3.0       Discussion
3.1       Introduction
            This chapter presents the discussion of strategies that could be adopted in accomplishing the stated objectives. It equally presents the discussion of the theoretical framework upon which this study is based.

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3.2       Discussion on the Strategies for Accomplishing the Stated Objectives.
(i)        In determining the effectiveness of corporate governance practices in Nigeria financial sector, this objective could be accomplished by analyzing the opinions of  respondents using chi-square method.
(ii)       In ascertaining the influence of IFRS adoption on the existing corporate governance practices, this objective could be accomplished by analyzing information obtained through secondary data using chi-square.

3.3       Discussion of the Stated Theoretical Framework
            In assessing the impact of International financial reporting standard adoption (IFRS) on corporate governance, Institutional theory is chosen. The choice of this theory is due to its applicability to the study of IFRS adoption. It is used to describe the processes that must be followed in order to successfully adopt the new accounting standard. In the light of the above, Burns and Scapens (2000) noted that, the existing routines and institutions shape the selection and implementation process of the new IFRS standard changes, meaning that the changes are path dependent. Understanding the current process in the organization is thus necessary for understanding the changes that need to be made. When the new rules and routines become the unquestionable form of management control, they can be said to be institutionalized.
            However, institutional theory is suitable for this study because, it gives a holistic understanding of the organization in question and its current processes. This is because, every organization usually have an Accounting manual which describes the rules and routines of the organization for reporting which represents an institution.
            Routinization refers to what an Institutional theorist would call Institutionalization Tiina Tanimenpaa (2011). Notwithstanding the strength of Institutional theory, the theory is saddled with developmental stages which makes the idea slow.

3.4       Discussion of the Reviewed Literature
Regarding the work of Adeyemi and Adesoi (2011) on corporate governance in the Nigeria financial sector: The efficiency of Internal Control and External Audit, the methodology they adopted was sound. They relied heavily on secondary sources of data using simple percentages in analizing the data.
For Folajimi (2011) the researcher made use of both theoretical and empirical review in the study. He employed stratified sampling method is selecting the sample size of the study.
With regards to the work of Latridis (2010) on IFRS adoption and financial statement effects: the UK case. The researcher used logistic regression to analyze the data.

3.5       GAPS in the Literature
            The gap in the literature is based on the fact that most of the existing literatures placed emphasis on the implications of International financial reporting standards (IFRS) adoption on the economy. There is yet inadequate studies on the implication of IFRS adoption on the existing corporate governance practices in the Nigeria financial sector.

            In the light of the mandatory adoption of International Financial Reporting Standards (IFRS) in Nigeria, this study investigates the implications of IFRS adoption on the existing corporate governance practices in Nigeria financial sector.
            From the academic review, the results of the study showed that IFRS implementation will positively impact on the existing corporate governance culture in Nigeria financial sector. This is because the mandatory IFRS adoption would reduce information asymmetry, and would smooth the communication between managers, shareholders, lenders and other interested parties (Bushman and Smith 2001)
            However, with the mandatory adoption of the global accounting framework,(IFRS), Accountants of entities would have to; be fully responsive in the use of information technology (IT) applying real time  operations in the production of accounting information in the bid to achieving the objectives of IFRS in Nigeria,

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