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CREATIVE ACCOUNTING PRACTICES AND INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTION IN NIGERIA: Listed Non-Financial Services Companies in Perspective.
1OKOUGHENU, Sunday Azeita (PhD, CNA) Igbinedion University Okada, Edo State, Nigeria. Email:[email protected].
2EVBOTA, Cephas Imuentinyan (B.Sc., M.Sc., PhD in View) Chukwuemeka Odumegwu University, Anambra State, Nigeria. Email: evbotacephas @gmail.com.07035003972 .
3AMUGHORO, Onome Austin (B.Sc., M.Sc., PhD in View) Nnamdi Azikiwe Unversity, Akwa, Anambra State, Nigeria. Email: [email protected].
AbstractThe study examined the relationship between creative accounting practices and international financial reporting standards adoption in Nigerian listed non-financial services companies for the year 2012-2017. The study adopted a quantitave research design. The strategy involved a panel regression and data were retrieved from the annual reports and accounts of the studied companies. Rregression was used to analysed the data and it was revealed by fixed effect regression model that IFRSs adoption had a positive and significant relationship with creative accounting practices in Nigerian listed non-financial companies at 1% level of significance.The study concluded that the adoption of IFRSs in Nigerian listed non-financial services companies cannot minimse creative accounting practices, but otherwise, it increased the practices due to the flexibility nature of the standards. Hence, the study recommended that companies should practice good corporate governance process to minimise creative accounting practices in Nigeria.
Keywords: Creative Accounting Practices, IFRSs adoption, Listed Non-Financial Services Companies
1. Introduction
In the contemporary times, the vigour of creative accounting practices has become an issue of great
global concern due to an unimaginable shock occasioned by it. The practice involves the manipulation
of records and financial statements by management tagged “window dressing”, “earnings
management”, “cosmetic accounting”, “income smoothing”, “innovative accounting” and “statement of
financial position engineering” to achiev a predetermine target (Sanusi & Izedonmi, 2014). Creative
accounting practices are characterised by excessive manipulation, complications and the uses of 'novel'
ways of reporting income, assets and liabilities (Umoren, Oyerinde, & Odeyayi, 2010). According to
Osaze (1998), creative accounting practices is the manipulation of normal accounting and financial
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statements by moving accounts around, changing their locations and subheads, redefining accounts and
even inflating accounts in order to present an attractive picture of the state of health of an organisation
or a rosier one depending on the objectives being pursued. Mulford and Comiskey (2011) summarised
the definition of creative accounting practices as any and all steps used to play the financial numbers
game, including the aggressive choice and application of accounting principles, fraudulent financial
reporting, and any steps taken toward earnings management or income smoothing.
Creative accounting in an unimaginable dimension has led to the fall of many well-known companies in
the world over. For instance, the fall of WorldCom, Enron BCCI, Barings, HealthSouth and Tyco in the
United States of America, where there was the tendency for new managers in these companies to show
losses due to poor management of previous operations (Odia & Ogiedu, 2013). In addition, in the
developing countries, for example, as at 2014, Nigeria banks such as First Bank, Guarantee Trust Bank,
Access Bank and Sterling Bank were found to have engaged in creative accounting in order to maintain
or boost the share price by reducing the apperent levels of borrowing, making the company appear
subject to less risk and falls, and to effect changes in accounting policies in order to discourage finding
faults in the company’s accounting system (Ijeoma, 2014).
1.2 Statement of the Problem
On the premise of the above background to the study, the gap in the body of knowledge this study
attempted to fill is that previous studies such as Barth, Landsman, and Lang (2008) have indicated that
because management has the discretion to choose accounting principles in preparing financial
statements, they take the advantage to engage in creative accounting practices. This fundamental
weakness was observed in the application of nation’s GAAPs and standards (such as, former statement
of accounting standards in case of Nigeria). This led many countries in the word including Nigeria to
adopt the new international standard called international financial reporting standards (IFRSs). Thus,
the adoption has attracted global research interest to examine wether creative accounting is been
practice under the IFRSs regime. Unfortunately, specifically in Nigeria, many of these studies focused
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on financial services companies or institutions neglecting the non-financial services companies or
institutions. For instantce, Osazevbaru (2012) examined creative accounting and firm’s market value in
Nigeria listed banks. Sanusi and Izedonmi (2013) investigated the reason for creative accounting in
Nigerian commercial banks. Adetoso and Ajiga (2017) examined creative accounting practices among
Nigeria listed commercial banks focused on curtailing effect of IFRS adoption. Thus, it is against this
backdrop this study aimed to examine the effect of IFRSs adoption on creative accounting practices in
Nigerian listed non-financial services companies.
1. Literature Review
2.1 Creative Accounting Practices
According to Kamau (2016) and Balaciu, Bogdan, Feleaga, and Pop (2014), the basic information
about creative accounting was brought up by Luca Pacioli, in 1494 through his seminer work on
Accounting, where he described creative accounting as an attempt to make figures more appealing or
otherwise to the eyes of the accounts’ readers. Therefore the practice of creative accounting has been in
existence for over 500 years and accountants have used the term, “cover up”, since then. In the 1920s,
during the introduction of corporate governance principles, creative accounting was considered as one
of the main reasons for the development (Kamau, Namusonge, & Bichanga, 2016).
Creative accounting practices have been defined by many scholars in various contexts. However, this
study adopted the definition by Sanusi and Izedonmi (2014) who described creative accounting
practices as the manipulation of records and financial statements by management tagged “window
dressing”, “earnings management”, “cosmetic accounting”, “income smoothing”, “innovative
accounting” and “statement of financial position engineering” to achieve a predetermined target. The
motive could be; when management performance tied with either cash or equity compensation (Javad
& Xia, 2015), to minimise the likelihood of violating debt covenants (Amat & Gowthorpe, 2010), to
reduce book value of profit before tax in order to pay less tax to governmen (Cotlet, Nagy, Megan, &
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Cotlet, 2012), to gain a favourable effect on share prices in stock market (Mulford & Comiskey, 2011),
and among other reasons.
To achieve these motives, Bhasin (2015) identified the following techniques; manipulation of
inventories (i.e, aggressive capitalization and extended amortization policies), using cookie jar reserves
(i.e, over-provisioning for accrued expenses when revenues are high, so that profits can be brought
down to a level that is safe to maintain in the future), big bath accounting (i.e, write-off as many costs
as possible in the current period, so that the future performance looks better), recognising premature or
fictitious revenue (i.e, recognition of revenue for a legitimate sale in a period prior to that called for by
GAAPs or recording of revenue for a non-existent sale), abuse of materiality concept (i.e, misusing the
concept of materiality by intentionally recording errors within a defined percentage ceiling), being
generous with bad debts (i.e, using personal judgement to either increase or reduce provision for bad
and doubtful debts), getting creative with the income statement (i.e, practice of communicating a
different level of earning power using the format of the income statement rather than through the
manner in which transactions are recorded) and problems with cash-flow reporting (i.e, reporting higher
and more sustainable cash flow).
2.2 IFRSs Adoption
Since the convengence from local standards to IFRSs, researchers have identified several benefits
countries will gain from the adoption of IFRS in different ways. Generally, IFRS was established to
harmonize the difference in accounting practices across the world by providing information that is
comparable, reliable, relevant, consistent, and which will reduce the cost of capital of transacting
businesses across borders (Adekoya, 2011). Adekoya (2011) and Sanyaolu, Iyoha, and Ojeka (2017)
pointed out that it would enable them to take advantage of the accounting standard published by
International Accounting Standard Board (IASB) to assist preparers of financial reports.
Udofia and Ikpantan (2015) found that the adoption of IFRSs in Nigeria would promote the compilation
of meaningful data on the performance of various reporting entities at both public and private levels
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thereby encouraging comparability, transparency, efficiency and reliability of financial reporting. They
further explained that a country that adopted IFRS would benefit assurance of useful and meaningful
decisions on investment portfolio, investors could easily compare financial results of corporation and
make investment decisions and there would be an attraction of direct foreign investments.
2.3 Review of Empirical Studies
Boumediene, Boumediene, and Nafti (2014) examined the impact of the adoption of IFRS on the
handling of accounting data in France. The study proxied earnings management as discretionary
accruals and adopted Jones modified model. The regression result indicated that the degree of earnings
management decreased in the period of adoption.
Klann and Beuren (2015) examined the impact of the International Accounting Convergence on income
smoothing in Brazil. It used the qualitative approach based on the model of Barth, Landman and Lang
(2008), which was taken from the financial statements of one hundred and thirty three (133) companies
in the period of 2005 to 2007 (Pre- IFRS) totaling 344 observations, while 106 companies in the period
of 2010-2012 (Post-IFRS) totalled 289 observations. The study used statistical techniques of
Multivariate, Linear Regression, F-Test and Pearson Correlation. The result indicated a rising in
income smoothing levels after convergence.
Bello, Abububaka, and Adeyemi (2016) investigated the effects of IFRS adoption on earnings
management of non-financial quoted companies in Nigeria. The study utilised a sample of seventy five
(75) non-financial quoted companies for the period of 2010 to 2014 and used regression analysis to test
the data. The result indicated that IFRS adoption in Nigeria did not significantly affects the tendency of
Nigerian companies to manipulate earnings. Specifically, the higher audit quality and large firm size
did not create a situation where IFRS adoption affected earnings management. This was contrary to the
general belief that IFRS, as high quality accounting standards would reduce the tendency for creative
accounting.
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Adeyemi (2016) investigated the effects of IFRS adoption on earnings management of non-financial
quoted companies in Nigeria. They used a sample of seventy five (75) non-financial quoted companies
in Nigeria that had consistently published their audited annual financial report between 2010 and 2014.
The study, in analysing the data collected, adopted descriptive statistics, correlation analysis and a
panel multiple regression data analysis to identify the possible effects of IFRS adoption on general
earnings management of the sampled companies. It found that IFRS adoption in Nigeria did not
significantly affects the tendency of Nigerian companies to manipulate earnings.
Okoro and Okoye (2016) examined IFRSs as a way of taming creative accounting as well as factors
that triggered unethical accounting practices in Nigeria. The study utilized structured questionnaires
that were administered to one hundred and twenty (120) professionals (auditors, investors,
stockbrokers). The Pearson product moment correlation statistical tool was used to analyse data and the
study found that IFRSs could be used to tame creative accounting.
Nnadi and Nwobu (2016) investigated the impact of IFRS adoption and banking reforms on earnings
management in Nigeria. The study comprised all listed commercial banks that operated in Nigeria and
taken 2013 as Pre-/Post-IFRSs Adoption period. In addition, the study adopted a pooled estimation
model and the results highlighted the mixed impact of IFRS adoption on earnings management but a
significant decrease in earnings management in the post CBN reforms.
Amidu, Yorke, and Harvey (2016) analysed the implications of the adoption of IFRS for accounting
information quality and tax avoidance in Ghana. The study drew its sample from non-listed firms in
Ghana Revenue Authority database for one hundred and nineteen (119) firms for the period after the
implementation and adopted Sun and Rath (2010), Rusmin (2010) and Dechow et al (1995) models to
estimate discretionary and total accruals. The study used auto correlation to analysed data and the result
indicated that the adoption of IFRS in Ghana led to a relative high quality of earnings and low
incidence of tax avoidance among firms.
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Based on the empirical literature reviewed, it is observed that controversial result existed on the
influence of IFRSs adoption on creative accounting practices. We therefore formulate hypothesis for
the study as followed:
H1: The relationship between IFRSs adoption and creative accounting practices in Nigerian listed
non-financial services companies is insignificant.
3. Methodology
This study adopted a quantitative research design and the strategy involves a panel regression. Its
justification for use in this study is supported by the recent study of Shahzad (2016), Kamau et al.
(2016), Kamau (2016) and Munene (2016) who used the design to estimate earnings management or
creative accounting and earnings manipulation.
The population of this study consisted of one-hundred and twenty nine (129) listed non-financial
services companies on the Nigerian Stock Exchange (NSE) as at 31st December, 2017. Each firm in the
population had annual reports for six consecutive years for the period of 2012 - 2017.
The sample size of the study is based on the total population of one-hundred and twenty nine (129)
listed non-financial services companies as at 31st December, 2017 on the Nigerian Stock Exchange
(NSE, 2012- 2017 Fact Sheet). To select the sample, the following restrictions were imposed: sampled
company must be listed each year over the period 2012 to 2017; the financial year end of the sampled
companies must be December, 31; the firm has published its complete financial statements for the six
years period from 2012 to 2017; to ensure some homogeneity of information, firms in banking and
insurance sectors are excluded and the shares of sampled companies must be actively traded in the
period under consideration.
In the light of the above considerations, this study therefore adopted Ewododhe’s (2011) formula and
computer-assisted random sampling technique to select the sample size of forty three (43) from total
population of the listed non-financial services companies in Nigeria. The data for the sampled listed
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non-financial services companies involves a secondary source. The researcher collected data from the
Nigerian Stock Exchange fact books and the companies’ annual financial reports.
The study therefor adopted panel data regression technique to analysed data. The choice of this method
is that it considered the cross-sectional and time differences of the sampled data. In addition, the
technique is premised on its property of increase data points and control for individual heterogeneity. In
all, the panel regression analysis captures the aforementioned characteristics by including the listed
company’s specific effects which may be random or fixed. The study used Hausman Test to select
between fixed and random panel data estimation techniques. The estimation results are evaluated based
on individual statistical significance test (Z-test) and overall statistical significance test (F-test). The
goodness of fit of the model was tested using the coefficient of multiple-determination (R-squared).
3.1 Model Specification
This study adopted the multiple regression model used by Kamau (2016) stated below:
CA= α + β1* MC + β2* CO + β3* TM + β4* SPP + β5*ID + ε
Thus, in specifying our unbalanced panel regression model, we included cross sections (companies) and
year dummies (2012 - 2017) in the unbalanced panel regression models. The panel multiple regression
model with an error term ( t ) is specified as shown in equation “1” below:
CA=α+β1IFRSsit+εit…………………………… (1)
Where;
CA= Creative Accounting Practices
IFRSs= International Financial Reporting Standards Adoption
β = Variables that vary across companies but do not vary over time
t = Variables that vary over time but do not vary across companies at any given time
it = Error terms over the cross section and time.
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Thus, in applying the regression analysis to examine the regression equation “1” above, the following
hypothesis was tested:
H0: βiz = 0
H1: βiz ≠ 0
Rejection of H0 and acceptance of H1 at the 1% and 5% level of significance confirms the existence of
a moderating (interaction) effect.
3.2 Measurement of Variables
Dependent Variable: The dependent variable in this study is creative accounting practices (CA). This
is measured as change in profit margin (∆PMt) divided by change in asset turnover (∆ATOt) (Jansen,
Ramnath, & Yohn, 2012).
Independent Variable: The dependent variable in this study is IFRSs adoption. This is measured as
dummy variable which is equal to “1”.
4. Data Analysis and Discussion of Findings
4.1 Regression Results
To examine IFRSs adoption has significant effect on creative accounting, we used a balanced panel
data regression analysis to test our formulated hypotheses. This is showed in Table 1 below:
Table 1: Balanced Panel Regression Results
Expected
Sign
Fixed
Effect Model
Random
Effect Model
C -6.23
(-2.01)
[0.00]***
-4.00
(-1.10)
[ 0.00]***
IFRSs Adoption - 0.04
(2.20)
0.01
(1.20)
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[ 0.00]*** [ 0.02]**
R-SquaredAdj-R-SquaredF-StatisticDurbin WatsonHausman TestN(n)
0.1521000.1203111.20 (0.00)1.999111 30.01(0.00) 43 (6)
0.1333410.1281101.11 (0.00)2.020221 -43 (6)
Note: (1) Parentheses ( ) are t-statistic while bracket [ ] are p-value, *** for 1%, ** and for 5%
Source: Researcher’s Compilation (2018) through Eview Software, 8.0 Version.
In testing the significant relationship between the dependent and independent variables, the two widely
used balanced panel data regression models (fixed effect and random effect panel data estimation
techniques) were estimated. The difference in the models was based on the assumptions made about the
explanatory variable and cross sectional error term. Table 1 presented two balanced panel data
estimation techniques (fixed effect and random effect panel data estimator). The results revealed a
difference in their coefficients magnitude signs but did not necessarily change the number of
insignificant variables. In selecting from the two balanced panel data models, the Hausman Test was
conducted and the result is presented in Table 2 below:
Table 2 Hausman Test
Correlated Fixed Effects - Hausman Test
Equation: Untitled
Test cross-section fixed effects
Test Summary
Chi-Sq.
Statistic Chi-Sq. d.f. Prob.
Cross-section fixed 30.010300 1 0.0000
** WARNING: estimated cross-section fixed effects variance is zero.
Cross-section fixed effects test comparisons:
Variable Fixed Random Var(Diff.) Prob.
IFRSs Adoption 0.000005 -0.000002 0.000000 0.0507
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Source: Researcher’s Compilation (2018) through Eview Software, 8.0 Version
The result from Table 2 clearly showed that we should accept H1 (fixed effect model) and reject H0
(random effect model) because of the significance of the Hausman test (0.0000). It means that we
should adopt the fixed effect panel multiple regression results in our analysis. It was observed from the
fixed effect panel multiple regression results that the R-squared and adjusted R-squared values are
0.152100 and 0.120311. It indicated that all the independent variables jointly explained about 15% of
the systematic variations in creative accounting across the listed firms sampled in this study over the
six-year period (2012-2017). The F-statistics value of 1.220 and its p-value (0.00) showed that a
significant linear relationship existed between the dependent and independent variables. Also, the
Durbin-Watson statistic of 1.999111 is very close to 2.00 and indicative of the absence of the problem
of multicollinearity in the regression variables.
In Table 1 above, it should be noted that fixed effect multiple panel regression models provided
IFRSs adoption had a positive effect on creative accounting (CA=0.04). The positive coefficient value
therefore, implies that the more companies comply with the standards (IFRS), the more they engage in
creative accounting practices and it would be statistically significant. The significance of the variable
was because it passed the individual test of significance at 1% level.
4.2 Test of Hypothesis
Hypothesis 1 Restated: The relationship between IFRSs adoption and creative accounting practices
in Nigerian listed non-financial services companies is insignificant.
The result reported that IFRSs adoption was positive and significantly related to creative accounting
practices at a t-value of 2.20 and a probability value of (0.00) ¿ P = 0.01 at the 1% level of significance.
The implication of the result is that the positive coefficient value (CA=0.04) implies that an increase in
compliance with the standards (IFRSs) would lead to an increase in creative accounting practices. The
result is also significant at the 1% level. Hence, the null hypothesis that the relationship between IFRSs
adoption and creative accounting practices in Nigerian listed non-financial services companies is
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insignificant could not be accepted. The result is not at variance with the apriori positive and significant
relationship.
4.3 Discussion of Finding
IFRSs adoption was measured as a dummy variable which was equal to ‘1’ indicated that all listed
companies used as sample in the study have adopted IFRSs. The relationship between the explanatory
variable IFRSs adoption and creative accounting practice was positive. It presupposed that IFRSs
adoption increased creative accounting practice and was statistically significant.
The result collaborated with the position of Klann and Beuren (2015) who found a significant
relationship between IFRSs adoption and creative accounting practice in Brazil. The result is however
not consistent with the position of Bello et al. (2016) who found an insignificant relationship between
IFRSs adoption and creative accounting practice in Nigeria.
5. Conclusion, Recommendations and Contribution to Knowledge.
5.1 Conclusion
Based on the finding discussed above, the study therefore concluded that the relationship between
IFRSs adoption and creative accounting practices in Nigerian listed non-financial services companies is
positve and significant. In addition, the reason for the positive and significant relationship between
IFRSs adoption and creative accounting practices could be because of the flexibility nature of the
standards.
5.2 Recommendations
Following the empirical findings on the relationship between IFRSs adoption and creative accounting
practices on listed non-financial services companies in Nigeria, the study recommends that a good
corporate governance process should be embraced by the companies to minimise creative accounting
practices by management in Nigeria.
5.3 Areas for Further Research
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There are several recommendations that can be made for future research in the field of creative
accounting. First, this study does not employ causality tests. Therefore, the findings only provided
evidence for associations rather than causality. The study suggests that future research in the field of
creative accounting could employ causality tests in order to not only examine the associations between
these variables, but also identify causality. This would also strengthen the theoretical arguments and
justifications for these associations.
Finally, data collected from the financial statements of the sampled companies in this study were not
adjusted with inflation. Assuming they were adjusted, they may yield different results. Therefore,
future research in the field of creative accounting could consider financial statements where data are
adjusted with inflation.
5.4 Contribution to Knowledge Gap
Since countries have adopted IFRSs, many researchers have examined it impact on creative accounting
practices. However, specifically in Nigeria, many of these studies focused on financial sector or
institutions neglecting the non-financial sector or institutions. This study therefore contributed in
filling this knowledge gap in literature by suggesting empirical evidence on the determinants of creative
accounting practices in the Nigerian listed non-financial companies under the news standard (IFRSs)
regime.
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