Publisher: Covenant University

Accounting Frameworks and Cross-Cultural Effects On Accounting Disclosure Practices In Nigeria

Francis Kehinde Emeni Ph.d, Sunday Nosakhare Ugbogbo
KEYWORDS: accounting frameworks, culture, power distance, individualism and collectivism.


This study examines the distinct dimensions of culture (power distance, collectivism and individualism) using the Hofstede framework and its effect on accounting disclosure practices in the Federal Republic of Nigeria. Using the OLS regression method of data analysis, it was observed that the collectivism and power distance dimension of culture impacts positively on accounting disclosure practices, though only the cultural dimension of collectivism was found to be significant. The cultural dimension of individualism was found to be negatively and non-significantly associated with accounting disclosure practices. Based on this finding some recommendations were made, prominent amongst which was that, in harmonization of accounting disclosure practices/standards toward ensuring uniformity in accounting practices, there is need to consider cultural values related to collectivism and power distance; while cultural values in terms of individualism need not be given much attention when developing uniform accounti  ng standards like the International Financial Reporting Standards (IFRS).

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