Assessing the Level of Compliance with the International Financial Reporting Standards by Small and Medium Enterprises in Nigeria

Dr. Emmanuel I. Ogbenjuwa and Dr. Friday E. Akpan
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Dr. Emmanuel I. Ogbenjuwa: Nigerian College of Accountancy, Jos
Dr. Friday E. Akpan: Nigerian College of Accountancy, Jos

International Journal of Research and Scientific Innovation, 2024, vol. 11, issue 11, 431-448

Abstract: The study examined the level of compliance with IFRS adoption by Small and Medium scale Enterprises in Nigeria. A 5 points Likert scale instrument was administered to 141 participants who were randomly drawn from population spread across the 6 geographical zones of the country. Reliability of the instrument was ensured by yielding a Cronbach alpha score of .85. The internal consistency and factor analysis all supports the instrument reliability. Content validity of the design was ensured. Data were analyzed using a parametric test of simple regression analysis. Parametric statistic guarantees strong internal validity of the design. Findings indicate that negative perception impedes smooth IFRS adoption by SMEs in Nigeria. Equally instructive is the finding that institutional inadequacies hampered adoption by most SMEs, while statistics supports the assertion that adopting IFRS will lead to higher quality financial reports. The study is a valid contribution to body of knowledge and a call on relevant agencies of government to enshrine programs of activities towards driving compulsory adoption of IFRS with a view to bringing more SMEs into the adoption net. This is more so, that the contribution of SMEs towards economic growth was glaringly highlighted in the study.

Date: 2024
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