CHAPTER ONE
1.0 INTRODUCTION
1.1 GENERAL DESCRIPTION OF THE STUDY.
International financial reporting
standard (IFRS) is a set of international accounting standards that states how
certain transaction and events should be reported in financial statement. It is
based on principles rather than hard set rules, which is in contrast to U. S.
GAAP, a rules-based accounting standard. As a result of this fundamental
differences or difference IFRS allows management to use greater discretion and
flexibility when preparing a company’s financials.
In Nigeria, the banking sector forms
one of the pillars of economic development. It intermediates funds between the
surplus and the deficit economic units, thus stimulating and promoting
investments and increase of investment in the banking sectors will lead to
improved performance of the economy. However, for any meaningful investment to
occur in the banking sector quality accounting information regarding share
price and other performance indicators are essentials. Investors, who are
usually different from the management of the investments, only rely on the
information supplied by accountants or/and management in the financial
statements of IFRS (International Financial Reporting Standards) adoption on
labour mobility of private accountants in Nigerian Banks, n assessing the risk
and value of a firm before deciding either to invest or to disinvest. The
ability of the financial statements on labour mobility of private accountants
to effectively and satisfactorily guide investors on their information in the
financial statements.
According to (1) “value relevance”
implies the ability of the financial information contained in the impact of
IFRS adoption to explain the stock and labour mobility of the market measures.
A value relevant variable is that data or amount in the financial statement of
IFRS adoption on labour mobility of private Accountants that guide investors in
their pricing of share. Investment decision therefore, centres on the
association between stock or inventory returns or share price and accounting
related information such as earnings, cash flows, book value of equity, firm’s
size, etc.
Before the global convergence of
International Financial Reporting Standards (IFRS), different countries of the
world has had their respective accounting standards developed, issued and
regulated by their respective local bodies. In Nigeria for instance the
Nigerian Accounting Standards Board (NASB) was responsible for developing,
issuing and regulating of accounting standards since 2010 till July 20th,
2012 when the Financial Reporting Council Bill was signed into law. Recently,
globalization and internationalization of the capital market have popularized
IFRS. The standards which have now
become a world standard is a set of principles-based accounting developed and
issued by the international accounting standards board (IASB) for the
preparation of private company (Banks) financial statements. Every country is
expected to converge to IFRS. As at December, 2013, over 150 countries had
converged to IFRS.
All European Union countries were
mandatorily required to converge to IFRS since 2010. In china, all listed firms
are compulsorily reporting under IFRS since 2009. Nigeria formally adopted the
new standard in 2010. The implementation in Nigeria was organized such that all
companies/Banks use IFRS by January 2014. Following this adoption, all First
Banks operating in Nigeria were mandatorily required to adopt and report under
IFRS by January 2012. From all indications, expectations are high that IFRS
will improve the quality of reported accounting information, quality of labour
mobility of private Accountants and enhance the overall reporting standards in
Nigeria. However, with the few years of implementation, what are the realities
on ground, in terms of its overall impact? This important question about IFRS
attracts the attention of academics, regulators and practitioners.
In view of the strategic importance
of the banking sector to economic development in Nigeria,, as it accounts for
almost 31% of the total market capitalization, that is N3.91tn out of N18.95tn
(2), and the fact that banking sector was the first among the listed private
entities in Nigeria to fully adopt IFRS, a study on the Labour Mobility of
Private Accountants of First Banks in Nigeria becomes important in order to
examine the effects of the mandatory adoption of IFRS on Labour Mobility
(quality) of Private Accountants of First banks in Nigeria. Besides, a set of
financial statements of private accountants are meant to diverse users: ranging
from management, owners, creditors, employees, government agencies, regulatory
authorities, investors, analysts, etc. Particularly, investors wish to know
which items in the financial statements are Labour Mobility of Private
Accountants for investment decisions. Specifically, our findings contribute to
the argument that shareholder-focused accounting principles such as IFRS are
more Labour Mobility for investment decisions than the Nigerian statements of
Accounting standards. Our findings are particularly relevant of Financial
Reporting Council (FRC) of Nigeria and other standard setters. The research
findings provided feedback on whether the change to IFRS has improved
accounting quality of Private Accountants on Labour Mobility. This study
aspires to contributes to the environment of both Nigerian and International
Literature that relates to the adoption and implementation of IFRS and Labour
Mobility of Private Accountants. This research will be of vital interest to
standard setters’ regulators, researchers, policy-makers and other stakeholders.
1.2 HISTORY OF
CASE STUDY ORGANIZATION(S)
FIRST BANK OF
NIGERIA PLC.
This study sets out to examine
whether the impact of International Financial Reporting Standards (IFRS) in
Nigeria has improved the quality of financial reporting in First Bank of Nigeria
Plc. Nigeria adopted IFRS, and then referred to as International Accounting
Standards (IAS), in 2010 through a resolution by the council of the Institute
of Certified Public or/and Private Accountants in Nigeria (ICPAN), the legally
mandated accounting institute in Nigeria. The study of accounting between the
pre-adoption period from 2010 to 2011 and the post adoption period from 2012 to
2013. The study specifically tests whether there is less earnings management,
more timely loss recognition and high value relevance in the adoption period as
opposed to the pre-adoption period. It also takes a global perspective to the
IFRS question in relation to quality. The outcomes of the study show mixed
results with some of the metrics indicating a marginal increase in accounting
quality and others showing a decrease in the quality of accounting.
Since
their inception, International Accounting Standards have been produced by two
(2) bodies.
The
first, the International Accounting Standards Committee (IASC) came up with 41
accounting standards between 2009 and 2011. The IASC was replaced by the
International Accounting Standards Board (IASB) in the year 2011. The new Bard
embarked on a review processes aimed at refining the standards. The result was
a reduction in the number of standards from 41 in the year 2011. By 2011, 13
standards had been issued by the board as International Financial Reporting
Standards (IFRS). According to IAS plies (2010), IFRS refers to the entire body
of IASB pronouncements including standards and interpretations approved by
IASB, IASC and their Interpretation produced by the Accounting Standards
Interpretation Committee (IASIC). IFRS or IAS have also been described as a set
of standards stating how particular types of transactions and other events
should be reflected in financial statements, issued by IASC and IASB (ACA
2012:41). The primary objectives of the accounting standards is to enable
corporations to provide investors and creditors with relevant, reliable and
timely information which s in line with the IASB accounting framework for the
preparation and presentation of financial statements. Such information, it is
argued, contributes towards the achievement of orderly capital and labour
markets around the world Imhoff (2013:177). The concept of accounting quality
is based on the IASB framework where relevance, reliability, understandability
and comparability (IFRS 2010:38) are key components and therefore, assumed that
financial statement with the four qualitative characteristics have better
quality. Chen et.al (2010:222) has simply described accounting quality as the
extent to which the financial statement information reflects the underlying
economic situation. In simple terms, this study seeks to establish if the
adoption of IFRS has improved qualitative characteristics of the financial
reporting in Nigeria, where such improvement would be regarded as improvement
in quality.
In spite of thee arguments, many
countries and companies have adopted IFRS and the need to evaluate their impact
has been overwhelming. Barth et.al (2010:2) indicate that accounting amount
results from nitration of features of the financial reporting system which
include accounting standards, their
interpretations, enforcement and litigation and this obviously leads to
obtaining different results from application of the same standards. Ball et.al
(2010) by extension argue that high quality standards like IFRS ma also lead to
low quality accounting information depending on the incentives of the
preparers. It is these contradictions that led Ball et.al (2010) and others to
conclude the poor preparer incentives, underlying economic and political
factors influence manager and auditors incentives as opposed to accounting
standards. Many factors have also been cited as impacting financial reporting
practices such as effective enforcement of standard and strong corporate
governance.
First Bank of Nigeria Plc has
adopted the International Financial Reporting Standards (IFRS) as certified by
the International Accounting Standards Board to further strengthen its
corporate governance standards and enhance transparency in the disclosure of
its financial reports. The adoption of IFRS by First Bank takes immediate
effect, and will apply the bank’s financial report for the year ended March 31,
2009; by so doing First Bank aligns with the strongest global standards of
transparency in financial reporting. The need for financial statements to be
comparable on the same basis across territories is an imperative in today’s
global market where investors seek opportunities in market outside their home
economics. The adoption of IFRS by First Bank will enhance shareholder value
and bring added benefits to its business relationships with numerous overseas
correspondent banks multilateral organizations and international investors that
require financial statements to make informed decisions about the bank.
At the moment, IFRS is not
reportedly requirement in Nigeria although efforts are reportedly underway to
promote a convergence between IFRS and Local Accounting Standards. The IFRS
regime required some detailed disclosure on risk management, insider related
transactions and changes in accounting polices than obtains under the local
Statements of Accounting Standards (SAS). The bank will continue to produce
financial reports in compliance with both IFRS and SAS until local regulatory.
Mr. Sanusi Lamido Sanusi, group managing director/CEO of First Bank, asserted
that the “adoption of the IFRS is a significant milestone which further cements
First Bank’s leadership in corporate governance”. Hoping that other
institutions will follow suit in order and upgrade the nation’s sovereign
rating. Sanusi added that “First Bank can now benchmark its performance against
international financial institutions and thus spur the drive for better
performance not just for us but for the industry as a whole. Mr. Oladele
Ouelola, Chief Financial Officer (CFO) of the bank said that “as First Bank
becomes a global player, our financial statements prepared in line with IFRS
will be easily comparable with other financial statements worldwide, thus
eliminating the need to translate statement prepared under the local SAS for
international use”.
First Bank continued commitment to
corporate governance and improved disclosure levels in the reporting of its
financials has been recognized the reporting of its financials has been
recognized severally especially by the regulatory authorities. In November
2010, First Bank won the Nigerian Stock Exchanges (NSE) 2011, Quoted Company of
the year Award. Firs Bank’s “position as one of Nigeria’s leading financial
services providers is largely due to its extensive branch network and a robust
funding and liquidity profile”.
The move towards globalization is a
concern for many countries particularly developing countries as it has the
potential of having a deep impact on the economy at large. The adoption of IFRS
as a global and uniform standard is gaining ground as more countries are
adopting IFRS or have intentions of adopting the standard. The European Union
Commenced the adoption in 2009 by ensuring that all listed companies in the
report (Oda and Ogiedu, 2013). The development of a globally acceptable
standard originally commenced in 2010 as a result of the coming together of a
group of qualified accounting professionals of major countries to form IASC
(International Accounting Standard Committee). These countries are UK, Ireland,
United States, Australia, Canada, France, Germany, Japan, Mexico and
Netherlands. They focused on developing a global accounting standards which all
replace local standards, harmonize the differences in financial report due to
diversities in legal systems, business structures, tax systems etc. all, foster
cross border transactions and enhance comparability of information. Hence, the
users of financial information can adequately compare the financial statements
of different companies to evaluate their financial statements of different
companies to evaluate their financial performance and position.
In 2010, the international
Accounting standards committee (IASC) was reorganized into the International
Accounting Standards Board (IASB). The IASB was responsible for developing
accounting standard and associated interpretations that are jointly known as
International Financial Reporting Standards (IFRS) (Garba, 2013). In Nigeria,
the adoption of IFRS was inaugurated in September 2010 by the Honorable
Minister responsible for the Ministry of Commerce and Industry; Senator Jubril
Martins-Kuye. The adoption required that all public listed companies apply IFRS
for the presentation of their financial statement by January 2012. Other
private interest entities are required to adopt IFRS by January 2013 while
SME’s (Small and Medium Sized entities) are expected to adopt IFRS by January
2014. However, before the adoption of IFRS in Nigeria the Generally Accepted
Accounting principles were the National Accounting standards. According to a paper published by PWC (2010) the adoption of IFRS will have an effect on the
Banks and Capital or Labour market’s earnings, credit evaluation, communication
between market and stakeholders, long term financial planning, capital
management, training, performance measurement product offering and debt
covenants.
It is also believed that Nigerian Banks
that prepare IFRS complaint financial statements have more advantage over
others in their business dealings with other related banks, multinational firms
and international investors. Standard and poor’s (S & P) revealed that
companies that adopt IFRS tend to experience a rise in their rating as a result
of consistency in their data (Adam, 2011). There has also been some opposition
to the adoption of IFRS particularly for developing countries like Nigeria. It
has been argued that Nigeria and many developing countries have weak
institutions, unpredictable economic and political environments which may
undermine the successful implementation of IFRS (Tanko, 2012). In their study
on the development process of financial reporting standards around the world and
its practical results in developing countries. Alp and Ustandag (2011) showed
that Turkey experienced lots of challenges in the implementation of IFRS. These
challenges include the complicated nature of IFRS, difficulties in the
application enforcement issues and possible knowledge shortfall. The research
therefore will focus on comparing the performance of Nigerian Banks before and
after the adoption of IFRS. Key performance indicators in terms of liquidity,
profitability, leverage, and asset quality of the selected banks (First Banks)
would be used to measure the impact of the pre and post adoption of IFRS.
Secondary data related to NGAAP for the last two year before and after the
adoption would be used. The significance of IFRS in enhancing corporate government
would be examined looking at past literature.
1.3 STATEMENT OF
THE PROBLEM
First Bank of Nigeria Plc. over the
years have been observed to exhibit weak disclosure in financial statements,
operational inefficiencies, undercapitalization and a weak corporate governance
practice that impedes their performance and makes it difficult to detect
problems easily. The quality and standard of financial reporting in Nigeria
banking sectors seems not to match the high standard of reporting in the
banking sector of more developed countries (Garba, 2013). As a result of this,
Nigerian banking industry has undergone numerous reforms. This includes the
increase in the minimum paid in capital of banks from 2 billion Nigerian Naira
(US$14m) to 25 billion Nigerian Naira (US $173m). This led to the consolidation
of most banks. Other reforms include, the special examination of banks, the
move from accounting year to calendar year to and improve transparency and
comparability of financial results, the creation of AMCOM (Asset Management).
In addition the First Banks of
Nigeria issued a circular on the format banks were expected to show in their
annual financial statements, the maximum number of years that a CEO could work
was restricted to ten years. Also, the cashless policy was introduced and the
convergence to IFRS by the end of 2012 to mention a few. It was revealed that
four months after the First Bank of Nigeria’s time limit banks were still
experiencing difficulties in understanding the value IFRS offers to their business
and the trust from their banking partner in other countries. It was discovered
in a paper published by Price Water Coopers (2010), that even some big
organizations have taken more time to present their response to IFRS.
According to Akpan-Essien (2011),
the convergence from NGAAP to IFRS will improve comparability, accountability,
integrity and transparency in financial reporting. This is pertinent to deal
with the crisis in the financial sector with added to the decline in the
country’s foreign direct investment (FDI) in the oil and gas sector to a nation
such as Ghana who is believed to have an improved financial reporting. Beke
(2011) also stressed the fact that a global/labour liquidity, fall in
transaction costs for investors, and cost of capital reduction.
Although many countries have faced
challenges in their decisions to adopt IFRS, its wide spread adoption has been
promoted by the argument that the benefits outweigh the costs. Recently there
has been a push towards the adoption of IFRS developed and issued by the
international Accounting Standards Board (IASB). The organizations should
enable regulators and other key player to gauge the effectiveness of financial
reporting system in place such as training and developments of practitioners and
new members, due diligence for Accounting Standards and the overall
institutional and professional organization conducive for effective standards
application. Therefore, impact and implementation of IFRS would reduce
information irregularity and strengthens and also reduces the costs of
preparing different version of financial statements where an organization is a
multi-national.
From all this, it is evident that to
function in this present world economy and to achieve the maximum gains of
international listing, no nation can operate alone in its financial reporting
(Garba, 2013). It is therefore paramount to carry out a research to compare the
performance of Nigerian banks before the adoption and after the adoption of
IFRS and investigates the impact of adopting a global financial reporting
standard and Labour Mobility of Private Accountants Standards in the banking
sector.
1.4 OBJECTIVE OF
THE STUDY
The purpose of this study is to
empirically examine whether the mandatory adoption of IFRS has improved the
value relevance of financial information in the financial statements of First
Banks in Nigeria. Specifically, the objectives of the study are to compare the
value relevance of book value of equity and earnings in determining the share
price of First Bank in Nigeria before and after the mandatory adoption of IFRS.
However, the objectives of the study are to find out the following:
Ø To examine the impact of IFRS on quality and labour
mobility of private Accountants in First Bank of Nigeria Plc.
Ø To examine whether the International Financial
Reporting Standards (IFRS) in Nigeria has improved the quality of financial
reporting in First Bank of Nigeria Plc.
Ø To find out the role of IFRS play in banking
institutions in Nigeria.
Ø To determine whether IFRS adopted implementation has
been made positive impact in Nigeria.
Ø To find out the problems confronting the staff of
First Bank of Nigeria Plc in adopting IFRS into system.
Ø To make useful recommendation based on the findings
of the study.
The research also aims to empirically
investigate the impact of international financial reporting standards on key
performance indicators that is, liquidity, profitability, leverage, and asset
quality of Nigerian Banks.
Other objectives include to:
Ø Examine whether a significant difference exists in
banks performance in the pre and post adoption of IFRS.
Ø Investigate the benefits and challenges of
implementing IFRS in Nigerian Banks.
Ø Investigate the role of IFRS in improving corporate
governance.
1.5 RESEARCH QUESTIONS
Ø Does IFRS aid quality and labour mobility of private
accountants in First Bank in Nigeria Plc?
Ø Does International Financial Reporting Standards
(IFRS) in Nigeria improve the quality of financial reporting in First Bank of
Nigeria Plc?
Ø Does IFRS play any significant role in banking
institutions of Nigeria?
Ø Has there been effective implementation and adoption
of IFRS in First Bank of Nigeria Plc?
Ø Is there any problem confronting the staff of First
Bank of Nigeria Plc., Aba in enhancing quality on labour mobility of private
accountants of financial statements?
Ø Is there any significant difference existing in
banks performance in the pre and post adoption of IFRS?
Ø To what extent do IFRS implementing the benefits and
Challenges in Nigerian Banks?
Ø To what extent do Nigerian Banks significantly
comply with the provisions of IFRS Number one or not?
1.6 STATEMENT OF HYPOTHESIS
Taking into consideration the nature
and extend of the problems and purpose of this study started so far, the
researcher sees it necessary to formulate the following hypotheses which are
used:
HYPOTHESES 1
H0: IFRS does not aid quality and labour mobility of
private Accountants in First Bank of Nigeria Plc.
H1: IFRS does aid quality and labour mobility of private accountants in First Bank of Nigeria.
HYPOTHESES 2:
H0:
IFRS does not play any significant role in banking institutions in Nigeria.
H1: IFRS does play significant role in banking
institutions in Nigeria.
HYPOTHESES 3:
H0:
There is no significance relationship between effective implementation and
adoption of IFRS in First Bank of Nigeria Plc.
H1: There is a significance relationship between
effective implementation and adoption of IFRS in First Bank of Nigeria Plc.
HYPOTHESES 4:
H0:
IFRS does not implementing the benefits and challenges in Nigerian Banks.
H1: IFRS does implementing the benefits and challenges
in Nigerian Banks.
1.7 SCOPE OF THE STUDY
The study concerns about the impact
of IFRS quality and labour mobility of private accountants of financial
statements with a particular reference to First Bank of Nigeria Plc.
The reasons for this is because,
International Financial Reporting Standards (IFRS) is living study thus a
contemporary issue in accounting development and as such, entities in the
Nigeria are ongoing in the processes.
1.8 ASSUMPTIONS
For the concept discuss above the
logical and accepted framework, the accountant has to make certain assumption
order to limit the possible range of interpretations.
The
concept of accounting quality is based on the IASB framework where relevance,
reliability, understandability and comparability (IFRS, 2012:38) are key
components and therefore, assumed that financial statement on labour mobility
of the Accountants with the four qualitative characteristics have better
quality.
Chen et.al (2010:222) has dimple
describe accounting quality as the extent to which the financial statement
information reflects the underlying economic situation. In simple terms, this
study seeks to establish if the adoption of IFRS has improved qualitative
characteristics of the financial reporting in Nigeria Banks, where such
improvement would be regarded as improvement in quality.
1.9 SIGNIFICANCE OF THE STUDY.
The ultimate goal of the every
industry or organization including banks is to quality financial reporting
(statements) information is issued to private. This goal can be achieved in the
banking sector adopting IFRS for effective financial reporting.
This
study necessary because would enable the managers and the Accountants of First
Bank of Nigeria Plc, and other banks to improve on their implementation of the
standards.
It would also help the employers,
employees and the potential investors who may want to invest on the company.
This study necessary is that adoption of IFRS has significant influence on the
gravity report of financial statement. The study recommends that uniformity in
accounting standards on a global/labour mobility and scale will further enhance
greater confidence of the users on financial statements this will help them in
comparing activities of their company with those situated outside the country.
The issue of training is important in the adoption of IFRS. Adequate training
is required by the Accountants and professional members who are connected with
the use of IFRS in effective adoption of the standards, adoption of IFRS will
also helps in minimizing fraud and irregularities.
Finally, it would serve as a
reference sources to students or other researchers who might want to carry out
their research on the similar topic.
1.10 DEFINITIONS OF UNFAMILIAR
TERMS.
Ø IFRS: International Financial Reporting Standards which
are applied stating how particular type of transactions and other events should
be reported in financial statements i.e. principle based standards other than
the rule based standards.
It represent a unified global commitment to
developing a single set of high quality, globally accepted accounting standards
whose aim is to provide transparent and comparable information that is in the
private interest through general purpose financial statement (Herbert, 2010).
Ø FINANCIAL
STATEMENTS: Financial statements
are a collection of reports about an organizations financial results,
conditions and cash flows. It is also a financial report, is a formal record of
the financial activities of a business, person or other entity. It also provide
information regarding the position and financial statement for businesses
usually include income statements, balance sheets, statements that adhere to
Generally Accepted Accounting principles (GAAP) to maintain continuity of
information and presentation across international boarders. (cited by www.investopedia.com.terms/f/financialstatements ).
Ø INCOME
STATEMENT: Income Statement is a
financial statement that measures or repots a company’s financial performance
over a specific accounting period. Income statement is one of the three
financial statements that stock investors need to become familiar with (the
other two are balance sheet and cash flow statement). (www.investopedia.com/terms/i/incomestatement (5 May, 2017)).
Ø STATEMENT OF
CASH FLOW: Statement of cash flow
is a financial statement that shows changes in the balance sheet (financial
position) accounts and income affect cash and cash equivalents and breaks the
analysis down to operating, investing and financing activities. (Bodie, Zane,
Alex Kane and Alan J. 2009).
Ø ACCOUNTIING: This is defined as the process of identifying,
measuring, and communicating economic information to permit judgements and
decisions by users of the information (Frank Wood and A. Sangster, 2010).
Accounting is also the composite activity of collecting, analyzing, recording,
summarizing, reporting and interpreting the through financial position or
transaction of any organizations or government units (www.grossarchive.com).
Ø CONVERGENCE: Convergence means the process of converging or
bringing together international standards issued by the IASB and existing
standards issued by national standard setters, with the aim of eliminating
alternatives in accounting for economic transactions and events (Odia and
Ogiedu, 2013).
Ø ADOPTION: Adoption implies that national rules are set aside
and replaced by IFRS requirement. Adoption of IFRS means full scale
implementation or usage of IFRS without any variation.
Ø IAS: International Accounting Standards.
Ø GAAP: Generally Accepted Accounting Principles are common
set of accounting principles, standards and procedures that companies must
follow when they compile their financial statements. GAAP is a combination of
authoritative standards (set by policy boards) and the commonly accepted ways
of recording and reporting accounting information. (www.investopedea.com/terms/g/gaap.asp)
Ø ACCOUNTANT: An accountant is any person who possesses a
professional license to practice accountancy from a recognized professional
body and has legal capacity and authority to carry out the duties of
accountants in taxation and audit practice.
Ø FRAUD: Fraud is refers to as wrongful or criminal
deception intended to result in financial or personal gain i.e. it is an act or
course of deception, omission or perversion of truth in order to gain unlawful
or unfair advantage.
Ø FINANCIAL ACCOUNTANT: The role of a financial accountant is to record,
summarize and report on the financial transactions of an organization in such a
way that it is possible for someone outside of the organization to get an
accurate picture of the organizations financial position and performance.
Ø ENTITY: A person partnership, organization or business that
has a legal and separately identifiable existence.
Ø PRIVATE
ACCOUNTANTS: An individual who
provides a select and personalized set of accounting service exclusively to one
client, typically a high-net-worth individual or corporation. A private
accountant may be an employee of the client or may operate as an independent
accountant. (www.businessdictionary.com/definition.privateaccountant). An Accountant deep track of financial data and
records. They can work as public accountants for accounting firms or as private
or management accountants in business or industry. The private accountant’s
clients are usually internal, as she is part of an accounting department within
the organization for which she works. (work.chron.com>careers>job in
education).
Ø QUALITY: The standard of something as measured against other
things of a similar kind the degree of excellence of something. (Vishnam and
Shah 2009).
Ø STANDARDS: This is an idea or thing used as a measure, norm,
or model in comparative evaluations. This can also be a level of quality or
achievement, especially one that people generally consider normal or acceptable
standard of (Macmillan Publishers Limited 2010 – 2017 Index).
Ø IMPACT: Is the action of one object coming forcibly into
contract with another. Impact is a not-for-profit, non-governmental
organization that adopts a rights-based approach to programming with the aim of
bringing relief and empowerment in difficult circumstances (www.impacting.com/publications2012).
Ø PRIVATE: This is a belonging to or for the use of one
particular person or group of people only. It is a conversation, activity, or
gathering involving only a particular person or group, and often dealing with
matters that are not to be disclosed to others. ‘This is a private
conversation’ ‘a small private service in thee chapel’.
Ø LABOUR: This is simply means a work, especially physical
work; the price of repair includes labour, parts, and VAT; manual labour. It is
a government concerned with a nation’s workforce (The Oxford Dictionary
2016/2017 Oxford University Press).
Ø LABOUR MOBILITY: Is the degree to which people are able and willing
to move from one job to another or from one read to another in orders to work
(Cambridge Business English Dictionary, Cambridge University Press).
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