ASSESSING THE IMPACT OF THE ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARD ON FINANCIAL INSTITUTIONS IN NIGERIA

Abstract

The adoption of International Financial Reporting is already an issue of global relevance among various stakeholders and countries of the world due to the quest for uniformity, reliability and comparability of financial statements of companies. This research work seeks to investigate the effect of IFRS adoption on financial institutions in Nigeria, and its consequent effect on the economy. Guaranty trust bank Nigeria plc being one of the leading banks in Nigeria was used as a focal point with secondary data collected from Nigeria Stock Exchange (Preparers) and Investment Analysts (Users), which consist of publications for analysis and primary data used to elicit responses with well structured questionnaires administered. Findings reveal that IFRS is being gradually adopted among financial institutions in Nigeria, but the level of adoption can be improved upon. It is perceived that IFRS implementation will promote FDI inflows and economic growth. It is recommended that all stakeholders should endeavor to have full implementation in other to reap benefits of the global GAAP and principle - based standards.