EXPLORING THE POTENTIAL OF IFRS FOR EFFECTIVE FIGHT AGAINST CORRUPTION IN KENYA

Contents

1.0 ABSTRACT………………………………………………………………………………………………………………………. 4

2.0 INTRODUCTION……………………………………………………………………………………………………………..5-6

4.0 TYPE OF RESEARCH………………………………………………………………………………………………………….. 7

5.0 SIGNIFICANCE…………………………………………………………………………………………………………………..7

6.0 RESEARCH QUESTIONS…………………………………………………………………………………………………….. 7

7.0 LITERATURE REVIEWS………………………………………………………………………………………………………. 8

8.0 TYPES OF CORRUPTION.……………………………………………………………………………………………………. 8

8.2 GOVERNANCE AND CORRUPTION……………………………………………………………………………………… 9

8.3 PARASTATALS AND CORRUPTION………………………………………………………………………………………..9

8.4 LAW ENFORCEMENT AND CORRUPTION…………………………………………………………………………….10

8.5 PROCUREMENT AND CORRUPTION…………………………………………………………………………………… 10

9.0 RESEARCH DESIGN AND DATA………………………………………………………………………………………….. 13

11.0 Data Collection Techniques……………………………………………………………………………………………. 14

12.0 Data Analysis………………………………………………………………………………………………………………… 14

13.0 Research design……………………………………………………………………………………………………………. 14

14.0 CONCLUSION……………………………………………………………………………………………………………….. 14

15.0 REFERENCES……………………………………………………………………………………………………………..15-17

1.0 ABSTRACT
Corruption is a very complex phenomenon and has become a major obstacle to economic advancement of many countries around the world. The purpose of this study is to assess how International Financial Reporting Standards (IFRS) can be used to minimise the run-away, corruption.Pre-existing scales of IFRS accounting systems will be examined on potential use in lowering corruption using data that will be collected from randomly selected goverment entitieses in Kenya. The collected data will be analysed using statistical models to examine their validity and linkage to corruption lowering factors such as professionalism, rewards and job satisfaction in both public and private sectors. The analysed data will be interrogated and be used to explore feasibility of using the IFRS to lower corruption in the country. Corruption is about a country’s behaviour influencing corporate misconduct. A country with high corruption level facilitates management in their justification of meeting the capitalization criteria of assets that should have been expensed, either partly or entirely. These capitalized assets will retard the future economic benefit and facilitate poverty among citizens. The novelty of this study lies in using International Financial reporting Standards to explore effective strategies of combating country-level corruption and thus improve assets and socio-economic development in these countries as well as recommend more research opportunities for advancement of IFRS benefits.

2.0 INTRODUCTION

The recent decades have seen the adoption of IFRS in many developing countries around the globe such as Kenya and Ghana (Bookly et al, 2019). The IFRS are common accounting procedures and rules which define how transactions need to be reported. IFRS superseded IAS in the year 2001 which was the first accounting standards put in place in the year 1973. Universal financial reporting standards enables comparison of businesses globally, promotes transparency and trust in financial reports hence fostering international trade and investments it also helps market participants and investors make informed decisions on opportunities and risks which improves capital allocation (Outa et al, 2017). They also reduce reporting and regulatory costs mostly for companies operating internationally with subsidiaries in several countries. Included in these rules, is information or disclosures on financial statements. The standards have become unitary set of rules that can help to solve many financial and economic problems in the accounting world for institutions and companies (Stain bank, L and J, 2017). The standards can be used to reduce the corporate income tax rate without changing the overall effective tax burdens (Carmona and Trombetta, 2008, 27(6), pp.455-461).They also assist in accounting standardization among countries with different institutional frameworks and enforcement of rules (Palea, 2013, 6(4), pp.247-263).The advantages of the international financial standards are enormous despite challenges in adoption and implementation. The potential of using the international financial standards and rules to fight corruption in developing and emerging markets has not been fully explored and utilized. Consequently, this paper will examine and explore various channels in which corruption is said to be thriving in Kenya, these channels include: governance and corruption, parastatals and corruption, law enforcement and corruption, procurement and corruption and border points and corruption This research investigates viability of using IFRS to fight the complex corruption phenomena which has become a major obstacle to economic advancement of many countries around the world. Consequently, many African economies have been struggling with various vices in their bid to transform and become economically independent (Apkomi, Margaret and Mathhias, 2017 3(1), pp.26-36). Some of these vices are bribery and corruption or the so-called economic crimes; a good example is Kenya and Nigeria whereby the levels of economic crimes are extremely high. Many organizations have been formed to deal with these vices but hasn’t been very effective. The Kenya National Bureau of Statistics (KNBS) made a research on consumer price indices on December 2019 and concluded that inflation had occurred on that month with an increase of 0.90% and the annual inflation was 5.82% (Mumo & Muinde, 2017, 9(2), pp.1-14). This was associated with the tough economic times in Kenya as a result of economic crises and crimes.

3.0 STATEMENT OF THE PROBLEM

In the year 2017, Transparency international described corruption as a major problem affecting countries all over the world, that though its effects as stated by Nduku and Tenamwenye (2014, P.25) “are more evident in Africa than any other continent”. The entire Kenyan leadership system has been ravaged by corruption making it one of the most corrupt worldwide. Corruption increases the costs of doing business, hinders competition between businesses, is an obstacle to the development of dynamic entrepreneurship, hindrance to human development, creates poverty and unequal distribution of income, leads to diversion of international donor funds, inhibits realization of sustainable development projects, public gofers are diverted, compromises efficiency in public service and sector and lowers motivation and morale of the public servants, public spending is distorted, redistributive state functions are undermined, robs citizens of their rights to enjoy value and benefits for their tax monies, decreases public revenues, in overall leads to waste of money, capacity and opportunities (Lawal, 2007). In the words of Chantal, (TI 2012, p.1) “Corruption perpetuates poverty. It skews decisions and diverts scarce funds, denying poor people access to basic social services and resources to improve their livelihood”. The masses that are poor in Africa have the notion that they shouldn’t have a say over government development agendas/initiatives as they are perceived “uneducated and uninformed”. Information on their rights is directly not availed to them by the government leading to marginalization and social exclusion. Different bodies have been trying to fight corruption in kenya over time, the notable being private groups who act as whistle blowers for example the civil societies, journalist, activists, business groups among others.The government established anti-graft bodies I.e Ethics and Anti-corruption commission (EACC) and DCI. Security wings dealing with criminal investigations and even judicial system that solely handle corruption cases to ensure efficiency but overall, the continent as classified by Transparency International (2017) was the worst performing with the best being Europe which is the continent that its union (European Union) fully adopted IFRS. In the Kenyan context we have an increasing trend in corruption for the last 7 years.

According to Transparency International, Kenya recorded the highest level of corruption in 2017 at 28 points since 23 points in 2010 (Transparency International, 2017). The purpose of my research is to try and explore whether IFRS can be used as a tool to help in this fight against corruption.

4.0 TYPE OF RESEARCH

I aspire to undertake both qualitative and quantitative research to enable me gain deeper understanding on the feasibility of using IFRS in combating corruption. On this research paper, different sources have been reviewed in order to gain more knowledge from evident scenario in the Kenyan and African setting regarding the measure that are currently being utilised to control economic crimes. When it comes to quantitative research, the review of existing documents has been done so as to develop informed analysis and statistics on this paper. On the qualitative type of this research aspire to examine the different forms of corruption that exists especially in developing countries.

5.0 SIGNIFICANCE

The usefulness of my research is to try to develop and recommend and effective strategy that can help tackle corruption effectively with the aim of eradicating it substantially and help foster and environment that enhances growth and development which will improve the livelihood of the citizens. Secondly, this research paper will expose the channels in which corruption has been taking place in the developing countries such as Kenya. Corruption takes place in more than a hundred forms and every incident involves a government official or a worker (Tunyi et al, 2019) thirdly, this report will promote adoption of modern and effective tools such IFRS to help struggling countries to manage their resources. On other organizations, this research will influence tactical changes on how they have been operating in unlawful procedures so as to make and implement changes. It is my belief that all the areas covered by this research will help the concerned arms of governments and integrity institutions to carry out basic reforms.

6.0 RESEARCH QUESTIONS

1. What is the extent and level of corruption within and without governments in Africa?
2. What are the current strategies and challenges of tackling corruption?
3. What is the feasibility of using IFRS as a tool in combating corruption?
4. Are there any changes needed to ensure effective adoption and use of IFRS

7.0 LITERATURE REVIEWS.

Quite a number of studies have examined various aspects of IFRS adoption though mostly in countries outside of Africa. Countries with least corruption e.g. Europe (European Union) adopted IAS initially and later IFRS as their reporting standards from year 2002 (Kythreothis, 2015, pp.25-49). In China, Yan Sun (1999, p.6) article indicates that corruption has been reduced as a result of using the international accounting practices, and use of accounting reviews have helped uncover violations and assisted in prevention of future occurrence. Studies by Shleifer and Vishny (1993, p.604) suggests that “the first step to reduce corruption should be to create an accounting system that prevents theft from government”. Shleifer and Vishny, explored how corruption hampers and costs economic development through bribery in a weak central government’s systems and the imperative of secrecy practiced in some governments with an illustration of post-communist Russia. The view supported by, Everett, Neu & Rahman (2007, p.515) who asserted that corruption is a problem that can be fought with the help of accounting. Lastly, Malagueno et.al (2010) proposed that adequate accounting standards force organizations to be accurate and straightforward in their reporting, which enables transparent use of organizations assets thus hindering corrupt practices and the tendency to conceal. Some researchers have also highlighted some limitations with IFRS (Kythreothis, 2015); found that adopting IFRS might not be enough depending on the country’s level of corruption. Voice added by Panagiotis (2017) in his study, “Analysis of global IFRS adoption” whose studies showed varied results and as he indicated was marred by software and time constraints and so generalizations with his findings can’t be made and it also never touched on an African country.

8.0 TYPES OF CORRUPTION.

8.1 BORDERPORTS AND CORRUPTION

Entry border points forms a basic unit whereby corruption is highly exercised based on the intensity of activities that take place in a port. For example, most sea ports are affected by the element of bribery since most of the goods that are transported from one country to another do not have the correct documents for import or export (Wambua et al 2017). Most of the forms of corruption that can be observed on the border points are tariff evasion. This form of bribery is mostly seen in the port of Mombasa. In the port of Kisumu, the authorities have made up measure to control the border bribery by reducing the interactions between the business people and the government agents in order to eliminate any chances of bribing (Gamassa, Pascal and Yan, 2017, pp.1-6). Today many documents are therefore submitted online for checking instead of direct or physical submission. The main reason as to why people opt into the art of bribery has been alluded to tough taxation and importation duty by the local governments (Bouet et al, 2018, Vol. 1783). Also, the prevalence of corruption on other sectors has contributed to the border illegal practices.

When it comes to the transit of goods in the northern corridor, the involved countries such as Kenya, Uganda and Tanzania have agents who work the clearance points in order to verify the goods on transit. Due to the challenges that occur during the transit for example, delays, high tax duty and illegal goods, there develop an environment that enables corruption (Busiega and Joseph, 2016). Therefore, most of the goods that enter the three countries are subjects to bribery. As an attempt to control the rate of border bribery, the issue of ethics by the border officers was introduced to all the EU member states. Also, the maritime Anti-corruption Network was established and adopted by all the companies who are involved in cargo transit.

8.2 GOVERNANCE AND CORRUPTION

In Africa, many countries have adopted the parliamentary method of governments; a country like Kenya has embraced the government model like that of Britain (Hope and Ronald, 2017). The government has been formed by three arms which are the executive, the judiciary and the legislature. Most of the leaders that are elected are part of the legislature; they represent the people who chose them. The numbers of the members who are in the legislature have rapidly increased the rate of corruption in Kenya (Orina et al, 2018, pp.17-36).These local leaders take advantage of their powers to deceive the citizens on resources inflated costs (Transparency International 2015). Most of the government official has funds that are allocated for development but yet some of these funds are utilised for personal gains (D’Arcy, Michelle and Agnes, 2016, pp.246-273). A good example is in Kenya, whereby several governors have been accused in court over matters of fraud and corruption (Magu and Stephen, 2018, pp.77-96). Not forgetting the cabinet secretary for finance in 2018 who was charged in court over embezzlement of national funds.

8.3PARASTATALS AND CORRUPTION

The state owned enterprises are avenues of corruption in the country, many of these SOEs are companies that deal with energy and natural resources (Obera et al, 2019, pp.329).The reports, talk about complains of graft in health, energy and transportation sectors. The most common form of corruption in the three sectors was bribery during employment (Inglesi-Lotz and Roula, 2019). The official asks for bribes from new job seekers in order to grant them employment. On the energy sector in Kenya, many staff members ask for bribes in order to change meter readings (Hofstatter, Stephen & Penguin, 2019). On such occasions, the government lose a lot of money in false bills that have been altered for personal gain. In Kenya, the Kenya National Bureau of Standards(KNBS) have been on the list of graft cases whereby local made products are certified using wrong criterion in order to acquire bribes from business companies (Olayo and Julius, 2018).

8.4 LAW ENFORCEMENT AND CORRUPTION

Police are the most corrupt law enforcers in Kenya; they involved in corruption by engaging in activities that are not lawful or in doing things that are out of their codes of conduct for personal gain (Knutsen et al, 2017, pp.320-334). For instance, many officers in Kenya are accused of killing people or suspects due to bribery from their counterparts so as to conceal evidence. The most common form of corruption amongst the police in Africa is bribery, once a criminal has been arrested he has to bribe so as to be released unconditionally (Boateng and Francis, 2018, 1105-1120). There have been various institutions that have been established to deal with the professionalism of police officers, in Kenya there is IPOA that deals with all the cases of misconduct among the police officers (Hope and Kempe, 2019, pp.85-101). Due to the powers of senior police officers, IPOA has not yet achieved the expected goals in the bid to control unlawful officers in Kenya. Indeed, when it comes to service delivery, many citizens are left out to practice mob justice (Moosa &and Mikhail, 2019).

8.5 PROCUREMENT AND CORRUPTION

The diversion of public funds to individual pockets has been a challenge not only in Africa but in the entire world. The codes of conduct for every government official in Kenya have been laid even in the national constitution. Most of the executive officers or government officials who are mandated to oversee procurements on behalf of the government are very unprofessional (Munzhedzi and Pandelani, 2016, pp.1-8). Dishonesty has been the main challenge when it comes to public procurement. State officers have had the tendency of hiring family and friends without following the right procedure for tendering (Hoekman, Bernard and Marco, 2019, pp.1-33). In the case of Kenya, Nigeria and Lesotho, government owned institutions have been violating the tender protocols and pocketing the government funds (Charron et al, 2017, 79(1) pp.89-104). For example, elected leaders in the Kenyan government have been giving tenders to close friends or to their owned companies in order to siphon back the money back to their account (Hope and Kempe, 2017). This has been very common in the infrastructure department and Kenya.

Table 1 research articles

AUTHOR(S)	Research issue	Research design	Data	Dependent variable	Independent variable
Munzhedzi and Pandelani, 2016, pp. 1-14)	South African public sector procurement corruption.	Case study, on literature	12 parastatals	Data conspiracy	Corruption prevalence in public institutions
Charron et al (2017, pp. 89-104)	Investigating the impact of bureaucratic meritocracy on public procurement	Co-rrelational exploration	7 government firms	Procurement criterion	Meritocracy by heads of firms
Hope and Kempe, (2019, pp. 85-101)	The police corruption crime in Kenya	Literature case study	142 participants	Police conspiracy	increase of police crimes
Hofstatter and House, (2019)	Challenging everything related to Eskom and other parastatals in south Africa	Analytical exploration	17 parastatals	Eskom unreliability	Bribery by local government officials
Knutsen et al, (2017, pp.320-334)	Mining and local corruption in Africa	Descriptive case analysis	4 local mines	cartel conspiracy	Energy fraud and cartels
Olayo and Julius, (2018)	A case of commercial parastatals in Kenya	Meta-analytic case study	26 public parastatals	Local bias	Lose of funds in local institutions
Orina et al, (2018, pp. 17-36)	The influence of stake holder participation on corruption levels in Kenya public service	Literature case exploration	307 members of public	Profession diversity	Collapse of local industry as a result of stakeholder decisions
Magu and Stephen, (2018, 77-79)	When “chai” is not tea in Kenya’s corruption scandals	Co-relation case analysis	10 anti-graft firms	Graft perception	Corruption in top government offices and projects
Wambua et al, (2017)	A case of one stop border post projects at Namanga and Malaba	Random assessment case analysis	2 border ports	Border influence	Border congestion and substandard imports
Obera et al, (2019, pp. 329)	Corruption in Nigeria’s parastatals as an impediment to socio-economic development	Literature review	15 public parastatals	economic bias	Embezzlement of public funds in national projects

Table 2 research protocol

HOST/PUBLISHER	DATABASE	NO OF RESULTS	SINCE
Google	Research gate	6,530,000	2019
Google	Journals.uchigo.com	154,000	2017
Google	Link.springer.com	9,430,00	2019
Google	Scielo.org.za	70,400	2019
Google	Onlinelibrary.wiley.com	8,450,000	2017

9.0 RESEARCH DESIGN AND DATA

I intend to carry out my research by reviewing appropriate and available literature on IFRS adoption from the least corrupt countries like the EU. I will also develop questionnaires targeting 200 respondents and carry out structured interviews with civil societies, government officials and accounting institutions of Kenya. As part of the methodology to acquire data I will review data on corruption cases in Africa. Journals and articles reviewed on this topic were over two hundred including finance, economic and accounting journals. On the selection of articles for this research I will disregard articles that were not peer reviewed. Therefore, all the articles listed on the table are peer reviewed and have attained the criteria for this research. In Kenya, I shall explore all the data that has been published by integrity organizations so as to get reliable information concerning the issues of graft in the national and devolved governments, several respondents will be regular citizens who will give their opinions on the issue of graft and their experiences on the systems that the government uses to control corruption. I will review all the articles concerning corruption and bribery on the current and past regimes.

10.0 ETHICAL ISSUES

Ethical considerations involve the guidelines and protocols that are to be observed through the research process. A researcher is to observe these guidelines when collecting data, presenting it or when interacting with the respondents (Harris et al 2017). For this research I shall observe various research ethical considerations:

Informed consent- this means that before engaging the respondents in an interview, I will inform them of the topic under study and share with them true details of how the research may be utilized on or not in their favour.

Voluntary participation – I will only interview the people who are willing to offer their opinions and information concerning the issue, no one will be forced or be influenced to produce data for the purpose of this study.

Do no harm- all the respondents will be respected whether in their capacity or out of their capacity no respondent will be threatened to produce data or to engage in the research either physically or psychologically.

Anonymity- all the respondents and research groups taking part in this research will be given the right to consider concealment of their faces, names and identity in order to shield them from any threat that that may face during or after the research.

11.0 Data Collection Techniques

Data collection techniques include interviews, observations, guided group discussions, questionnaires and note taking (Paradis et al, 2016). These methods form the most basic techniques that will be used in the collection of data for this research. These methods are influenced by the factors: time and finances. Throughout the data collection process, both qualitative and quantitative methods will be captured in order to register both descriptive and numerical data.

12.0 Data Analysis

Data analysis simply involves the process of systematically applying statistical and logical techniques to illustrate and explain as well as evaluate the collected data (Agresti and Alan, 2018). This will be done to enable easier understanding of the collected data in order to match and link it with the expected objectives.

13.0 Research design

Research design entails the entire plan and procedures that are utilized by a researcher to collect data. Research design plan involves the selection of subjects, research area and data collection methods (Creswell, John and J., 2017). The main intended result of my research design is to establish reliable information about the research problem. The qualitative method involves the interpretation of the obtained data from a naturalistic perspective. The qualitative method is my preferred method for the research since it involves easy and achievable data collection criteria for an academic research.

14.0 CONCLUSION

This research paper has been formulated from the data reviewed and obtained from resources in Kenya, Africa and in the international information centres concerning all the details of economics and accounting in developing countries. Most of the articles reviewed expose Kenya on issues to do with economic crimes and malpractices in the management of resources. Most of the journals reviewed have been developed by scholars and experts from different countries trying to raise issues that are affecting the developing economies. On the case of IFRS adoption very few resources were found and the articles were not peer reviewed as of 2010 onwards. Therefore, the chances or opportunities of further research on this topic is reserved for future revisit on the tools of management in the developing countries in order fight against miss-management of resources.

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