Small businesses are normally owned by corporations, partnership or proprietorship.
The project study is well-researched for academic purposes and are usually provided in complete chapters with adequate References. Their importance to 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. According to GonoSMEs contribute to output and employment creation and theyare also a nursery for the larger firms of the future.
The most successful developing country overthe last 50 years, Taiwan is built on a dynamic SME sector. The need to harmonize accounting reporting standards for organizations operating around the world has prompted the Central bank of Nigeria to set January 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 SME operators to comply with the new accounting reporting standards.
This new era where globalization is fast becoming real, it is imperative to investigate the effect the IFRS adoption possess on small and medium scale enterprises as they have a key role to play in international trade in Nigeria. This is particularly the case of SMEs in Nigeria, as Nigeria is a major exporter of agricultural produce.
The introduction of IFRS in Nigeria and the current state of globalization simply means that SMEs cannot continue with local standards for financial reporting purposes. For 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. SMEs as the engine of the economy have the full potentials to turn the economy around for the better, but their greatest challenge still remains underfinance.
Poor financial management and book-keeping are two major barriers confronting SMEs when it comes to accessing funds from financial institutions and government agencies.
A study conducted by Gono revealed that most SMEs fail due to poor financial management and reporting. So it is important for SMEs to follow the current trend of financial reporting and enjoy the full benefits that are associated.
Specific objectives of the study are: To achieve this, the study seeks to test the following two 2 operational hypotheses outlined in null form: The study is therefore confined to the small scale enterprises operating in Ikeja Local Government area of Lagos State, and yet it is easy to use the result of this research to gain insight into the entire small scale enterprises.
A study of this nature could not have been carried out without any hitch. Notable among the constraints was the paucity of relevant empirical literature in the adoption of IFRS among small scale enterprises.
Empirical information on problems of small scale enterprises are abundant in literature but work done on their financial literature is still scanty and that was a serious limitation to the study. The significance of this study therefore lies in the attempt to document the factor that is truly responsible for hindering the adoption of IFRS amongst small scale enterprises but which have not been appreciated, recognized or factored into the various incentives schemes and policy measures being put up for SSEs in the state and the nation at large.
In addition, this research will equip owners of small scale enterprises by encouraging them to give the keeping of proper accounting records a greater priority in the objectives of their business. With this, adequate information about the profitability of the business will be accurately known.
Lastly, it will be my pre-requisite for the award of Bachelor of Science B. These chapters are organized in a sequential manner that will aid careful investigation and easy achievement of the objectives.
Chapter one is a preview of the background of the study and the problem s that necessitated the research.call or for any enquiries.. project topic: an investigation into the challenges of ifrs adoption and implementation amongst small and medium scale enterprise owners in nigeria (a case study of some selected smes in ikeja, lagos state).
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