Accounting Frameworks and Cross-Cultural Effects on Accounting disclosure Practices in Nigeria

Francis Kehinde Emeni, Sunday Nosakhare Ugbogbo

Abstract


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 collec tivism 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
accounting standards like the International Financial Reporting Standards (IFRS).


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