Impact of international financial reporting standards adoption on the quality of financial statement of quoted banks in Nigeria

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Accounting scholars, practitioners and regulators have been-carrying debates over measurement and disclosure issues in order to achieve internationally comparable and high quality financial statements. The global Generally Accepted Accounting Principles (GAAP) that is seeking to unijji accounting and financial reporting world is the International Financial Reporting Standards (IFRS). Accounting framework has been shaped by (IFRS) to provide for recognition. measurement, presentation and disclosure requirements relating to transactions and events that are reflected in the financial statements. The problems that prompted the conduct of this study are that the adoption of IF RS will lead to the change in most of our local laws to be in line with the new standards. The objective of this study is to assess the adoption of lFRS on report quality of financial statement in Nigeria Banks. Five (5) quoted banks on the Nigeria Stock Exchange market (NSE) were considered for period of 2007-20 I 4 and samples were drawn to that effect with the use of random technique. A dummy variable regression technique (ANOVZ4 Model) was used to analysed data. The study concluded that adoption of IFRS has significant influence on the quality report of financial statement. The study recommends that uniformity in accounting standards on a global scale will further enhance greater confidence of users on financial statements this will help them in comparing activities of rt nt in the their company with those situated outside the country. The issue of training is important in the adoption of IF RS. Adequate training is required by the accountants and professional members who are connected with the use oflFRS in effective adoption of the standards, adoption of1FRSwill also helps in minimizing fraud and irregularities.



Financial Statcmcnt, IFRS, NGAAP, Quality Report, Quoted Banks