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Mandatory International Financial Reporting Standards 7 (IFRS 7) Disclosure by Listed Banks in Nigeria

Author

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  • Adamu Garba Zango
  • Hasnah Kamardin
  • Rokiah Ishak

Abstract

The paper assesses the extent of mandatory compliance with international financial reporting standards 7 (IFRS7) by fourteen listed banks on the Nigerian stock exchange. Using a disclosure checklist of 132 mandatory disclosure requirements, the study covers a two year period of 2012 and 2013. Findings from the study reveal non-compliance with disclosure requirements. However, compliance is above average for the two years under study, an improvement is nonetheless recorded if the two years of the study are compared. Based on the result, it is recommended that monitoring and enforcement mechanisms of the Financial Reporting Council (FRC) especially on bank surveillance should be given urgent priority in view of the complex nature of banking and the need to mitigate banking crisis in Nigeria. Although Nigeria is only two years into the adoption process, banks in Nigeria can do better than what is reported in the current study.

Suggested Citation

  • Adamu Garba Zango & Hasnah Kamardin & Rokiah Ishak, 2015. "Mandatory International Financial Reporting Standards 7 (IFRS 7) Disclosure by Listed Banks in Nigeria," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 4, July.
    • Handle: RePEc:bjz:ajisjr:1157
    DOI: 10.5901/ajis.2015.v4n2p435
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    References listed on IDEAS

    as
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    2. Keryn Chalmers, 2001. "The Progression from Voluntary to Mandatory Derivative Instrument Disclosures – Look Who's Talking," Australian Accounting Review, CPA Australia, vol. 11(23), pages 34-44, March.
    3. Andres, Pablo de & Vallelado, Eleuterio, 2008. "Corporate governance in banking: The role of the board of directors," Journal of Banking & Finance, Elsevier, vol. 32(12), pages 2570-2580, December.
    4. repec:eme:bsppss:09657960210697337 is not listed on IDEAS
    5. Hodgdon, Christopher & Tondkar, Rasoul H. & Adhikari, Ajay & Harless, David W., 2009. "Compliance with International Financial Reporting Standards and auditor choice: New evidence on the importance of the statutory audit," The International Journal of Accounting, Elsevier, vol. 44(1), pages 33-55, March.
    6. International Monetary Fund, 2013. "Nigeria: Publication of Financial Sector Assessment Program Documentation––Detailed Assessment of Implementation of IOSCO Objectives and Principles of Securities Regulation," IMF Staff Country Reports 2013/144, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

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