Adoption and Application of International Financial Reporting Standards (IFRS) in Nigeria: Problems and Prospects:- Anya, Eucharia Chidinma
ABSTRACT
Nigeria
has adopted international financial reporting standard (IFRS) from 1st January,
2012. This study examines the problems and prospects on the adoption and
application of IFRS in Nigeria with the aim of assessing the effects of IFRS
adoption and application on profit after tax and cost of operations of 5
selected banks in Nigeria (Access bank pie, First bank pie, Guaranty Trust bank
pie, Diamond bank pie and Zenith bank pie). Ex-post facto research design was
used and secondary data were sourced for from the financial statements of the
selected banks. Simple Regression was used to test the two hypotheses
formulated. The findings suggest that IFRS adoption and application has no
significant effect on profit after tax of the selected banks; however IFRS
adoption and application exhibits significant effect on cost of operations of
the selected banks. The study however concludes that adoption and application
of IFRS, despite its cumbersomeness and problems would be to the betterment of
the National economy in view of the fact that it enhances better accountability
and transparency and improve quality of reporting. This study at the end
recommends that there is the need to focus on massive qualitative training on
IFRS matters by professional bodies so as to reduce the challenges perceived on
IFRS adoption and application and training resources should be readily
available at affordable price in order to reduce the cost of training
personnel.
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ANYA, A (2024). Adoption and Application of International Financial Reporting Standards (IFRS) in Nigeria: Problems and Prospects:- Anya, Eucharia Chidinma. Repository.mouau.edu.ng: Retrieved Apr 30, 2024, from https://repository.mouau.edu.ng/work/view/adoption-and-application-of-international-financial-reporting-standards-ifrs-in-nigeria-problems-and-prospects-anya-eucharia-chidinma-7-2
ANYA, ANYA. "Adoption and Application of International Financial Reporting Standards (IFRS) in Nigeria: Problems and Prospects:- Anya, Eucharia Chidinma" Repository.mouau.edu.ng. Repository.mouau.edu.ng, 11 Mar. 2024, https://repository.mouau.edu.ng/work/view/adoption-and-application-of-international-financial-reporting-standards-ifrs-in-nigeria-problems-and-prospects-anya-eucharia-chidinma-7-2. Accessed 30 Apr. 2024.
ANYA, ANYA. "Adoption and Application of International Financial Reporting Standards (IFRS) in Nigeria: Problems and Prospects:- Anya, Eucharia Chidinma". Repository.mouau.edu.ng, Repository.mouau.edu.ng, 11 Mar. 2024. Web. 30 Apr. 2024. < https://repository.mouau.edu.ng/work/view/adoption-and-application-of-international-financial-reporting-standards-ifrs-in-nigeria-problems-and-prospects-anya-eucharia-chidinma-7-2 >.
ANYA, ANYA. "Adoption and Application of International Financial Reporting Standards (IFRS) in Nigeria: Problems and Prospects:- Anya, Eucharia Chidinma" Repository.mouau.edu.ng (2024). Accessed 30 Apr. 2024. https://repository.mouau.edu.ng/work/view/adoption-and-application-of-international-financial-reporting-standards-ifrs-in-nigeria-problems-and-prospects-anya-eucharia-chidinma-7-2