the profitability of SME is provided and the relationship between the two variables are discovered. Based on previous research findings and recognition of these gaps, a study of the impact of financial management on SME profitability is justified and a model of the impacts of financial management practices and its effect on profitability should be developed and tested by using the empirical data from emerging economies However, such studies in Nigeria are scanty and more over, literature available in developed nations see (MacMahon, 1998, Nguyen, 2001, Peel et al., 1996) looked at individual constructs of financial management majorly like working capital management. Moreover, the present study looks at a multiplicative effect of various constructs of financial management on business performance of SMEs such as financial report and analysis and accounting information system. Therefore, this study is important not because it fills the gap, but also it sets out to address this gap knowledge.
1.7 Scope of the study
This study will be conducted by sampling the opinion of respondents from some selected small and medium scale enterprises in Ilorin, Kwara state. The small and medium scale enterprises selected will be based on random sampling. The period covered would be from July 2014 to December 2014. For the purpose of this study, the financial management practices that would be examined are: financial reporting and analysis, accounting information system and working capital management.
1.8 Plan of the study
The report of this study will be organized into five (5) different chapters. Chapter one will deal with the introduction of the study; Chapter two will discuss the Review of relevant literature to the study; Chapter three will focus on the research methodology to be adopted; Chapter four of the study will be dedicated to the Presentation and analysis of data; and finally, Chapter five presenting the summary, conclusion, and recommendations.
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HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
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Tags: NIGERIA), THE EFFECT OF FINANCIAL MANAGEMENT PRACTICES ON THE PROFITABILITY OF SMALL AND MEDIUM SCALE ENTERPRISES (SMES) IN KWARA STATE
ATTENTION:
BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
YOU CAN GET THE COMPLETE PROJECT OF THE TOPIC BELOW. THE FULL PROJECT COSTS N5000 ONLY. THE FULL INFORMATION ON HOW TO PAY AND GET THE COMPLETE PROJECT IS AT THE BOTTOM OF THIS PAGE. OR YOU CAN CALL: 08068231953, 08168759420
THE IMPACT OF IFRS ON THE SERVICES DELIVERED BY PRICE WATERHOUSE COOPERS (PWC) LAGOS, NIGERIA
CHAPTER ONE
INTRODUCTION
1.1. Background to the Study
Financial statements, apart from stating the financial position of an organization, provides other information such as value added, changes in equity, if any, and cash flows of the enterprise within a defined period time to which it relates (Iyoha and Faboyede, 2011). This information is useful to a wide range of users making informed economic decisions. The quality of financial reporting is indispensable to the need of users who require them for investment and other decision making purposes.
Financial reports can only be regarded as useful if it represents the “economic substance” of an organization in terms of relevance, reliability, comparability and aids interpretation simplicity (Okpala, 2012); to prepare and audit financial statements, some accounting conventions and principles known as standards have been put in place by appropriate bodies set up for the purpose of encouraging uniformity and reliability. The implementation and adoption of IFRS would therefore reduce information irregularity and strengthens the communication link between all stakeholders. It also reduces the cost of preparing different version of financial statements where an organization is a multi-national (Healy and Palepum, 2001).
Globalization of business requires a unified global accounting, reporting and disclosure set of standards. As a result of increasing volume of cross border capital flows and the growing number of foreign direct investments via mergers and acquisitions in the globalization era, the need for the harmonization of different practices in accounting and the acceptance of worldwide standards has arisen (Akindele, 2012). This worldwide standard is called International Financial Reporting Standards (IFRS).
Before IFRS adoption era, most countries had their own standards with local bodies responsible for developing and issuance. The Nigerian Accounting Standards Board (NASB) was responsible for developing and issuing standards known as Statements of Accounting Standards (SAS) and in the new dispensation, the body was renamed Financial Reporting Council (FRC) of Nigeria as the regulatory body overseeing the adoption and implementation of IFRS. The International Accounting Standards Board (IASB) adopted the IFRS framework on 1st April, 2001; the standards were adopted by over 90 countries around the world. IFRS was established and approved by the IASB.
Accounting Framework has been shaped by International Financial Reporting Standards (IFRS) to provide for recognition, measurement, presentation and disclosure requirements relating to transactions and events that are reflected in the financial statements. IFRS was developed in the year 2001 by the International Accounting Standard Board (IASB) in the public interest to provide a single set of high quality, understandable and uniform accounting standards. Users of financial statement worldwide require sound understanding of financial statement but this can only be made possible based on Generally Accepted Accounting Practice (GAAP). With globalization of finance gaining ground, convergence with IFRS will enable the world to exchange financial information in a meaningful and trustworthy manner (Ikpefan and Akande, 2012).
Realization of the anticipated benefits to be derived as a result of the change from national Generally Accepted Accounting Principles (GAAP) to IFRS in terms of improved quality of financial reporting is the core motive of the proponents of general adoption of IFRS. Supporters of IFRS adoption argue that benefits will flow from expanded financial statement disclosures, differences in company reporting arising when a variety of national GAAP is used (Schipper,2005; Whittington, 2005).
As a result of the global acceptance of IFRS, some developing nations who considered the global impact would have on their economies either through foreign aids, Foreign Direct Investments (FDI) or the development of the capital market in terms of capital inflow decided to go for IFRS (Irvine and Lucas, 2006).
1.2. Statement of the Problem
IFRS is a new and emerging issue globally, with the objective of formulating and publishing accounting standards to be observed in the presentation of financial statements and equally as a benchmark for countries which are developing their own national regulation and by companies listed on the world Stock Exchange. The adoption of IFRS can bring significant additional short-term costs to businesses such as fees to train staffs and pay specialist external accountants. Equally, there are no enough experts in the country who are specialized in IFRS field. Adjustments to comply with IFRS can make performance comparisons difficult for investment analysis and also, it will reduce the level of confidence the shareholder have in the company.
Indeed, Nigeria had in 2010 signaled its willingness to adopt the IFRS in 2012. This dateline is anchored on the understanding of a progression along the milestones and timeliness enunciated in the country roadmap. However, as the Financial Reporting Council (FRC), formerly Nigeria Accounting Standards Board (NASB), duly acknowledged, the transition framework for effective and meaningful adoption may be derailed if any of the milestones and timeliness is ignored (NASB, 2010).
The adoption of IFRS reflects a fundamental shift in national accounting systems and profession. Critical constituents of a national system for a successful transition to IFRS include the tertiary educational system and the accounting profession. On this premise, the joining of anecdotal evidence with the paucity of published research about the dimensions of IFRS adoption in Nigeria tends to suggest that not much is known about this new financial language in the Nigerian academic environment and even globally (Doyle, 2010).
1.3. Research Questions
Based on the objectives of the study, the following research questions were carefully raised:
(i) What is the extent of IFRS familiarity by auditors, accountants and other experts in auditing firms in Nigeria?
(ii) Do accountants, auditors and other experts in auditing firms have different perspectives about IFRS readiness?
(iii) Do accountants, auditors and other experts have different perception regarding the enhancement of financial reporting quality through the adoption of IFRS?
1.4. Justification for the Study
Various researchers have asserted that the introduction of the IFRS has given room for uniformity in global financial reporting, although much emphasis is laid on the impact of IFRS on the economy generally and non-financial institutions among others.
Okoye and Ezejiofor (2014) worked on the impact of IFRS adoption on stock market movement in Nigerian corporate organization. The research assessed the extent at which the impact of IFRS on stock market movement can improve the position of corporate organization in Nigerian capital market. Ezeani and Rotimi (2012) worked on the adoption of IFRS to enhance financial reporting in Nigerian universities. They examined the extent to which adoption of IFRS can enhance financial reporting system in Nigerian universities.
Evans and Enahoro (2014) worked on the comparative study of the IFRS implementation in Ghana and Nigeria. The research was conducted to compare the IFRS adoption and implementation of Ghana and Nigeria. Markku V. and Hannu S. (2012) examined the impact of IFRS transition on audit and non-audit fees. The study focused on fees paid to auditors during a major accounting change associated with extra audit risk and work. They analyzed how a major accounting change from local GAAP and IFRS affects the audit and non-audit fees paid to auditors.
Nicholas A. and Ateboh B. (2014) examined the impact of IFRS adoption by Nigerian listed firms on key financial ratios used by investors. G. Demaki (2013) worked on the prospects and challenges of IFRS to economic development in Nigeria. Okafor and Ogiedu (2011) investigated the potential effects of the adoption and implementation of IFRS in Nigeria from the perspective of stakeholders. KPMG (2010) examined the impact of IFRS on the upstream oil and gas industry. Firoz and Aziz (2010) worked on environmental accounting and IFRS. They made a critical appraisal of the contemporary environmental accounting literature and examined the applicable and relevant paragraphs of the global IFRS.
There has been very little or no emphasis laid on the impact of IFRS on the services delivered by the auditing firms in Nigeria. Hence, this research will go a long way in bridging this identified gap, and to determine the impact of IFRS on the services delivered or by auditing firms in Nigeria.
1.5. Objectives of the Study
The main objective of the study was to investigate the impact of ifrs on the services delivered by price Waterhouse coopers (Pwc) Lagos, Nigeria. Other specific objectives were to:
(i) Examine the extent of IFRS familiarity by accountants, auditors and other experts in auditing firms.
(ii) Investigate whether accountants, auditors and other experts have different perspectives about IFRS readiness.
(iii) Assess whether auditors, accountants and other experts have different perception regarding enhancement of financial reporting quality through the adoption of IFRS.
1.6. Hypotheses of the Study
Based on the research questions, the following research hypotheses were tested:
HO1: There is no difference in the extent of IFRS familiarity by the accountants, auditors and other experts in auditing firms.
HO2: Accountants, auditors and other experts in auditing firms do not have significant differences in their perspectives about IFRS readiness.
HO3: Accountants, auditors and other experts in auditing firms do not have different perception regarding the enhancement of financial reporting quality through the adoption of IFRS.
1.7. Scope of the Study
This intellectual exercise focused on the impact of the IFRS on the services delivered by Price Waterhouse Coopers, Lagos Nigeria by focusing the work on accountants, auditors and other experts.
1.8. Plan of the Study
This research comprises five chapters. Chapter one focuses on the introductory part of this study, with overall insights on the background of the study, the statement of the problem, objectives of the study, hypotheses of the study, justification of the study and scope of the study. Literature review being the second chapter elucidates the various concepts underlying the study as well as the theoretical background and empirical framework or findings. Research methodology following the literature review, is the third chapter which comprehensively deals with the sampling techniques and selection, population of the study, and other methodology of data collection and analysis. Chapter four of this study being the data presentation, analysis of data and its interpretation of results, explicitly discloses both in tabular and theoretical form, the results obtained from respondents involved data collection. Chapter five focuses on the summary, conclusion and recommendation as regards the study including the limitation of the study as well as suggested areas for further research.
Definition of Terms
IFRS:International Financial Reporting Standards are standards and rules for reporting financial information. IFRS was established and approved by the International Accounting Standards Board (IASB).
Accountant:A person who is well vast and saddled with the monetary affairs of a company or an organization.
Policy:This is an initiative enforced by the government of the day in a country or by the hierarchy of an organization on its citizens/ employees, for the betterment of the country or company.
Capital market:This is a section of the financial market where bond, shares and stocks are traded.
Accounting standards:This is a statement issued by appropriate standard setting body locally or internationally on a specific area, or topic of financial accounting. The acceptance or application of which is mandatory.
Financial reporting:This is the process of conveying information contained in the financial statement to the various users of financial statement in other to meet their various needs.
Implementation:This is the process of putting into effective use, new standards, rules or regulations.
Reporting Standards:These are set of rules, regulations and principles guiding the preparation and presentation of financial reports to the stakeholders.
Employees:Employees are interested in earning higher wages and salaries. If a company is making more profit, employees would like to have a fair share of the cake. Therefore, employees make use of accounting information when negotiating for remuneration. Job security can be measured on the basis of performance.
Financial institutions:Financial institutions use accounting information in order to evaluate the credit worthiness of a company when a loan is to be advanced.
Suppliers:Businesses usually buy goods and merchandise on credit. Suppliers use accounting information in order to establish the maximum value of goods to be sold on credit including the solvency level of the entity.
Potential investors:Investors make use of accounting information when deciding whether or not to invest in a company.
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Tags: NIGERIA), THE IMPACT OF IFRS ON THE SERVICES DELIVERED BY PRICE WATERHOUSE COOPERS (PWC) LAGOS
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ASSESSMENT OF THE CHALLENGES FACING SMALL AND MEDIUM SCALE ENTERPRISES IN ACCESSING FOREIGN EXCHANGE IN NIGERIA
(A CASE STUDY OF SELECTED ELECTRONICS DEALERS IN ALABA INT’L MARKET, LAGOS, NIGERIA)
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
The desire to build a strong economy is the desire of every patriotic citizen in Nigeria. This desire is illustrated via high productivity in the part of citizens in Nigeria and, the ability of the government to diversify the economy to earn more foreign exchange.
Over the years, the discovery of oil in Nigeria has been argued to be a curse rather than a blessing. This assertion is gotten from the fact that oil still remains Nigeria’s biggest income earner, as it accounts for over 80% of export earnings.
The drop in oil prices has left nations like Nigeria who run an oil based economy with undiversified economies in economic crises. This challenge brought about by exchange rate fluctuations is eventually causing too much pressure on the Naira. This has affected the demand and supply of the US Dollar and other major currencies, as scarcity is inevitable. The demand for foreign exchange by businesses surpass the supply of the currency, thereby causing scarcity, inflation and some business closing shops due to their in-ability to get foreign exchange to import. The government of the day in Nigeria usually relies on foreign exchange reserve generated from crude oil to manage excessive volatility in exchange rate and recently crude oil prices have dropped drastically. This has tremendous implication for foreign exchange earnings. The capacity of the Central Bank of Nigeria (CBN) to fund foreign exchange market has being called to question. Low level of foreign exchange reserve induces free movement of exchange rate. Issues are also on the rise on the demand side. There has being a high demand for foreign exchange in the last five (5) years as a result of factors like, heavy dependence on imported finish products, the industrial sector’s dependence on imported raw materials with other inputs, reversal of capital flow by investors and high speculative demand which has caused uncertainty in the foreign exchange market (CBN report, August 2013). Therefore, the increased foreign exchange demand in the face of unstable supply is leading to volatility in exchange rate.
1.2 STATEMENT OF THE PROBLEM
Small and medium scale enterprises are the backbone of any economy. The in-ability of the government to create a favourable and enabling environment for SMEs to do business can result in an economic meltdown.
Nigeria as an import dependent nation relies greatly on goods and services from other countries. Since the sharp fall in oil prices, foreign exchange accessibility has been a problem to SMEs in Nigeria, as major currencies such as the US Dollar and British pond are getting scarce due to increased demand for them. The foreign reserve of Nigeria has been greatly affected by the decline in oil revenue, thereby forcing the Central bank of Nigeria to devalue the naira and allow for a flexible exchange rate. This policies are made to save the country from the adverse effects of the decline in oil revenue to the country.
1.4 RESEARCH OBJECTIVES
Below are the objectives that would guide this research work;
To access the dependency level of SMEs on foreign goods and services.
To determine the main cause of foreign exchanges scarcity and effect on the Nigerian economy.
To examine the consequences of SMEs over dependency on foreign goods and services on the economy.
To examine possible options of overcoming the current foreign exchange crises for importers.
1.5 RESEARCH QUESTIONS
How dependent are SMEs in Nigeria on foreign goods and services?
What are the factors responsible for foreign exchange scarcity in Nigeria?
What options are available to counter the challenges posed by security of foreign exchange to importers in Nigeria?
1.6 RESEARCH HYPOTHESES
Ho: SMEs in Nigeria are dependent on foreign goods and services.
Ho: Dollar scarcity has crippled the operations of SMEs in Nigeria.
1.7 SIGNIFICANCE OF THE STUDY
The study is significant as it would add to existing literature on the challenges in accessing forex and how it affects small and medium scale enterprises and the economic growth of Nigeria. It will serve as a guide to further research, academic work and as a self-help study material for those who might wish to firsthand knowledge about foreign exchange and SMEs.
It is also hoped that Nigeria policy makers will find it’s a helpful material in the formulation and implementation of policies on foreign exchange and how it facilities growth in Nigeria.
1.8 SCOPE AND LIMITATIONS OF THE STUDY
The study covers the challenges SMEs face in accessing FOREX in Nigeria, using responses from selected electronic dealers in Alaba International Market in Lagos state as a case study.
Every research study comes with a constraint. For the purpose of achieving stated objectives for the study, the researcher confronted both financial and time constraints. Funds to print and distribute questions coupled with tight lecture schedules were the limitations for the study.
1.9 DEFINITION OF TERMS
SME: Small and Medium Scale Enterprise.
Naira: The Currency of Nigeria.
Devaluation: Devaluation on modern monetary policy is a reduction in the value of a currency with respect to those goods, services or other monetary units with which that currency can be exchanged.
Forex: Foreign Exchange
Exchange rate: an exchange rate between two currencies is the rate at which one currency will be exchanged for another.
Import: An import is a good brought into a jurisdiction, especially across a national border, from an external source
Export: The term export means shipping the goods and services out of the port of a country. The seller of such goods and services is referred to as an “exporter” and is based in the country of export whereas the overseas based buyer is referred to as an “importer
Balance of Payment: The balance of payments (BOP) of a country is the record of all economic transactions between the residents of a country and the rest of the world in a particular period (over a quarter of a year or more commonly over a year).
CBN: Central Bank of Nigeria
E-Commerce: Electronic commerce, commonly known as E-commerce or e-Commerce, is trading in products or services using computer networks, such as the Internet.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
AFFILIATE LINKS:
myeasyproject.com.ng
easyprojectmaterials.com
easyprojectmaterials.net.ng
easyprojectsmaterials.net.ng
easyprojectsmaterial.net.ng
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Tags: ASSESSMENT OF THE CHALLENGES FACING SMALL AND MEDIUM SCALE ENTERPRISES IN ACCESSING FOREIGN EXCHANGE IN NIGERIA (A CASE STUDY OF SELECTED ELECTRONICS DEALERS IN ALABA INT’L MARKET, LAGOS), NIGERIA)
CHAPTER ONE
INTRODUCTION
1.1. Background to the Study
Financial statements, apart from stating the financial position of an organization, provides other information such as value added, changes in equity, if any, and cash flows of the enterprise within a defined period time to which it relates (Iyoha and Faboyede, 2011). This information is useful to a wide range of users making informed economic decisions. The quality of financial reporting is indispensable to the need of users who require them for investment and other decision making purposes.
Financial reports can only be regarded as useful if it represents the “economic substance” of an organization in terms of relevance, reliability, comparability and aids interpretation simplicity (Okpala, 2012); to prepare and audit financial statements, some accounting conventions and principles known as standards have been put in place by appropriate bodies set up for the purpose of encouraging uniformity and reliability. The implementation and adoption of IFRS would therefore reduce information irregularity and strengthens the communication link between all stakeholders. It also reduces the cost of preparing different version of financial statements where an organization is a multi-national (Healy and Palepum, 2001).
Globalization of business requires a unified global accounting, reporting and disclosure set of standards. As a result of increasing volume of cross border capital flows and the growing number of foreign direct investments via mergers and acquisitions in the globalization era, the need for the harmonization of different practices in accounting and the acceptance of worldwide standards has arisen (Akindele, 2012). This worldwide standard is called International Financial Reporting Standards (IFRS).
Before IFRS adoption era, most countries had their own standards with local bodies responsible for developing and issuance. The Nigerian Accounting Standards Board (NASB) was responsible for developing and issuing standards known as Statements of Accounting Standards (SAS) and in the new dispensation, the body was renamed Financial Reporting Council (FRC) of Nigeria as the regulatory body overseeing the adoption and implementation of IFRS. The International Accounting Standards Board (IASB) adopted the IFRS framework on 1st April, 2001; the standards were adopted by over 90 countries around the world. IFRS was established and approved by the IASB.
Accounting Framework has been shaped by International Financial Reporting Standards (IFRS) to provide for recognition, measurement, presentation and disclosure requirements relating to transactions and events that are reflected in the financial statements. IFRS was developed in the year 2001 by the International Accounting Standard Board (IASB) in the public interest to provide a single set of high quality, understandable and uniform accounting standards. Users of financial statement worldwide require sound understanding of financial statement but this can only be made possible based on Generally Accepted Accounting Practice (GAAP). With globalization of finance gaining ground, convergence with IFRS will enable the world to exchange financial information in a meaningful and trustworthy manner (Ikpefan and Akande, 2012).
Realization of the anticipated benefits to be derived as a result of the change from national Generally Accepted Accounting Principles (GAAP) to IFRS in terms of improved quality of financial reporting is the core motive of the proponents of general adoption of IFRS. Supporters of IFRS adoption argue that benefits will flow from expanded financial statement disclosures, differences in company reporting arising when a variety of national GAAP is used (Schipper,2005; Whittington, 2005).
As a result of the global acceptance of IFRS, some developing nations who considered the global impact would have on their economies either through foreign aids, Foreign Direct Investments (FDI) or the development of the capital market in terms of capital inflow decided to go for IFRS (Irvine and Lucas, 2006).
1.2. Statement of the Problem
IFRS is a new and emerging issue globally, with the objective of formulating and publishing accounting standards to be observed in the presentation of financial statements and equally as a benchmark for countries which are developing their own national regulation and by companies listed on the world Stock Exchange. The adoption of IFRS can bring significant additional short-term costs to businesses such as fees to train staffs and pay specialist external accountants. Equally, there are no enough experts in the country who are specialized in IFRS field. Adjustments to comply with IFRS can make performance comparisons difficult for investment analysis and also, it will reduce the level of confidence the shareholder have in the company.
Indeed, Nigeria had in 2010 signaled its willingness to adopt the IFRS in 2012. This dateline is anchored on the understanding of a progression along the milestones and timeliness enunciated in the country roadmap. However, as the Financial Reporting Council (FRC), formerly Nigeria Accounting Standards Board (NASB), duly acknowledged, the transition framework for effective and meaningful adoption may be derailed if any of the milestones and timeliness is ignored (NASB, 2010).
The adoption of IFRS reflects a fundamental shift in national accounting systems and profession. Critical constituents of a national system for a successful transition to IFRS include the tertiary educational system and the accounting profession. On this premise, the joining of anecdotal evidence with the paucity of published research about the dimensions of IFRS adoption in Nigeria tends to suggest that not much is known about this new financial language in the Nigerian academic environment and even globally (Doyle, 2010).
1.3. Research Questions
Based on the objectives of the study, the following research questions were carefully raised:
(i) What is the extent of IFRS familiarity by auditors, accountants and other experts in auditing firms in Nigeria?
(ii) Do accountants, auditors and other experts in auditing firms have different perspectives about IFRS readiness?
(iii) Do accountants, auditors and other experts have different perception regarding the enhancement of financial reporting quality through the adoption of IFRS?
1.4. Justification for the Study
Various researchers have asserted that the introduction of the IFRS has given room for uniformity in global financial reporting, although much emphasis is laid on the impact of IFRS on the economy generally and non-financial institutions among others.
Okoye and Ezejiofor (2014) worked on the impact of IFRS adoption on stock market movement in Nigerian corporate organization. The research assessed the extent at which the impact of IFRS on stock market movement can improve the position of corporate organization in Nigerian capital market. Ezeani and Rotimi (2012) worked on the adoption of IFRS to enhance financial reporting in Nigerian universities. They examined the extent to which adoption of IFRS can enhance financial reporting system in Nigerian universities.
Evans and Enahoro (2014) worked on the comparative study of the IFRS implementation in Ghana and Nigeria. The research was conducted to compare the IFRS adoption and implementation of Ghana and Nigeria. Markku V. and Hannu S. (2012) examined the impact of IFRS transition on audit and non-audit fees. The study focused on fees paid to auditors during a major accounting change associated with extra audit risk and work. They analyzed how a major accounting change from local GAAP and IFRS affects the audit and non-audit fees paid to auditors.
Nicholas A. and Ateboh B. (2014) examined the impact of IFRS adoption by Nigerian listed firms on key financial ratios used by investors. G. Demaki (2013) worked on the prospects and challenges of IFRS to economic development in Nigeria. Okafor and Ogiedu (2011) investigated the potential effects of the adoption and implementation of IFRS in Nigeria from the perspective of stakeholders. KPMG (2010) examined the impact of IFRS on the upstream oil and gas industry. Firoz and Aziz (2010) worked on environmental accounting and IFRS. They made a critical appraisal of the contemporary environmental accounting literature and examined the applicable and relevant paragraphs of the global IFRS.
There has been very little or no emphasis laid on the impact of IFRS on the services delivered by the auditing firms in Nigeria. Hence, this research will go a long way in bridging this identified gap, and to determine the impact of IFRS on the services delivered or by auditing firms in Nigeria.
1.5. Objectives of the Study
The main objective of the study was to investigate the impact of ifrs on the services delivered by price Waterhouse coopers (Pwc) Lagos, Nigeria. Other specific objectives were to:
(i) Examine the extent of IFRS familiarity by accountants, auditors and other experts in auditing firms.
(ii) Investigate whether accountants, auditors and other experts have different perspectives about IFRS readiness.
(iii) Assess whether auditors, accountants and other experts have different perception regarding enhancement of financial reporting quality through the adoption of IFRS.
1.6. Hypotheses of the Study
Based on the research questions, the following research hypotheses were tested:
HO1: There is no difference in the extent of IFRS familiarity by the accountants, auditors and other experts in auditing firms.
HO2: Accountants, auditors and other experts in auditing firms do not have significant differences in their perspectives about IFRS readiness.
HO3: Accountants, auditors and other experts in auditing firms do not have different perception regarding the enhancement of financial reporting quality through the adoption of IFRS.
1.7. Scope of the Study
This intellectual exercise focused on the impact of the IFRS on the services delivered by Price Waterhouse Coopers, Lagos Nigeria by focusing the work on accountants, auditors and other experts.
1.8. Plan of the Study
This research comprises five chapters. Chapter one focuses on the introductory part of this study, with overall insights on the background of the study, the statement of the problem, objectives of the study, hypotheses of the study, justification of the study and scope of the study. Literature review being the second chapter elucidates the various concepts underlying the study as well as the theoretical background and empirical framework or findings. Research methodology following the literature review, is the third chapter which comprehensively deals with the sampling techniques and selection, population of the study, and other methodology of data collection and analysis. Chapter four of this study being the data presentation, analysis of data and its interpretation of results, explicitly discloses both in tabular and theoretical form, the results obtained from respondents involved data collection. Chapter five focuses on the summary, conclusion and recommendation as regards the study including the limitation of the study as well as suggested areas for further research.
Definition of Terms
IFRS:International Financial Reporting Standards are standards and rules for reporting financial information. IFRS was established and approved by the International Accounting Standards Board (IASB).
Accountant:A person who is well vast and saddled with the monetary affairs of a company or an organization.
Policy:This is an initiative enforced by the government of the day in a country or by the hierarchy of an organization on its citizens/ employees, for the betterment of the country or company.
Capital market:This is a section of the financial market where bond, shares and stocks are traded.
Accounting standards:This is a statement issued by appropriate standard setting body locally or internationally on a specific area, or topic of financial accounting. The acceptance or application of which is mandatory.
Financial reporting:This is the process of conveying information contained in the financial statement to the various users of financial statement in other to meet their various needs.
Implementation:This is the process of putting into effective use, new standards, rules or regulations.
Reporting Standards:These are set of rules, regulations and principles guiding the preparation and presentation of financial reports to the stakeholders.
Employees:Employees are interested in earning higher wages and salaries. If a company is making more profit, employees would like to have a fair share of the cake. Therefore, employees make use of accounting information when negotiating for remuneration. Job security can be measured on the basis of performance.
Financial institutions:Financial institutions use accounting information in order to evaluate the credit worthiness of a company when a loan is to be advanced.
Suppliers:Businesses usually buy goods and merchandise on credit. Suppliers use accounting information in order to establish the maximum value of goods to be sold on credit including the solvency level of the entity.
Potential investors:Investors make use of accounting information when deciding whether or not to invest in a company.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
Visit any of my project websites below:
www.easyprojectmaterials.com
www.easyprojectmaterials.com.ng
www.easyprojectmaterial.net
www.easyprojectmaterial.net.ng
www.easyprojectsolutions.com
www.worldofnolimit.com
www.worldofnolimit.com
www.nairaproject.com.ng
www.nairaprojects.com.ng
www.nairaproject.net
www.nairaprojects.net
www.uniproject.com.ng
www.uniprojects.com.ng
Tags: NIGERIA), THE IMPACT OF IFRS ON THE SERVICES DELIVERED BY PRICE WATERHOUSE COOPERS (PWC) LAGOS
CHAPTER ONE
INTRODUCTION
1.1. Background to the Study
Financial statements, apart from stating the financial position of an organization, provides other information such as value added, changes in equity, if any, and cash flows of the enterprise within a defined period time to which it relates (Iyoha and Faboyede, 2011). This information is useful to a wide range of users making informed economic decisions. The quality of financial reporting is indispensable to the need of users who require them for investment and other decision making purposes.
Financial reports can only be regarded as useful if it represents the “economic substance” of an organization in terms of relevance, reliability, comparability and aids interpretation simplicity (Okpala, 2012); to prepare and audit financial statements, some accounting conventions and principles known as standards have been put in place by appropriate bodies set up for the purpose of encouraging uniformity and reliability. The implementation and adoption of IFRS would therefore reduce information irregularity and strengthens the communication link between all stakeholders. It also reduces the cost of preparing different version of financial statements where an organization is a multi-national (Healy and Palepum, 2001).
Globalization of business requires a unified global accounting, reporting and disclosure set of standards. As a result of increasing volume of cross border capital flows and the growing number of foreign direct investments via mergers and acquisitions in the globalization era, the need for the harmonization of different practices in accounting and the acceptance of worldwide standards has arisen (Akindele, 2012). This worldwide standard is called International Financial Reporting Standards (IFRS).
Before IFRS adoption era, most countries had their own standards with local bodies responsible for developing and issuance. The Nigerian Accounting Standards Board (NASB) was responsible for developing and issuing standards known as Statements of Accounting Standards (SAS) and in the new dispensation, the body was renamed Financial Reporting Council (FRC) of Nigeria as the regulatory body overseeing the adoption and implementation of IFRS. The International Accounting Standards Board (IASB) adopted the IFRS framework on 1st April, 2001; the standards were adopted by over 90 countries around the world. IFRS was established and approved by the IASB.
Accounting Framework has been shaped by International Financial Reporting Standards (IFRS) to provide for recognition, measurement, presentation and disclosure requirements relating to transactions and events that are reflected in the financial statements. IFRS was developed in the year 2001 by the International Accounting Standard Board (IASB) in the public interest to provide a single set of high quality, understandable and uniform accounting standards. Users of financial statement worldwide require sound understanding of financial statement but this can only be made possible based on Generally Accepted Accounting Practice (GAAP). With globalization of finance gaining ground, convergence with IFRS will enable the world to exchange financial information in a meaningful and trustworthy manner (Ikpefan and Akande, 2012).
Realization of the anticipated benefits to be derived as a result of the change from national Generally Accepted Accounting Principles (GAAP) to IFRS in terms of improved quality of financial reporting is the core motive of the proponents of general adoption of IFRS. Supporters of IFRS adoption argue that benefits will flow from expanded financial statement disclosures, differences in company reporting arising when a variety of national GAAP is used (Schipper,2005; Whittington, 2005).
As a result of the global acceptance of IFRS, some developing nations who considered the global impact would have on their economies either through foreign aids, Foreign Direct Investments (FDI) or the development of the capital market in terms of capital inflow decided to go for IFRS (Irvine and Lucas, 2006).
1.2. Statement of the Problem
IFRS is a new and emerging issue globally, with the objective of formulating and publishing accounting standards to be observed in the presentation of financial statements and equally as a benchmark for countries which are developing their own national regulation and by companies listed on the world Stock Exchange. The adoption of IFRS can bring significant additional short-term costs to businesses such as fees to train staffs and pay specialist external accountants. Equally, there are no enough experts in the country who are specialized in IFRS field. Adjustments to comply with IFRS can make performance comparisons difficult for investment analysis and also, it will reduce the level of confidence the shareholder have in the company.
Indeed, Nigeria had in 2010 signaled its willingness to adopt the IFRS in 2012. This dateline is anchored on the understanding of a progression along the milestones and timeliness enunciated in the country roadmap. However, as the Financial Reporting Council (FRC), formerly Nigeria Accounting Standards Board (NASB), duly acknowledged, the transition framework for effective and meaningful adoption may be derailed if any of the milestones and timeliness is ignored (NASB, 2010).
The adoption of IFRS reflects a fundamental shift in national accounting systems and profession. Critical constituents of a national system for a successful transition to IFRS include the tertiary educational system and the accounting profession. On this premise, the joining of anecdotal evidence with the paucity of published research about the dimensions of IFRS adoption in Nigeria tends to suggest that not much is known about this new financial language in the Nigerian academic environment and even globally (Doyle, 2010).
1.3. Research Questions
Based on the objectives of the study, the following research questions were carefully raised:
(i) What is the extent of IFRS familiarity by auditors, accountants and other experts in auditing firms in Nigeria?
(ii) Do accountants, auditors and other experts in auditing firms have different perspectives about IFRS readiness?
(iii) Do accountants, auditors and other experts have different perception regarding the enhancement of financial reporting quality through the adoption of IFRS?
1.4. Justification for the Study
Various researchers have asserted that the introduction of the IFRS has given room for uniformity in global financial reporting, although much emphasis is laid on the impact of IFRS on the economy generally and non-financial institutions among others.
Okoye and Ezejiofor (2014) worked on the impact of IFRS adoption on stock market movement in Nigerian corporate organization. The research assessed the extent at which the impact of IFRS on stock market movement can improve the position of corporate organization in Nigerian capital market. Ezeani and Rotimi (2012) worked on the adoption of IFRS to enhance financial reporting in Nigerian universities. They examined the extent to which adoption of IFRS can enhance financial reporting system in Nigerian universities.
Evans and Enahoro (2014) worked on the comparative study of the IFRS implementation in Ghana and Nigeria. The research was conducted to compare the IFRS adoption and implementation of Ghana and Nigeria. Markku V. and Hannu S. (2012) examined the impact of IFRS transition on audit and non-audit fees. The study focused on fees paid to auditors during a major accounting change associated with extra audit risk and work. They analyzed how a major accounting change from local GAAP and IFRS affects the audit and non-audit fees paid to auditors.
Nicholas A. and Ateboh B. (2014) examined the impact of IFRS adoption by Nigerian listed firms on key financial ratios used by investors. G. Demaki (2013) worked on the prospects and challenges of IFRS to economic development in Nigeria. Okafor and Ogiedu (2011) investigated the potential effects of the adoption and implementation of IFRS in Nigeria from the perspective of stakeholders. KPMG (2010) examined the impact of IFRS on the upstream oil and gas industry. Firoz and Aziz (2010) worked on environmental accounting and IFRS. They made a critical appraisal of the contemporary environmental accounting literature and examined the applicable and relevant paragraphs of the global IFRS.
There has been very little or no emphasis laid on the impact of IFRS on the services delivered by the auditing firms in Nigeria. Hence, this research will go a long way in bridging this identified gap, and to determine the impact of IFRS on the services delivered or by auditing firms in Nigeria.
1.5. Objectives of the Study
The main objective of the study was to investigate the impact of ifrs on the services delivered by price Waterhouse coopers (Pwc) Lagos, Nigeria. Other specific objectives were to:
(i) Examine the extent of IFRS familiarity by accountants, auditors and other experts in auditing firms.
(ii) Investigate whether accountants, auditors and other experts have different perspectives about IFRS readiness.
(iii) Assess whether auditors, accountants and other experts have different perception regarding enhancement of financial reporting quality through the adoption of IFRS.
1.6. Hypotheses of the Study
Based on the research questions, the following research hypotheses were tested:
HO1: There is no difference in the extent of IFRS familiarity by the accountants, auditors and other experts in auditing firms.
HO2: Accountants, auditors and other experts in auditing firms do not have significant differences in their perspectives about IFRS readiness.
HO3: Accountants, auditors and other experts in auditing firms do not have different perception regarding the enhancement of financial reporting quality through the adoption of IFRS.
1.7. Scope of the Study
This intellectual exercise focused on the impact of the IFRS on the services delivered by Price Waterhouse Coopers, Lagos Nigeria by focusing the work on accountants, auditors and other experts.
1.8. Plan of the Study
This research comprises five chapters. Chapter one focuses on the introductory part of this study, with overall insights on the background of the study, the statement of the problem, objectives of the study, hypotheses of the study, justification of the study and scope of the study. Literature review being the second chapter elucidates the various concepts underlying the study as well as the theoretical background and empirical framework or findings. Research methodology following the literature review, is the third chapter which comprehensively deals with the sampling techniques and selection, population of the study, and other methodology of data collection and analysis. Chapter four of this study being the data presentation, analysis of data and its interpretation of results, explicitly discloses both in tabular and theoretical form, the results obtained from respondents involved data collection. Chapter five focuses on the summary, conclusion and recommendation as regards the study including the limitation of the study as well as suggested areas for further research.
Definition of Terms
IFRS:International Financial Reporting Standards are standards and rules for reporting financial information. IFRS was established and approved by the International Accounting Standards Board (IASB).
Accountant:A person who is well vast and saddled with the monetary affairs of a company or an organization.
Policy:This is an initiative enforced by the government of the day in a country or by the hierarchy of an organization on its citizens/ employees, for the betterment of the country or company.
Capital market:This is a section of the financial market where bond, shares and stocks are traded.
Accounting standards:This is a statement issued by appropriate standard setting body locally or internationally on a specific area, or topic of financial accounting. The acceptance or application of which is mandatory.
Financial reporting:This is the process of conveying information contained in the financial statement to the various users of financial statement in other to meet their various needs.
Implementation:This is the process of putting into effective use, new standards, rules or regulations.
Reporting Standards:These are set of rules, regulations and principles guiding the preparation and presentation of financial reports to the stakeholders.
Employees:Employees are interested in earning higher wages and salaries. If a company is making more profit, employees would like to have a fair share of the cake. Therefore, employees make use of accounting information when negotiating for remuneration. Job security can be measured on the basis of performance.
Financial institutions:Financial institutions use accounting information in order to evaluate the credit worthiness of a company when a loan is to be advanced.
Suppliers:Businesses usually buy goods and merchandise on credit. Suppliers use accounting information in order to establish the maximum value of goods to be sold on credit including the solvency level of the entity.
Potential investors:Investors make use of accounting information when deciding whether or not to invest in a company.
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Tags: NIGERIA), THE IMPACT OF IFRS ON THE SERVICES DELIVERED BY PRICE WATERHOUSE COOPERS (PWC) LAGOS
CHAPTER ONE
INTRODUCTION
1.1 Background to the study
Small and medium enterprise (SMEs) are considered backbone of economic growth in all countries (Rajesh, Surash and Deshmukh, 2008). Small and medium enterprises play an important role in Nigeria’s economic growth, as they constitute 97.2% of the companies in Nigeria (Ministry of Trade and Investment, 2011). It is unfortunate that SMEs performances have fallen short of expectations in Nigeria (Osotimehin, 2012). The country is still characterised with alarming unemployment rate of 19.7% in 2010 (CIA, 2010), as well as, high level of poverty for more than half of the population still live below the poverty line (Abu and Abdullah, 2010). This shows that Small and Medium- Scale Enterprises are not very effective in this part of the world. Most SMEs die shortly after their establishment and few that survive die following the ageing or physical incapacitation or death of their owners. The failure rate of small business stands around 50 percent in Africa (Adelakun, 2008; Ebiringa, 2011). Huyghebaert and Gucht (2004) have noted that 50% of new entrepreneurial ventures disappear within the first five years after their establishment in USA and probably that of Nigeria is higher. It should be noted that most business failures result in heavy personal loss for the entrepreneur (Bannock, 1980; Watson, 2003). The country also count losses; the loss in taxation and the business contribution to gross domestic product (GDP) as well as employment, add up to very huge losses for the country as a whole. is limited especially by market constraints. In addition to the SMEs internal limitations such as limited capital, old and poorly maintained equipment, outdated technology, lack of management skills, lack of financing resources and inexperience in the utilization of financial management practices are currently the most serious issues. Financial management plays an important role and has a large area in every activity of SMEs. Obviously, a reasonable and logical financial management practice will assist SMEs increase profitability and therefore will aid them to pass the obstacles. Financial management often led business enterprises to serious problems. According to Kwame (2010), careless financial management practices are the main cause of failure for business enterprises in Nigeria. Regardless of whether an owner manager or hired manager, if the financial decisions are wrong, profitability of the company will be adversely affected. Consequently, a business organization’s profitability could be damaged because of inefficient financial management practices. Business Enterprises’ have often failed due to the lack of knowledge of efficient financial management practices. Moreover, the uncertainty of the business environment causes business Enterprises to rely excessively on equity and maintain high liquidity and these financial characteristics affect profitability. Financial management in SMEs is noticed by many researchers. However, in many previous studies about financial management still have some limitations and more so little or no research work has been carried on financial management practices of SMEs especially in a developing country like Nigeria. It is said that, profitability is one of the most concerned goal of enterprise owners, therefore studying about relations between financial management and profitability in SMEs will have more belief in the effectiveness of financial management and to be more helpful in understanding the financial management of SMEs
1.2 Statement of the problem
Most previous researchers have concentrated on examining, investigating and describing the behavior of business enterprises in practicing financial management. Their findings are mainly related to exploring and describing the behavior of business Enterprises’ towards financial management practices. Also previous research studies came from the developed economic such as the United States of America. There seems to be a lack of evidence from less developed countries like Nigeria. Second, most previous researchers focus on investigating and describing financial management practices. There has been little research examining the effect of financial management practices on profitability (McMahon, et al, 1993).
This lack of empirical evidence from less developed economies like Nigeria and the lack of examination of the effect of financial management practices on profitability are major gaps that needs to be examined. Based on previous research findings and recognition of these gaps, a study of the effect of financial management practice on profitability should be developed and tested by using empirical data from less developed economies (Kieu, 2004). The case of Nigeria is very serious. Most Business Enterprises have not appointed financial managers to be in charge of financial management of the company. Usually, the owners or general managers with the assistance of the accountant control financial matters of the company. On the other hand, most owners or managers have no formal training in management skills, especially financial management Hence, the effect of financial management practices on the profitability of SMEs is still one of the major challenges
1.3 Objectives of the study
The main objective of this study is to determine the effect of financial management practices on the profitability of small and medium scale enterprises (SMEs) in Kwara state, Nigeria. Other specific objectives include:
i. To determine the effect of financial reporting and analysis on the profitability of small and medium scale enterprises.
ii. To determine the impact of working capital management on the profitability of small and medium scale enterprises
iii. To determine the effect of accounting information system on the profitability of small and medium scale enterprises.
1.4 Research questions
i. What is the effect of financial reporting and analysis on profitability of small and medium scale enterprises?
ii. What is the impact of working capital management on profitability of small and medium scale enterprises?
iii. What is the effect of accounting information system on the profitability of small and medium scale enterprises?
1.5 Hypotheses of the study
The following hypothesis stated in null form would be tested in this research work:
H01: financial reporting and analysis do not have effect on profitability of SMEs
H02: working capital management do not have impact on profitability of SMEs
H03: Accounting information system do not have effect on profitability of SMEs
1.6 Justification of the study
In terms of financial management practices, most previous researchers have focused on examining, investigating and describing the behaviour of SMEs in practising financial management. The specific areas of financial management practices including financial reporting and analysis, working capital management, fixed asset management and capital structure management have long attracted the attention of researchers (McMahon, et al. 1993).
Their findings are mainly related to exploring and describing the behaviour of SMEs towards financial management practices. Although they provided such descriptive statistical data and empirical evidence on SME financial management practices, it appears that there still are some gaps in the literature, which need to be addressed.
Firstly, most empirical evidence comes from the developed economies such as the United States of America (USA), the United Kingdom (UK), Canada and Australia (McMahon et al. 1993). There seems to be a lack of evidence from emerging economies, especially from transiting economies such as Nigeria
Secondly, most previous researchers focus on investigating and describing financial management practices whereas there has been little research examining the impact of financial management practices on the profitability of Smes (McMahon et al. 1993).
These are major gaps and it is difficult to convince business financial management practitioners of the need for changes in practices until evidence of the effects of financial management practices on the profitability of SME is provided and the relationship between the two variables are discovered. Based on previous research findings and recognition of these gaps, a study of the impact of financial management on SME profitability is justified and a model of the impacts of financial management practices and its effect on profitability should be developed and tested by using the empirical data from emerging economies However, such studies in Nigeria are scanty and more over, literature available in developed nations see (MacMahon, 1998, Nguyen, 2001, Peel et al., 1996) looked at individual constructs of financial management majorly like working capital management. Moreover, the present study looks at a multiplicative effect of various constructs of financial management on business performance of SMEs such as financial report and analysis and accounting information system. Therefore, this study is important not because it fills the gap, but also it sets out to address this gap knowledge.
1.7 Scope of the study
This study will be conducted by sampling the opinion of respondents from some selected small and medium scale enterprises in Ilorin, Kwara state. The small and medium scale enterprises selected will be based on random sampling. The period covered would be from July 2014 to December 2014. For the purpose of this study, the financial management practices that would be examined are: financial reporting and analysis, accounting information system and working capital management.
1.8 Plan of the study
The report of this study will be organized into five (5) different chapters. Chapter one will deal with the introduction of the study; Chapter two will discuss the Review of relevant literature to the study; Chapter three will focus on the research methodology to be adopted; Chapter four of the study will be dedicated to the Presentation and analysis of data; and finally, Chapter five presenting the summary, conclusion, and recommendations.
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BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
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www.easyprojectmaterials.com.ng
www.easyprojectmaterial.net
www.easyprojectmaterial.net.ng
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www.nairaproject.net
www.nairaprojects.net
www.uniproject.com.ng
www.uniprojects.com.ng
Tags: NIGERIA), THE EFFECT OF FINANCIAL MANAGEMENT PRACTICES ON THE PROFITABILITY OF SMALL AND MEDIUM SCALE ENTERPRISES (SMES) IN KWARA STATE
CHAPTER ONE
INTRODUCTION
1.1 Background to the study
Small and medium enterprise (SMEs) are considered backbone of economic growth in all countries (Rajesh, Surash and Deshmukh, 2008). Small and medium enterprises play an important role in Nigeria’s economic growth, as they constitute 97.2% of the companies in Nigeria (Ministry of Trade and Investment, 2011). It is unfortunate that SMEs performances have fallen short of expectations in Nigeria (Osotimehin, 2012). The country is still characterised with alarming unemployment rate of 19.7% in 2010 (CIA, 2010), as well as, high level of poverty for more than half of the population still live below the poverty line (Abu and Abdullah, 2010). This shows that Small and Medium- Scale Enterprises are not very effective in this part of the world. Most SMEs die shortly after their establishment and few that survive die following the ageing or physical incapacitation or death of their owners. The failure rate of small business stands around 50 percent in Africa (Adelakun, 2008; Ebiringa, 2011). Huyghebaert and Gucht (2004) have noted that 50% of new entrepreneurial ventures disappear within the first five years after their establishment in USA and probably that of Nigeria is higher. It should be noted that most business failures result in heavy personal loss for the entrepreneur (Bannock, 1980; Watson, 2003). The country also count losses; the loss in taxation and the business contribution to gross domestic product (GDP) as well as employment, add up to very huge losses for the country as a whole. is limited especially by market constraints. In addition to the SMEs internal limitations such as limited capital, old and poorly maintained equipment, outdated technology, lack of management skills, lack of financing resources and inexperience in the utilization of financial management practices are currently the most serious issues. Financial management plays an important role and has a large area in every activity of SMEs. Obviously, a reasonable and logical financial management practice will assist SMEs increase profitability and therefore will aid them to pass the obstacles. Financial management often led business enterprises to serious problems. According to Kwame (2010), careless financial management practices are the main cause of failure for business enterprises in Nigeria. Regardless of whether an owner manager or hired manager, if the financial decisions are wrong, profitability of the company will be adversely affected. Consequently, a business organization’s profitability could be damaged because of inefficient financial management practices. Business Enterprises’ have often failed due to the lack of knowledge of efficient financial management practices. Moreover, the uncertainty of the business environment causes business Enterprises to rely excessively on equity and maintain high liquidity and these financial characteristics affect profitability. Financial management in SMEs is noticed by many researchers. However, in many previous studies about financial management still have some limitations and more so little or no research work has been carried on financial management practices of SMEs especially in a developing country like Nigeria. It is said that, profitability is one of the most concerned goal of enterprise owners, therefore studying about relations between financial management and profitability in SMEs will have more belief in the effectiveness of financial management and to be more helpful in understanding the financial management of SMEs
1.2 Statement of the problem
Most previous researchers have concentrated on examining, investigating and describing the behavior of business enterprises in practicing financial management. Their findings are mainly related to exploring and describing the behavior of business Enterprises’ towards financial management practices. Also previous research studies came from the developed economic such as the United States of America. There seems to be a lack of evidence from less developed countries like Nigeria. Second, most previous researchers focus on investigating and describing financial management practices. There has been little research examining the effect of financial management practices on profitability (McMahon, et al, 1993).
This lack of empirical evidence from less developed economies like Nigeria and the lack of examination of the effect of financial management practices on profitability are major gaps that needs to be examined. Based on previous research findings and recognition of these gaps, a study of the effect of financial management practice on profitability should be developed and tested by using empirical data from less developed economies (Kieu, 2004). The case of Nigeria is very serious. Most Business Enterprises have not appointed financial managers to be in charge of financial management of the company. Usually, the owners or general managers with the assistance of the accountant control financial matters of the company. On the other hand, most owners or managers have no formal training in management skills, especially financial management Hence, the effect of financial management practices on the profitability of SMEs is still one of the major challenges
1.3 Objectives of the study
The main objective of this study is to determine the effect of financial management practices on the profitability of small and medium scale enterprises (SMEs) in Kwara state, Nigeria. Other specific objectives include:
i. To determine the effect of financial reporting and analysis on the profitability of small and medium scale enterprises.
ii. To determine the impact of working capital management on the profitability of small and medium scale enterprises
iii. To determine the effect of accounting information system on the profitability of small and medium scale enterprises.
1.4 Research questions
i. What is the effect of financial reporting and analysis on profitability of small and medium scale enterprises?
ii. What is the impact of working capital management on profitability of small and medium scale enterprises?
iii. What is the effect of accounting information system on the profitability of small and medium scale enterprises?
1.5 Hypotheses of the study
The following hypothesis stated in null form would be tested in this research work:
H01: financial reporting and analysis do not have effect on profitability of SMEs
H02: working capital management do not have impact on profitability of SMEs
H03: Accounting information system do not have effect on profitability of SMEs
1.6 Justification of the study
In terms of financial management practices, most previous researchers have focused on examining, investigating and describing the behaviour of SMEs in practising financial management. The specific areas of financial management practices including financial reporting and analysis, working capital management, fixed asset management and capital structure management have long attracted the attention of researchers (McMahon, et al. 1993).
Their findings are mainly related to exploring and describing the behaviour of SMEs towards financial management practices. Although they provided such descriptive statistical data and empirical evidence on SME financial management practices, it appears that there still are some gaps in the literature, which need to be addressed.
Firstly, most empirical evidence comes from the developed economies such as the United States of America (USA), the United Kingdom (UK), Canada and Australia (McMahon et al. 1993). There seems to be a lack of evidence from emerging economies, especially from transiting economies such as Nigeria
Secondly, most previous researchers focus on investigating and describing financial management practices whereas there has been little research examining the impact of financial management practices on the profitability of Smes (McMahon et al. 1993).
These are major gaps and it is difficult to convince business financial management practitioners of the need for changes in practices until evidence of the effects of financial management practices on the profitability of SME is provided and the relationship between the two variables are discovered. Based on previous research findings and recognition of these gaps, a study of the impact of financial management on SME profitability is justified and a model of the impacts of financial management practices and its effect on profitability should be developed and tested by using the empirical data from emerging economies However, such studies in Nigeria are scanty and more over, literature available in developed nations see (MacMahon, 1998, Nguyen, 2001, Peel et al., 1996) looked at individual constructs of financial management majorly like working capital management. Moreover, the present study looks at a multiplicative effect of various constructs of financial management on business performance of SMEs such as financial report and analysis and accounting information system. Therefore, this study is important not because it fills the gap, but also it sets out to address this gap knowledge.
1.7 Scope of the study
This study will be conducted by sampling the opinion of respondents from some selected small and medium scale enterprises in Ilorin, Kwara state. The small and medium scale enterprises selected will be based on random sampling. The period covered would be from July 2014 to December 2014. For the purpose of this study, the financial management practices that would be examined are: financial reporting and analysis, accounting information system and working capital management.
1.8 Plan of the study
The report of this study will be organized into five (5) different chapters. Chapter one will deal with the introduction of the study; Chapter two will discuss the Review of relevant literature to the study; Chapter three will focus on the research methodology to be adopted; Chapter four of the study will be dedicated to the Presentation and analysis of data; and finally, Chapter five presenting the summary, conclusion, and recommendations.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
Visit any of my project websites below:
www.easyprojectmaterials.com
www.easyprojectmaterials.com.ng
www.easyprojectmaterial.net
www.easyprojectmaterial.net.ng
www.easyprojectsolutions.com
www.worldofnolimit.com
www.worldofnolimit.com
www.nairaproject.com.ng
www.nairaprojects.com.ng
www.nairaproject.net
www.nairaprojects.net
www.uniproject.com.ng
www.uniprojects.com.ng
Tags: NIGERIA), THE EFFECT OF FINANCIAL MANAGEMENT PRACTICES ON THE PROFITABILITY OF SMALL AND MEDIUM SCALE ENTERPRISES (SMES) IN KWARA STATE
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
The desire to build a strong economy is the desire of every patriotic citizen in Nigeria. This desire is illustrated via high productivity in the part of citizens in Nigeria and, the ability of the government to diversify the economy to earn more foreign exchange.
Over the years, the discovery of oil in Nigeria has been argued to be a curse rather than a blessing. This assertion is gotten from the fact that oil still remains Nigeria’s biggest income earner, as it accounts for over 80% of export earnings.
The drop in oil prices has left nations like Nigeria who run an oil based economy with undiversified economies in economic crises. This challenge brought about by exchange rate fluctuations is eventually causing too much pressure on the Naira. This has affected the demand and supply of the US Dollar and other major currencies, as scarcity is inevitable. The demand for foreign exchange by businesses surpass the supply of the currency, thereby causing scarcity, inflation and some business closing shops due to their in-ability to get foreign exchange to import. The government of the day in Nigeria usually relies on foreign exchange reserve generated from crude oil to manage excessive volatility in exchange rate and recently crude oil prices have dropped drastically. This has tremendous implication for foreign exchange earnings. The capacity of the Central Bank of Nigeria (CBN) to fund foreign exchange market has being called to question. Low level of foreign exchange reserve induces free movement of exchange rate. Issues are also on the rise on the demand side. There has being a high demand for foreign exchange in the last five (5) years as a result of factors like, heavy dependence on imported finish products, the industrial sector’s dependence on imported raw materials with other inputs, reversal of capital flow by investors and high speculative demand which has caused uncertainty in the foreign exchange market (CBN report, August 2013). Therefore, the increased foreign exchange demand in the face of unstable supply is leading to volatility in exchange rate.
1.2 STATEMENT OF THE PROBLEM
Small and medium scale enterprises are the backbone of any economy. The in-ability of the government to create a favourable and enabling environment for SMEs to do business can result in an economic meltdown.
Nigeria as an import dependent nation relies greatly on goods and services from other countries. Since the sharp fall in oil prices, foreign exchange accessibility has been a problem to SMEs in Nigeria, as major currencies such as the US Dollar and British pond are getting scarce due to increased demand for them. The foreign reserve of Nigeria has been greatly affected by the decline in oil revenue, thereby forcing the Central bank of Nigeria to devalue the naira and allow for a flexible exchange rate. This policies are made to save the country from the adverse effects of the decline in oil revenue to the country.
1.4 RESEARCH OBJECTIVES
Below are the objectives that would guide this research work;
- To access the dependency level of SMEs on foreign goods and services.
- To determine the main cause of foreign exchanges scarcity and effect on the Nigerian economy.
- To examine the consequences of SMEs over dependency on foreign goods and services on the economy.
- To examine possible options of overcoming the current foreign exchange crises for importers.
1.5 RESEARCH QUESTIONS
- How dependent are SMEs in Nigeria on foreign goods and services?
- What are the factors responsible for foreign exchange scarcity in Nigeria?
- What options are available to counter the challenges posed by security of foreign exchange to importers in Nigeria?
1.6 RESEARCH HYPOTHESES
- Ho: SMEs in Nigeria are dependent on foreign goods and services.
- Ho: Dollar scarcity has crippled the operations of SMEs in Nigeria.
1.7 SIGNIFICANCE OF THE STUDY
The study is significant as it would add to existing literature on the challenges in accessing forex and how it affects small and medium scale enterprises and the economic growth of Nigeria. It will serve as a guide to further research, academic work and as a self-help study material for those who might wish to firsthand knowledge about foreign exchange and SMEs.
It is also hoped that Nigeria policy makers will find it’s a helpful material in the formulation and implementation of policies on foreign exchange and how it facilities growth in Nigeria.
1.8 SCOPE AND LIMITATIONS OF THE STUDY
The study covers the challenges SMEs face in accessing FOREX in Nigeria, using responses from selected electronic dealers in Alaba International Market in Lagos state as a case study.
Every research study comes with a constraint. For the purpose of achieving stated objectives for the study, the researcher confronted both financial and time constraints. Funds to print and distribute questions coupled with tight lecture schedules were the limitations for the study.
1.9 DEFINITION OF TERMS
SME: Small and Medium Scale Enterprise.
Naira: The Currency of Nigeria.
Devaluation: Devaluation on modern monetary policy is a reduction in the value of a currency with respect to those goods, services or other monetary units with which that currency can be exchanged.
Forex: Foreign Exchange
Exchange rate: an exchange rate between two currencies is the rate at which one currency will be exchanged for another.
Import: An import is a good brought into a jurisdiction, especially across a national border, from an external source
Export: The term export means shipping the goods and services out of the port of a country. The seller of such goods and services is referred to as an “exporter” and is based in the country of export whereas the overseas based buyer is referred to as an “importer
Balance of Payment: The balance of payments (BOP) of a country is the record of all economic transactions between the residents of a country and the rest of the world in a particular period (over a quarter of a year or more commonly over a year).
CBN: Central Bank of Nigeria
E-Commerce: Electronic commerce, commonly known as E-commerce or e-Commerce, is trading in products or services using computer networks, such as the Internet.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
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Account Name: AMUTAH DANIEL CHUKWUDI
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Bank: GTBank.
OR
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Account Number: 2023350498
Bank: UBA.
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Tags: ASSESSMENT OF THE CHALLENGES FACING SMALL AND MEDIUM SCALE ENTERPRISES IN ACCESSING FOREIGN EXCHANGE IN NIGERIA(A CASE STUDY OF SELECTED ELECTRONICS DEALERS IN ALABA INT’L MARKET, LAGOS), NIGERIA)
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
The desire to build a strong economy is the desire of every patriotic citizen in Nigeria. This desire is illustrated via high productivity in the part of citizens in Nigeria and, the ability of the government to diversify the economy to earn more foreign exchange.
Over the years, the discovery of oil in Nigeria has been argued to be a curse rather than a blessing. This assertion is gotten from the fact that oil still remains Nigeria’s biggest income earner, as it accounts for over 80% of export earnings.
The drop in oil prices has left nations like Nigeria who run an oil based economy with undiversified economies in economic crises. This challenge brought about by exchange rate fluctuations is eventually causing too much pressure on the Naira. This has affected the demand and supply of the US Dollar and other major currencies, as scarcity is inevitable. The demand for foreign exchange by businesses surpass the supply of the currency, thereby causing scarcity, inflation and some business closing shops due to their in-ability to get foreign exchange to import. The government of the day in Nigeria usually relies on foreign exchange reserve generated from crude oil to manage excessive volatility in exchange rate and recently crude oil prices have dropped drastically. This has tremendous implication for foreign exchange earnings. The capacity of the Central Bank of Nigeria (CBN) to fund foreign exchange market has being called to question. Low level of foreign exchange reserve induces free movement of exchange rate. Issues are also on the rise on the demand side. There has being a high demand for foreign exchange in the last five (5) years as a result of factors like, heavy dependence on imported finish products, the industrial sector’s dependence on imported raw materials with other inputs, reversal of capital flow by investors and high speculative demand which has caused uncertainty in the foreign exchange market (CBN report, August 2013). Therefore, the increased foreign exchange demand in the face of unstable supply is leading to volatility in exchange rate.
1.2 STATEMENT OF THE PROBLEM
Small and medium scale enterprises are the backbone of any economy. The in-ability of the government to create a favourable and enabling environment for SMEs to do business can result in an economic meltdown.
Nigeria as an import dependent nation relies greatly on goods and services from other countries. Since the sharp fall in oil prices, foreign exchange accessibility has been a problem to SMEs in Nigeria, as major currencies such as the US Dollar and British pond are getting scarce due to increased demand for them. The foreign reserve of Nigeria has been greatly affected by the decline in oil revenue, thereby forcing the Central bank of Nigeria to devalue the naira and allow for a flexible exchange rate. This policies are made to save the country from the adverse effects of the decline in oil revenue to the country.
1.4 RESEARCH OBJECTIVES
Below are the objectives that would guide this research work;
- To access the dependency level of SMEs on foreign goods and services.
- To determine the main cause of foreign exchanges scarcity and effect on the Nigerian economy.
- To examine the consequences of SMEs over dependency on foreign goods and services on the economy.
- To examine possible options of overcoming the current foreign exchange crises for importers.
1.5 RESEARCH QUESTIONS
- How dependent are SMEs in Nigeria on foreign goods and services?
- What are the factors responsible for foreign exchange scarcity in Nigeria?
- What options are available to counter the challenges posed by security of foreign exchange to importers in Nigeria?
1.6 RESEARCH HYPOTHESES
- Ho: SMEs in Nigeria are dependent on foreign goods and services.
- Ho: Dollar scarcity has crippled the operations of SMEs in Nigeria.
1.7 SIGNIFICANCE OF THE STUDY
The study is significant as it would add to existing literature on the challenges in accessing forex and how it affects small and medium scale enterprises and the economic growth of Nigeria. It will serve as a guide to further research, academic work and as a self-help study material for those who might wish to firsthand knowledge about foreign exchange and SMEs.
It is also hoped that Nigeria policy makers will find it’s a helpful material in the formulation and implementation of policies on foreign exchange and how it facilities growth in Nigeria.
1.8 SCOPE AND LIMITATIONS OF THE STUDY
The study covers the challenges SMEs face in accessing FOREX in Nigeria, using responses from selected electronic dealers in Alaba International Market in Lagos state as a case study.
Every research study comes with a constraint. For the purpose of achieving stated objectives for the study, the researcher confronted both financial and time constraints. Funds to print and distribute questions coupled with tight lecture schedules were the limitations for the study.
1.9 DEFINITION OF TERMS
SME: Small and Medium Scale Enterprise.
Naira: The Currency of Nigeria.
Devaluation: Devaluation on modern monetary policy is a reduction in the value of a currency with respect to those goods, services or other monetary units with which that currency can be exchanged.
Forex: Foreign Exchange
Exchange rate: an exchange rate between two currencies is the rate at which one currency will be exchanged for another.
Import: An import is a good brought into a jurisdiction, especially across a national border, from an external source
Export: The term export means shipping the goods and services out of the port of a country. The seller of such goods and services is referred to as an “exporter” and is based in the country of export whereas the overseas based buyer is referred to as an “importer
Balance of Payment: The balance of payments (BOP) of a country is the record of all economic transactions between the residents of a country and the rest of the world in a particular period (over a quarter of a year or more commonly over a year).
CBN: Central Bank of Nigeria
E-Commerce: Electronic commerce, commonly known as E-commerce or e-Commerce, is trading in products or services using computer networks, such as the Internet.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
Visit any of my project websites below:
www.easyprojectmaterials.com
www.easyprojectmaterials.com.ng
www.easyprojectmaterial.net
www.easyprojectmaterial.net.ng
www.easyprojectsolutions.com
www.worldofnolimit.com
www.worldofnolimit.com
www.nairaproject.com.ng
www.nairaprojects.com.ng
www.nairaproject.net
www.nairaprojects.net
www.uniproject.com.ng
www.uniprojects.com.ng
Tags: ASSESSMENT OF THE CHALLENGES FACING SMALL AND MEDIUM SCALE ENTERPRISES IN ACCESSING FOREIGN EXCHANGE IN NIGERIA(A CASE STUDY OF SELECTED ELECTRONICS DEALERS IN ALABA INT’L MARKET, LAGOS), NIGERIA)
