Financial Reporting Quality and International Financial Reporting Standard (IFRS) Adoption in Nigeria

Abstract

The study aims to determine how financial reporting quality of Nigerian enterprises relates with International Financial Reporting Standards (IFRS). The study adopted the descriptive statistical design, the study sample is made up of 14 listed deposit money banks (DMBs) listed in Nigeria Exchange. Secondary data were extracted from those companies for both pre and post IFRS era in Nigeria. The study found that IFRS affects the financial reporting quality of Nigerian Stock Exchange-listed companies.   Before and after IFRs, financial statements meant different things.   Financial statements under Pre-IFRS and Post-IFRS were equally reliable.   The research recommends that the Financial Reporting Council (FRC) promote IFRS adoption in Nigeria through aggressive awareness initiatives.   To increase IFRS awareness, expertise, and use, regulatory and professional bodies should finance field-specific training.

Keywords: Financial Reporting Quality, International Financial Reporting Standard