Impact of international Financial Reporting Standards (IFRS) on quality of financial reporting in the Nigerian banks
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Date
2014-12
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Bayero International Journal of Accounting Research. Published by the Department of Accounting, Bayero University, Kano, Nigeria
Abstract
Accountants all around the world decided to adopt the same accounting language and present the same financial statement format which will result in uniform accounting standards across the world international Financial Reporting Standards (IFRS) is the approach selected. This paper examined the eflect of the adoption of International Financial Reporting Standards (IFRS) on the quality of financial statements of banks in Nigeria. Specifically, it investigated the impact of the change in the standards of preparing the financial statement on the quality of the report, also accessed the level of compliance of the banks to the requirement of the standards using both primary and secondary data some stakeholders and Commercial Banks financial report, through the computation of various ratios, plotting of graph. Also the questionnaire was analysed using regression analysis. This study found out that IFRS has actually improved the quality of the report. The level of compliance to IFRS requirement by the Nigerian commercial banks was low; this is because a lot of changes were observed at the adoption of IFRS and there were lot of differences which needed direction of experts. This study concludes that IFRS has improved the quality of preparation and disclosures of financial statement compared to GAAP era and recommends training and enforcement of professionals both in the industry and academic environment in other to be well equipped in the delivery of their duties regarding the preparation of the financial statement and teaching of the standards.
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Keywords
IFRS,, Compliance,, Quality, Banks, Financial Reporting