Conceptual Framework for Financial Accounting and Reporting in Nigeria
This paper conducted a comprehensive examination of the conceptual framework for financial accounting and reporting in Nigeria. The research integrated both qualitative and quantitative methodologies. Through a combination of qualitative analysis of prevailing financial reporting practices and quantitative validation of proposed frameworks, the study collected primary data from 240 respondents, including accounting lecturers and practitioners, alongside a review of existing literature. The study’s findings revealed a strong consensus among respondents regarding the significant contribution of financial accounting standards to the accuracy of financial information, emphasizing the importance of adherence to standardized practices for reliability and integrity. Moreover, respondents expressed confidence in the effectiveness of current accounting standards (IFRS) and perceived financial reporting frameworks as addressing environmental and social impact concerns adequately. However, dissatisfaction with transparency and disclosure practices highlighted areas for improvement, suggesting a need for enhanced regulatory enforcement and transparency initiatives. In conclusion, this study underscores the critical role of conceptual frameworks in financial accounting and reporting in Nigeria, offering valuable insights for policymakers, regulators, and practitioners to improve the integrity and transparency of financial reporting processes. The research recommended strengthening enforcement mechanisms and promoting transparency to enhance stakeholder trust and confidence. Keywords: Financial accounting, conceptual framework, financial reporting.
Keywords: Financial accounting, conceptual framework, financial reporting.
Citation: Alli-momoh, O., Samson, F.B., & , A.A.E. (2024). Conceptual Framework for Financial Accounting and Reporting in Nigeria. International Journal of Innovative Research in Accounting and Sustainability, 9(3), 78-88.