Select Currency
Translate this page

THE EFFECTS OF THE NEW DEVELOPMENT IN FINANCIAL REPORTING STANDARD ON THE DEVELOPMENT OF SMALL AND MEDIUM SCALE BUSINESS

Format: MS WORD  |  Chapter: 1-5  |  Pages: 78  |  880 Users found this project useful  |  Price NGN5,000

  DOWNLOAD THE FULL PROJECT

THE EFFECTS OF THE NEW DEVELOPMENT IN FINANCIAL REPORTING STANDARD ON THE DEVELOPMENT OF SMALL AND MEDIUM SCALE BUSINESS

 

CHAPTER ONEI

NTRODUCTION

BACKGROUND TO THE STUDY

Small and medium scale enterprises as the engine that drives the economy of Nigeria cannot be overlooked. SMEs activities both international and local have contributed immensely to the Gross Domestic Product in the economy as they participate in manufacturing, importation, exportation, employment etc. accounting to Gono (2013) SMEs contributed to output and employment creation and they are also a nursing for the larger firms of the future. The most successful developing country over the last 50 years, small and medium enterprises (SMEs) have played a significant role in economic development.

The need to harmonize accounting reporting standards for organizations operating around the world has prompted the central bank of Nigeria to set January 2014 as deadline for adoption of the international financial reporting standard (IFRS) for small and medium scale enterprises in Nigeria. This mandate has posed a lot of questions on the awareness, readiness and financial ability of SMEs operations to comply standard. This new era where globalization is fast becoming real, it is imperative to investigate the effect the IFRS adoption posses on small and medium scale enterprises as they have a key role to play in international trade in Nigeria.

The introduction of IFRS in Nigeria and the current state of globalization simply means that SMEs involved in international trade with subsidiaries and franchises in other countries to be   more successful internationally it must comply with the IFRS guidelines. As a result of the harmonization of accounting reporting standards, the adoption of the IFRS has been widely accepted by various countries of the world. However, the full FRS promulgated by the IASB has been found to be irrelevant due to the disclosure requirement, which are extensive for SMEs for this reasons, the IASB promulgated a simplified version of the FRS applicable to SMEs.

As a result of broad discussion of SMEs and common standard for SMEs worldwide, the introduced an international financial reporting standard (IFRS) designed for use by small and medium sized entities (SMEs) on July 9, 2009, (international accounting standard aboard 2010), the introduction of IFRS specifically for SMEs was necessitated by many challenges   faced by these entities in adopting full IFRS in financial reporting, the main of which was the excessive disclosure requirements, based on a cost benefit analysis for SMEs.

STATEMENT OF THE PROBLEM

In Nigeria, the greatest challenges facing small and medium scale enterprises is access to finance- SMEs as the engine of the economy have the full potentials to him the economy around for the better, but their greatest challenge shill remains underfinanced. With the introduction of IFRS, SMEs in Nigeria are mandated to adopt the new reporting standard from January 2014. The awareness, acceptance and implementation of the new IFRS guidelines for SMEs are challenges for many African countries. Poor financial management and book keeping are to major barriers confronting SMEs when it comes to accessing funds from financial institution and government agencies. In Akwa Ibom State.

OBJECTIVES OF THE STUDY

The objectives of the study is to find out the following

. Examine the extent to which FRS is adopted by small and medium scale enterprises in Akwa Ibom State.

. Determine the role government used in promoting financial reporting standard in small scale businesses

. Determine the level of awareness of financial reporting standard guideline amongst small and medium scale business in Akwa Ibom State

. Find out the problems faced by small scale business

. To make useful recommendations based in research findings

RESEARCH QUESTIONS

The following research question are formulated to guide the study

. To what extent is financial reporting standard is adopted by small and medium scale enterprises in Akwa Ibom State?

. what are the roles of government in promoting accounting reporting standard in small scale businesses?

. What is the level of awareness of financial reporting standard (FRS) guidelines amongst small and medium scale business in Akwa Ibom State?

. What are the problems faced by small scale businesses in Akwa Ibom State? 

RESEARCH HYPOTHESES

Hypotheses 1

Ho:Financial reporting standard do not have significance on the development of small and medium scale businesses in Akwa Ibom State

Hi: Financial reporting standard have significance on the development of small and medium scale businesses in Akwa Ibom State

HYPOTHESES II

Ho:There is no relationship between government promotion of financial reporting standard in small and medium scale business

Hi:There is relationship between government promotion of financial reporting standard in small and medium scale business.

  DOWNLOAD THE FULL PROJECT

THE EFFECTS OF THE NEW DEVELOPMENT IN FINANCIAL REPORTING STANDARD ON THE DEVELOPMENT OF SMALL AND MEDIUM SCALE BUSINESS

Not The Topic You Are Looking For?



For Quick Help Chat with Us Now!

+234 813 292 6373

+233 55 397 8005


HOW TO GET THE COMPLETE PROJECT ON THE EFFECTS OF THE NEW DEVELOPMENT IN FINANCIAL REPORTING STANDARD ON THE DEVELOPMENT OF SMALL AND MEDIUM SCALE BUSINESS INSTANTLY

  • Click on the Download Button above.
  • Select any option to get the complete project immediately.
  • Chat with Our Instant Help Desk on +234 813 292 6373 for further assistance.
  • All projects on our website are well researched by professionals with high level of professionalism.

Here's what our amazing customers are saying

Abraham Ogbanje
NATIONAL OPEN UNIVERSITY OF NIGERIA
At first I was afraid.. But I discovered they are legit. I will bring more patronize
Very Good
Abubakar Iliyasu Hashim
Federal college of education pankshin affiliated to university of jos
I am highly impressed with your unquantifiable efforts for the leaners, more grace to your elbow.I will inform my colleagues about your website.
Very Good
Abdul Mateen Iddrisu
UDS
At first I taught is a site full of fraudsters until I saw my project in my Gmail after my payment.. THANK YOU IPROJECTMASTER and May God the almighty bless u guys abundantly
Excellent
Joseph M. Yohanna
Thanks a lot, am really grateful and will surely tell my friends about your website.
Excellent
Dau Mohammed Kabiru
Kaduna State College of Education Gidan Waya
This is my first time..Your service is superb. But because I was pressed for time, I became jittery when I did not receive feedbackd. I will do more business with you and I will recommend you to my friends. Thank you.
Very Good
Adam Alhassan Yakubu
UDS
Excellent work and delivery , I promise to share my testimonies everyone in need of this kind of work. You're the best
Excellent
Emmanuel Essential
Kogi state University
I actually took the risk,you know first time stuff But i was suprised i received as requested. I love you guys 🌟 🌟 🌟 🌟
Very Good
Gbadamosi Solomon Oluwabunmi
Lasu
Swift delivery within 9 minutes of payment. Thank you project master
Excellent
Abdulrahman Jibrin
Nti Abaji
Nice one work prompt delivery tanx
Very Good
Azeez Abiodun
Moshood Abiola polytechnic
I actually googled and saw about iproject master, copied the number and contacted them through WhatsApp to ask for the availability of the material and to my luck they have it. So there was a delay with the project due to the covid19 pandemic. I was really scared before making the payment cause I’ve been scammed twice, they attended so well to me and that made me trust the process and made the payment and provided them with proof, I got my material in less than 10minutes
Very Good

FREQUENTLY ASKED QUESTIONS

How do I get this complete project on THE EFFECTS OF THE NEW DEVELOPMENT IN FINANCIAL REPORTING STANDARD ON THE DEVELOPMENT OF SMALL AND MEDIUM SCALE BUSINESS?

Simply click on the Download button above and follow the procedure stated.

I have a fresh topic that is not on your website. How do I go about it?

How fast can I get this complete project on THE EFFECTS OF THE NEW DEVELOPMENT IN FINANCIAL REPORTING STANDARD ON THE DEVELOPMENT OF SMALL AND MEDIUM SCALE BUSINESS?

Within 15 minutes if you want this exact project topic without adjustment

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

What if I want to change the case study for THE EFFECTS OF THE NEW DEVELOPMENT IN FINANCIAL REPORTING STANDARD ON THE DEVELOPMENT OF SMALL AND MEDIUM SCALE BUSINESS, What do i do?

Chat with Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

How will I get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: +234 813 292 6373

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!