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International Journal of Business and Finance Management Research
Vol. 5(1), pp. 1-6, February 2017
International financial reporting standards adoption and financial disclosures of SMEs: Evidence from Port-Harcourt Metropolis in Nigeria
Nangih Efeeloo*, Akpeekon Barisua, and Igbara Neeka
Department of Accountancy, Kensarowiwa Polytechnic, Bori, Nigeria.
*To whom correspondence should be addressed. E-mail: email@example.com.
Received 29 November, 2016; Received in revised form 28 December, 2016; Accepted 04 January, 2017.
Financial statements, Small and medium-sized enterprises, International Financial Reporting Standards.
This study examined the implications of International Financial Reporting Standards (IFRS for Small and medium-sized enterprises, SMEs) on financial disclosures by SMEs in Nigeria. The population consisted of users of financial statements of small and medium-sized enterprises, including auditors, analysts, managers, owners, and regulators in Port-Harcourt, South-south Nigeria. Primary data were collected using structured questionnaires and interviews. Descriptive statistics were used to summarize their responses. Formulated hypotheses were tested using the Pearson Product Moment Correlation Analysis. The findings obtained show that the adoption of IFRS for SMEs has significant positive relationship with financial disclosures and inflows of external capital in SMEs. The researchers therefore recommend that SMEs should be encouraged to adopt the IFRS for SMEs; due to the attendant benefits, derivable from such adoption by the SMEs in particular, and the economy of Nigeria at large. It is also recommended that SMEs should be educated on the benefits associated with such move; while compliance should be made mandatory for all enterprises in this category.
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