Get the complete project »
- The Complete Research Material is averagely 52 pages long and it is in Ms Word Format, it has 1-5 Chapters.
- Major Attributes are Abstract, All Chapters, Figures, Appendix, References.
- Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
- Full Access Fee: ₦4,000
This study was intended to evaluate the impact of IFRS on revenue recognition issue. This study was guided by the following objectives; to examine the impact of IFRS on revenue recognition in Nigeria. To provide a more robust framework for addressing revenue recognition issues.To improve comparability of revenue recognition practices across industries, entities within those industries, jurisdictions and capital markets.To reduce the complexity of applying revenue recognition requirements by reducing the volume of the relevant standards and interpretations. To provide more useful information to users through new disclosure requirements.
The study employed the descriptive and explanatory design; questionnaires in addition to library research were applied in order to collect data. Primary and secondary data sources were used and data was analyzed using the chi-square statistical tool at 5% level of significance which was presented in frequency tables and percentage. The respondents under the study were 54 employees of UBA Abuja branch. The study majorly focuses on the impact of IFRS on revenue recognition issue.
The study findings revealed that IFRS significantly impacts on revenue recognition in Nigeria.
1.1 BACKGROUND OF THE STUDY
International Financial Reporting Standards (IFRS) can be said to be a set of international accounting standards(IAS) that states how transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board, and they clearlydefine how accountants must maintain and report their accounts. IFRS were established in order to have a common accounting language, so business and accounts can be understood from company to company and country to country.
1 IFRSs refers to the entire body of IASB pronouncements, including standards and interpretations approved by the IASB and IASs and SIC interpretations approved by the predecessor International Accounting Standards Committee.
IFRS (International Financial Reporting Standards) are specifically designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. IFRS creates a single source of revenue requirements for all entitiesin all industries. The new revenue standard is a significant change fromcurrent IFRS.The new standard applies to revenue from contracts with customersand replaces all of the revenue standards and interpretations in IFRS. IFRS is principles-based, consistent with current revenuerequirements, but provides more application guidance. The lack of brightlines will result in the need for increased judgment.The new standard will have little effect on some entities, but will requiresignificant changes for others, especially those entities for which currentIFRS provides little application guidance.
IFRS introduces a new approach to determine whether revenue should be recognized overtime or at a point in time. Three scenarios are specified in which revenue will be recognized over time broadly, they are when: the customer receives and consumes the benefits of the seller’s performance as the seller performs, 2, the seller is creating a ‘work in progress’ asset which could not be directed to a different customer and in respect of which the customer has an obligation to pay for the entities work to date. If revenue is to be recognized over time, a method should be used which best reflects the pattern of transfer of goods or services to the customer. If a transaction does not fit into any of the three scenarios described above, revenue will instead be recognized at a point in time, when control passes to the customer.
1.2 OBJECTIVES OF THE STUDY
The following are the objectives of the study:
Ø To examine the impact of IFRS on revenue recognition in Nigeria.
Ø To provide a more robust framework for addressing revenue recognition issues.
Ø To improve comparability of revenue recognition practices across industries, entities within those industries, jurisdictions and capital markets.
Ø To reduce the complexity of applying revenue recognition requirements by reducing the volume of the relevant standards and interpretations.
Ø To provide more useful information to users through new disclosure requirements.
1.3 STATEMENT OF THE PROBLEM
The lack of adequate revenue recognition in big and corporate institutions has necessitated this. Most Nigerian companies often overlook the impact of the international financial reporting standard on revenue recognition in revenue allocation and income streams.
1.4 SIGNIFICANCE OF THE STUDY
On revenue and revenue recognition, this research work will enable people to apply the detailed rules in particular situations, such as accounting for construction contracts and government grants. Help understand the basic foundation of the principles of how to deal with income.
Consider how you need to recognize revenue and other forms ofincome in the financial statements.
Understand the basics of IAS to help the transition when IFRS replaces it.
Account for and disclose provisions of grants by government and other forms of government assistance.
This study is on the impact of international reporting financial reporting standard on the revenue recognition issue with UBA in Mogadishu district Abuja serving as the case study.
1.6 RESEARCH QUESTIONS
Ø What is the impact of IFRS on revenue recognition issue in financial institutions?
Ø Is revenue recognition important to investors?
Ø What is the effect of revenue recognition on revenue recognition?
H0: IFRS significantly impacts on revenue recognition in Nigeria.
H1: IFRS significantly impacts on revenue recognition in Nigeria.
1.8 DEFINITION OF TERMS
IFRS: International financial reporting standards
REVENUE: the money that a government receives from taxes or that an organization etc, receives from its business.
CUSTOMER: a person or an organization that buys something from a shop, store or business.
You either get what you want or your money back. T&C Apply
You can find more project topics easily, just search
SIMILAR ECONOMICS FINAL YEAR PROJECT RESEARCH TOPICS
1. ASSESSMENT OF TEACHING AND LEARNING OF ECONOMICS IN KADUNA SOUTH LOCAL GOVERNMENT AREA OF KADUNA STATE» CHAPTER ONE INTRODUCTION Background of the Study Teaching is a process that involves bringing about desirable changes in learners so as to achieve spe...Continue Reading »
2. AN ASSESSMENT OF THE ROLE OF FINANCIAL MARKET IN THE ECONOMY A CASE STUDY OF NIGERIAN FINANCIAL EXCHANGE» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY By definition, a market is a place or a mechanism through which buyers and sellers exchange goods...Continue Reading »
» CHAPTER ONE INTRODUCTION 1.1 Background of Study Healthcare delivery is highly segregated in less developed countries, as well as in many developed ec...Continue Reading »
» ABSTRACT The essence of this project is to evaluate the efficiency of capital market in economic development in Nigeria. Accordingly, some of the obje...Continue Reading »
» ABSTRACT The currency of a nation is made to appreciate. Is this appreciation made at the expense of the foreign market determinant? Or is it as a res...Continue Reading »
6. EFFECTS OF THRIFT AND CREDIT SOCIETY ON ENHANCING MEMBERS LIVING STANDARD (A Study of Hamdala Hotel Workers Thrift and Credit Cooperative Society, Kad...» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY This research work focuses on how cooperative thrift and credit societies influence or enhance me...Continue Reading »
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY The Bretton Woods monetary system of fixed exchange rates, which evolved immediately after the Se...Continue Reading »
8. BALANCING BETWEEN RECURRENT EXPENDITURE AND CAPITAL EXPENDITURE IN THE PUBLIC SECTOR BUDGETS, A CASE STUDY OF AFIKPO NORTH L.G.A» CHAPTER ONE 1.0 INTRODUCTION 1.1 BACKGROUND OF STUDY In Nigeria for instance, despite the huge amount of public expenditures, there is still an insign...Continue Reading »
9. A CRITICAL ANALYSIS OF REVENUE AND EXPENDITURE OF LOCAL GOVERNMENT ADMINISTRATION IN NIGERIA (CASE STUDY OF MBANABO NORTH LOCAL GOVERNMENT» CHAPTER ONE 1.1 BACKGROUND OF THE STUDY Local government is the third tier of government in Nigeria. The Local government system was entrenched in the...Continue Reading »
» ABSTRACT This Research study was carried out to find the link between financial sector liberalization and capital market Development. As part of the S...Continue Reading »