IMPACT OF BOARD ATTRIBUTES ON COMPLIANCE WITH IFRS 16 DISCLOSURE OF LISTED MANUFACTURING FIRMS IN NIGERIA

Abstract

There is a growing concern on the need for compliance with relevant accounting standards not only by the manufacturing sector but also all sectors of the economy. This study is aimed at establishing the impact of board attributes on compliance with disclosure requirements of IFRS 16. The board attributes examined were board size, board independence and audit committee independence. The study adopted correlational research design as it is the design that best explains research on effect of two or more historical data and ordinary least square (OLS). The study population consists of all listed manufacturing firms in Nigeria as at 31st December 2023 out of which forty (40) firms were selected. Secondary source of data was obtained through published annual reports. Based on model regression three of the relationships were positive and significant while one was negative and significant, and another was insignificant. The significant ones include board independence, audit committee independence and as a result, the null hypotheses formulated in their respects were rejected. However, both board size has insignificant relationship hence we failed to reject the null hypothesis formulated in its respect. Based on the findings of the study, it is recommended that regulatory authorities should emphasize on the independence of director on the board and specific minimum characteristics for number of independent directors on the audit committees as the study established positive and significant relationship between board independence and audit committee independence compliance with disclosure requirements of IFRS 16.