INTERNATIONAL FINANCIAL REPORTING STANDARD ON THE QUALITY OF ACCOUNTING INFORMATION OF BANKS IN NIGERIA: A STUDY OF ACCESS BANK NIGERIA

Abstract

In carrying out this research work, an attempt was made to evaluate the effects of the adoption of the International Financial Reporting Standard on the quality of accounting information of banks in Nigeria: a study of Access Bank Nigeria. Specific objectives of the research include the examination of the level of public awareness by regulators and other stakeholders in the practical implementation of IFRS in Nigeria, to ascertain the impact of IFRS on various sectors of the economy and their respective economic questions, to ascertain ways of enhancing proper knowledge and commitment of the preparers of financial statement of IFRS in Nigeria. The study relied on both primary and secondary sources of data. The secondary sources of data were collected through an indent content analysis of published annual reports and accounts of 2004 and 2005 for the pre-adoption analysis in 2013 and 2014 post-adoption analysis. The earnings per share of these years were taken for the analysis and result showed that the post-adoption of IFRS yielded a higher analysis of 10 and 4, these were analyzed using regression analysis and the null hypothesis were rejected. The second hypothesis was analyzed using the regression analysis and alternative hypothesis was accepted. It was discovered that the Nigerian Companies have more of operational problems than structural, there is also shortage in the expertise in the field of IFRS, and the transitioning from the Local Standards to IFRS requires clarifications on certain IFRS terms. The research work concludes with a number of recommendations which includes: the regulatory authorities’ monitor the strict compliance to the implementation of IFRS, companies should endeavour to use the opportunities presented to it. Enlightenment campaigns should be organized to train staff on the importance, benefits of the adoption of IFRS.