Adopting International Financial Reporting Standards (IFRS) in Africa: benefits, prospects and challenges

This paper presents the findings of an empirical study on the benefits, prospects and challenges of adoption of International Financial Reporting Standards (IFRS) in some African countries. A questionnaire was administered to gather data from respondents made up of users and preparers of accounting information using the Twitter social network. The objective was to find out the perception of users and preparers about what the benefits, prospects and challenges of IFRS adoption are in African countries. The results of the study indicate that IFRS adoption in Africa will have the potential to be beneficial to a wide range of stakeholders. The benefits notwithstanding, there are however, a number of challenges to be faced in the process of adoption of the new standard including the ethical environment in Africa. The study recommends among others that a rigorous IFRS capacity building programme should be embarked upon by all regulatory bodies, firms and training institutions in order to provide the needed manpower for IFRS implementation, monitoring and compliance

Linking Accounting/Auditing Environment and the Remittances of Africans in Diaspora

This paper investigates empirically the link between the inflow of Diasporas remittances and the environment of accounting/auditing in 10 African countries. The result using Spearman’s rank correlation indicates the existence of a positive relationship (correlation coefficient rs is 0.36), but the strength of the relationship is weak (significant level of 0.05). The quality of accounting and auditing as represented by their environment is a stimulus that could enhance the inflow of Diasporas remittances. The study therefore recommends that African countries should strategically and proactively refocus attention on developing accounting/auditing environment in order to attract reasonable volume of remittances

Constitutionalism, Democracy and Sustainable Development in Nigeria

This paper argues that the popular consensus that democracy foster development takes for granted the fact that democracy can only foster development if a democratic practice is predicated on the ability of a society to imbibe a culture of constitutionalism. While the developed societies recognize this fact, and as early as 1215 limitation had been placed on the power of the king in England, the 21st century African's political class especially Nigeria, has continued to practice an unbridled exercise of political power. This paper maintains that, the failure to institutionalize mechanism of power control for the protection of the interest and liberties of the general populace including those of the minority jeopardizes the attainment of development. That until the Nigerian constitution entrenched the principle of constitutionalism that secure democratic process on the people, development will remain a Sisyphean task. Drawing examples from some countries the paper concludes that genuine development that is sustainable, can only be realized in Africa and most importantly in Nigeria if all ethnic groups, cultures and cleavages both individuals and groups are accorded their due rights of participating in the formulation of the constitution that guide their relationship with the state and among each other and the government adherence to the dictate of th~ people's constitution, this in turn helps to checkmate the excesses of government, then the people's rights, interests and preferences can be guaranteed and sustainable development ensured

Stroke in Young Adults: A Prospective Study from Northwestern Nigeria

Background. Stroke is an important cause of morbidity and mortality in young adults especially in developing countries. This two-centre prospective study aimed at reviewing the pattern, types, and case fatality of stroke in the young adults in Northwestern part of Nigeria. Methods. Consecutive patients aged 18–40 years admitted to the medical wards of two tertiary hospitals from June 2008 to August 2010 were recruited. Relevant clinical data were obtained from the patients.The survivors were followed up in neurology clinics for 6 months. Results. A total of 71 patients aged 18–40 yrs, (mean age was 31.9 ± 6) comprising 52(73%) males and 19(23%) females were enrolled. Forty two (59.1%) patients had infarctive stroke. The risk factors included hypertension (74.7%) patients, smoking (50.7%), hypercholesterolemia (9.9%), non-hypertensive cardiac diseases (8.5%), HIV (8.5%), diabetes mellitus (4.2%) cocaine and amphetamine (2.8%), and sickle cell disease (2.8%). Only twelve (17%) patients presented within the first 6 hours of onset of stroke. Seventeen (23.9 %) patients died, case fatality in the first 24 and 72 hrs was 4.2% and 19.7%, respectively. Conclusion. Our data suggests that stroke in young adults is not as uncommon as previously suggested. Hypertension, smoking, hypercholesterolemia, cardiac diseases and HIV are the most common risk factors

Exploring Cultural Expression's Effectiveness in Nigerian Tourist Destinations for Enhanced User Experience

Nigeria's cultural assets have made it a prominent tourism landmark in Africa. Cultural tourism has become a thriving sector, with creative industries leveraging cultural expressions to promote tourist destinations. However, many destinations face challenges in effectively packaging culture into tangible products and integrating it into architecture to enhance tourist satisfaction. This research explores the effectiveness of cultural expression in enriching user experiences and identifies various approaches to expressing and commodifying culture to attract tourists. The study employs both qualitative and quantitative research methodologies, using case studies and questionnaires to gather and analyze information. The findings demonstrate that cultural expression significantly contributes to user satisfaction and the preservation of cultural assets in tourist centers. Prioritizing the cultural needs of tourists is crucial for tourist destinations to attract visitors and provide exceptional experiences, fostering consistent growth and development. Recommendations for the tourism industry include understanding and meeting the cultural preferences of tourists, creating an environment that appeals to visitors and ensures their continued engagement, ultimately contributing to the sustainable progress and prosperity of tourist destinations. Keywords: Cultural Assets, Cultural Expression, Exploration, Nigerian Tourists’ Destinations, User experience DOI: 10.7176/JCSD/71-04 Publication date:July 31st 202

IFRS-BASED RESULTS AND THE READINESS OF NIGERIAN AUDIT COMMITTEE: THE PROFESSIONAL ACCOUNTING ACADEMIC STANDPOINT

This study investigated the level of readiness of the audit committee towards understanding and interpreting IFRS based result in Nigeria. This study adopted the survey research method to garner opinion of stakeholders especially the professional accounting academic. One hundred and twenty copies of questionnaires were administered making forty copies of questionnaire to each of the three university studied. The questionnaires were analyzed with the use of One-Sample t-test. The study found that the presently constituted audit committee in Nigeria is statistically significantly weak in understanding and interpreting IFRS based results. It is therefore recommended as a matter of urgency that the audit committee members be subjected to training that will specifically tailored towards the application of IFRS in their various sectors and industry they represent. This training should not however, be one off. It should be continuous and in timely manner as changes in IFRS is still ongoing

Role of Corporate Governance in the Financial Crisis; Evidence from Nigerian Banks

Accessing problems from the perceived causes usually leads to a relief or solution. This paper examines corporate governance and the Nigerian financial crisis which was majorly characterised by poor credit risk management, with the aim to determine the relationship that exists between corporate governance and credit risk management. Secondary data were gathered from 19 listed Nigerian banks for a 5 year period between 2005 and 2009; the postconsolidation to financial sector crash in Nigeria. Corporate governance is measured by statutory committee, committee independence, board size, board composition, executive duality and directors’ interest; while credit risk management is measured by non–performing loans ratio, loan loss provision, and loan to deposit ratio. The data were analysed by Ordinary least square panel data analysis. Findings revealed that banks with good corporate governance have better credit risk management. Results of the hypotheses tests revealed that there is a significant relationship between corporate governance and the credit risk management variables: non–performing loans ratio; loan loss provision; and loans to deposits ratio. This paper recommends that directors of banks should ensure compliance with corporate governance policies for a more thorough administration of the financial syste

WORK-LIFE BALANCE OF EMPLOYEES AND FINANCIAL PERFORMANCE OF BANKS LISTED ON THE NIGERIAN STOCK MARKET

The objective of this study is to ascertain the relationship between the financial performance of banks listed on the Nigerian Stock Market and the work-life balance of employees. A survey research design was adopted. Data was collected through the administration of 100 copies of questionnaires to respondents using systematic sampling approach. The sample size was chosen by ranking banks in Nigeria based on their financial performance (measured by Return on Assets). The highest two and lowest two banks were chosen. Spearman rank correlation was used for analysis with the aid of statistical packages for social sciences. The results revealed is a positive but not significant relationship between financial performance of companies and work-life balance of the employees. Enforcement of national policies by Government that promote work life balance by Government is recommended. This is expected to bring a favorable financial performance of companies listed on the Nigerian Stock Market and by extension, economic developmen

Expert System-Based Exploratory Approach to Cost Modeling of Reinforced Concrete Office Building

Expert system is a conventional method that is in use in cost modeling, considering its advantage over traditional regression method. It is based on this fact, that this study aimed at deploying neural network in cost modeling of reinforced concrete office building. One hundred (100) samples were selected at random and divided into two; one part was used to develop network algorithm while the second part was used for model validation. Neural network was used to generate the model algorithm; the model is divided into 3 modules: the data optimization module, criteria selection with initializing and terminating modules. Regression analysis was carried out and model validated with Jackknife re-sampling technique. The colinearity analysis indicates high level of tolerance and -0.07403 lowest variation prediction quotients to 0.66639 highest variation quotients. Also the Regression coefficient (R-square) value for determining the model fitness is 0.034 with standard error of 0.048 this attest to the fitness of the model generated. The model is flexible in accommodating new data and variables, thus, it allows for regular updating