DISCLOSURE AND TRANSPARENCY UNDER INTERNATIONAL CORPORATE GOVERNANCE NETWORK AND DISCLOSURE REQUIREMENTS UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS

MBU-OGAR, Geraldine Banku
Department of Accounting
University of Calabar, Calabar, Nigeria
geraldineokafa@gmail.com
KANGKPANG, Kechi Alphonsus
Department of Accounting
University of Calabar, Calabar, Nigeria
drkechi@gmail.com
NKIRI, Joseph Enyam
Department of Accounting
University of Calabar, Calabar, Nigeria
joseph.nkiri@yahoo.com
IBEMBEM, Fidelis Ajim
Department of Accounting
University of Calabar, Calabar, Nigeria
ajimibembem@gmail.com
ABSTRACT
Disclosure and transparency are significant indices in engendering and strengthening good corporate
governance cultures. The International Corporate Governance Network (ICGN) in encouraging corporate
disclosure and transparency has anchored the establishment of various codes, rules and regulations which
are being adopted globally. To guarantee unison in the accounting domain and the convergence of various
national standards into a unified set of standards serving all jurisdictions is the reason for instituting the
International Financial Reporting Standards (IFRS). It is aimed at ensuring comparable, timely and reliable
disclosure of financial information that serve the needs of users. Information disclosure and transparency in
operations adequately influences stakeholder’s decision-making capacity and fosters efficiency in the
allocation of capital and investments across companies and countries.
Keywords: Disclosure and transparency, disclosure requirements, international corporate governance
network, international financial reporting standards