Foreign Direct Investments and International Financial Reporting Standards Adoption in Africa

This study examines the relationship between Foreign Direct Investments (FDI) and International Financial Reporting Standards (IFRS) adoption in Africa. Data were collected from Forty-six countries in Africa out of the fifty four countries making up the African continent; where it was reported in extant literature that only 54% of African countries have adopted the IFRS product. The Ordered Logistic Regression (OLR) technique under theE-view 7.0 software was used to analyse the data collected. The study reveals that foreign direct investment has a positive but not significant relationship with adoption of IFRS in Africa. This not significant relationship is attributable to the scanty flow of FDI to Africa. Based on this result, it was recommended that policy effort should be put in place to enhance the flow of foreign direct investment into the African economy, may be by creating an enabling environment free from corruption and inadequate security of life and properties. More of this will stir economic/ capital market growth and deepen the need to practice or adopt the International Financial Reporting Standards (IFRS) in Afric

Accounting Policies and Practices in Nigerian Universities: A Contextual Analysis

This study examines uniformity and comparability of accounting policies and practices in the Nigerian university system. The design employed in data collection is cross-sectional survey of the financial statements of 12 Nigerian universities in the critical area of the quality, presentation, disclosure and content of such statements. The result achieved by applying the chi-square statistic (U.M.P. invariant test) suggests that, Nigerian universities are uniform in the form, types of numbers presented, the layout or format and management of accounting policies. However, their accounting practices are not uniform in the areas of quality, disclosure and content of their financial statements and therefore their overall accounting practices. Following from the findings of this study, some recommendations were made, prominent amongst which was that similar nomenclature should be adopted in the accounting policies and financial statements preparation of all Nigerian universities. This will increase uniformity, understandability and comparability of such financial statements

The Impact of Internal Control System on External Audit Fee Determination in Nigeria

This stud.v is pmlllfll!'d /Jy tt desire to .find out the impact qf' internal control system on external audit fee determination, based on the experience in Nigeria. The design and technique employed in data collection are cross - sectional \'1/rvey research design and data collecthm .fimn secondary source. Tile Ordinary Least Square (OLS) was used to estimate tile independent variables (INAUDITC, INTAUOBJ, INTNATU) and analyse data collected. It was found that illfernal control system (in terms of quality/competence, objectivity and nature r~f' work carried olll ll'itl!in tile system) is i111·ersely related to external auditors' fee. Following .fi'Oin this finding, it is recommended that, the internal control system r~f' c01porate bodies should constantly be monitored by their managements for e.flective auditing. Also, external auditors should appropriately rely on their cliellf's internal control system when making decisions on the extent of reliance on the internal colllrol system and ll'hen determining their audit fee

International Financial Reporting Standards Adoption In Africa: The Role of International Power Politics

The primary objective of the paper is to investigate the influence of international Power Politics (IPP) on adoption of International Financial Reporting Standards (/FRS) in Africa. The cluster sampling and simple random sampling techniques were adopted in this study. From a population of fifty four countries making up the African continent, a sample of forty six countries was selected. A cross-sectional data of countries for the year 2011 was collected from World Bank world development mdicators data base and world almanac and book of facts. The data collected were analysed using the ordered logistic regression technique. The study reveals that international power politics has a positive but not significant relationship with · adoption of /FRS in Afnca. The implication of this result is a policy shift towards growth in gross domestic product in Africa and the need for the International Accounting Standards Board (IASB) to revisit the present composition oftlre board of the IASB if adoption of international financial reporting standards is to be enhanced in Afric

Impact Evaluation of Projects for Social Responsibility of Oil Companies in Nigeria (Focus: Niger Delta)

1he study investigates the .following research question: are sol-ial responsibility projects undertaken by oil companies marketable and replicable in their host communities? In addressing this question, the cross-sectional survey research design was used as a blue print for data collection at a particular point in ume. The t-statistics was used to analyse the data collected on the impact of social responsibility projects on oil communities; the result of the t-test shows that social responsibility projects embarked upon by oii companies are not marketable and replicable. Based on this finding, if was recommended that, oil companies should always undertake ex-post evaluation of their social responsibility projects in order to ascertain if the projects are environmentallv friendly. TIJ.is can be achieved by considering issues like, eraluation designs and estimation method

Human Resources Accounting- A Model for Identifying and Reporting Human Capital

It has been increasingly argued in accounting and managerial literature the organization s failure to account for its human resource can have several a' consequences on the overall organizational effectiveness. In this wise the research discussed efforts done in this field by researchers and proposed a model known as I{ identifying and reporting investments made in human resources of an organization are not presently accounted for under conventional accounting practice. This IQR 1 is a three step model which classifies employees into separate Para-homogenous g and determines economic value of the various groups identified and gives the variable determined accounting treatment in the organizations books of account. On applyi1 IQR Model in this study, it was found that, total present value of employees (Junior, Senior) increases from year to year because they acquire skill and knowledge ove1 while on or off-the-job unlike physical assets. Some recommendations were made l on the conclusion reached Prominent among these recommendations is that, research. should consider additional measurement techniques and indices in ascertaining the of human capital; given that employees ' value is a function of productivity

International Financial Reporting Standards (IFRS) Adoption in Africa: Does Cultural Affinity to Europe Play a Part?

One of the essential ingredients of accounting information is ease in understanding and interpreting financial reports. Globalization and capital flows across borders require uniformity in accounting standards for the purpose of ease in understanding and interpretation of financial reports globally. To achieve this, the International Accounting Standards Board (IASB) in 2005 introduced the International Financial Reporting Standards (IFRS) as an accounting product and expects all countries in the world to adopt it. Interestingly, some countries are yet to adopt it despite the expected benefits from its adoption. A study by Simon Fraser University (2011) has reported that only 54 per cent of Mrican countries have adopted IFRS. Literature on why countries adopt IFRS focuses on many variables such as the country's cultural affinity to Europe offering the IFRS product (Ramanna and Sletten, 2009; Farooque, Yarram, and Khandaker, 2009; Epstein, 2009; Beneish, Miller, and Yohn, 2010; and Chen, Ding, and Xu, 2011)

Financing Small Scale Business in Nigeria: Impact Evaluation

In this paper, we empirically examine the relationship between two indicators of small business performance - government intervention and access to commercial credit. After carrying out a cross- sectional survey as the blue print for data collection and analysing the data so collected with the aid of the Pearson correlation and t-statistic, the study shows that there is a positive relationship between the performance of small businesses and the intervention of government in the small business place. It was also discovered that, there is no positive relationship between performance of small businesses and access to credit. This result suggests that, making government intervention in the small business place more effective rather than simply depending on sources of finance for small businesses may be beneficial to good performance of small businesses, which invariably will serve as the driving force of economic growth, job creation and poverty reduction in developing countries like Nigeri