Complexity of Financial Reporting Standards to The Users; Challenges and Opportunities

Abstract

This research study focused on complexity of financial reporting Standards to the users; challenges and opportunities. It centers on First Bank Plc, Ekwulobia, one of the servicing business organisations in Anambra state. Data were gathered through primary and secondary sources for the study. Descriptive survey research design was adopted for examination of the respondents’ opinions and for data analysis. The population of the study consists of branch management staff and others in values departments of the selected organisation, numbering thirty-five (35). In determining the sample for the study, the researchers adopted a census sampling approach or total population survey where mathematical contraction was bypassed and all eligible members of the defined targeted population were included into the final analytical sample. The data collected were analysed in table and simple percentage statistics. A 5-point likert scale was designed to measure the variables while the hypotheses formulated were tested using a chi-square instrument. The results of the findings were discussed while conclusion and recommendations systematically offered, highlighting the various areas for restoring the stakeholders’ confidence to ensure sustained growth of business organisations through proper use of financial reporting standards.