INTERNATIONAL FINANCIAL REPORTING STANDARDS AND FINANCIAL REPORTING QUALITY IN NIGERIA BANKS

ABSTRACT

This study was carried out to examine whether the International Financial Reporting Standards (IFRS) in Nigeria has improved the quality of financial reporting of Nigeria banks.  The study employed survey research design and questionnaire was used to gather data from staff of selected deposit money banks in Benin City, Edo State. Three hundred and thirty six copies of the questionnaires were successfully administered and retrieved from the respondents of the study. Descriptive and inferential statistics employed in the study to summarize and draw inference on the phenomenon studies.  The simple regression analysis was used to test the hypotheses of the study. The study found that Financial Statement presentation standards (IAS1, IAS 7, IFRS 7) has positive and significant impact on quality of financials reporting in Nigerian banks; Financial instrument standard on (IFRS9/IAS 39, IAS32) has positive and significant impact on quality of financials reporting in Nigerian banks; and Consolidation and special purpose entities standards (IFRS 10, IFRS 12) has positive and significant impact on quality of financials reporting in Nigerian banks. The study concluded that IFRS has a significant impact on quality of financial reporting of Nigeria banks. In line with the findings of the study, it was recommended that The financial statement presentation standards should be followed strictly by deposit money banks in Nigeria