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International Financial Reporting Standards and Financial Reporting Quality in Nigerian Deposit Money Banks

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Abstract

Nigerian banks over the years have been observed to exhibit weak disclosures in the financial statement, operational inefficiencies, undercapitalization, and a weak corporate governance practice that impedes their performance and makes it difficult to detect problems easily. The study focused on IFRS and financial reporting quality in Nigeria using First Bank Plc as a case study. The research adopted the survey design to empirically investigate the relationship between the variables which are IFRS and financial reporting quality in Nigerian banks. The study populations are the employees which are staff (senior and junior) working in various bank branches of First Bank of Nigeria in Ibadan, Oyo state. The study used a close-ended self-structured questionnaire as a research instrument. The responses were coded, tabulated, and analyzed using descriptive statistics with the use of frequencies with charts and inferential statistics i.e., regression analysis was used to test the hypotheses of the study. Findings showed that there is a significant level of compliance with IFRS in First Bank Plc and there is a significant relationship between IFRS adoption and financial reporting quality in First Bank Plc. Based on the above findings, this study concludes that IFRS has impacted the quality of financial reporting practices in the Nigeria Banking sector. The study, therefore, recommended that there is a need to strengthen the financial reporting institutional framework by further empowering the Financial Reporting Council of Nigeria. Also, membership of the Financial Reporting Council should be widened to increase its influence beyond the financial sector of the Nigerian economy.

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  • Godwin Emmanuel, Oyedokun, & Adetutu Ilma, Balogun,, 2022. "International Financial Reporting Standards and Financial Reporting Quality in Nigerian Deposit Money Banks," Multidisciplinary Journal of Management Sciences, Association of Forensic Accounting Researchers (AFAR), vol. 4(3), pages 18-47, December.
    • Handle: RePEc:ris:amjoms:0062
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    References listed on IDEAS

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