Effect Of International Financial Reporting Standards (IFRS) On The Quality Of Financial Statemnet: A Study Of First Bank PLC:- Ozor Chijindu C

ABSTRACT

This study is to examine the effect ofinternationalfinancial reporting standard on quality offinancial Statements in Nigeria. The specific objectives are to; To assess the effect ofinternationalfinancial reporting standards on timeliness offinancial statement, examine the effect of international financial reporting standards on relevance offinancial statement, ascertain the effect of international financial reporting standard on reliability offinancial statement. To achieve the objectives of the study survey research design was adopted. To test the hypotheses, simple regression analysis was used. The findings revealed that IFRS adoption significantly influence timeliness offinancial statement, there is no significant relationship between IFRS adoption and relevance offinancial statement, IFRS adoption has a sign.ifi.cant effect on reliability offinancial statement. The study recommends that Companies should adopt full sei ofIFRS in the preparation of theirfinancial statement as it makes thefinancial statement to be readily available on time. Since timeliness is one of the key information qualities, the financial reporting council should be geared towards ensuring that there is proper monitoring and supervision ofCompanies to adoptfull set ofIFRS in preparation of financial statement, There shoidd be adequate training for preparers of financial statement on IFRS application, Stiffpenalty should be imposed on noncompliance with IFRSs as stipulated by the International Accounting Standard Boards.