Abstract:
At the centre of the plethora of corporate scandals that have plagued corporate entities are fraudulent financial reporting system. Against this backdrop, proponents of the International Financial Reporting Standards (IFRS) have more strongly argued for the internationalization of the adoption of the standards, as a panacea for curbing or mitigating these financial reporting infractions. Ranging from increased comparability to better decision making, the importance of IFRS cannot be over emphasized. It is to this end that this study evaluates the impact of IFRS on Reporting Quality with focus on Money Deposit Banks in Nigerian. The specific objective of this paper is to determine whether the quantitative differences in the financial reports prepared by Nigerian listed banks under NGAAP and IAS/IFRS are statistically significant or not. Secondary data were employed in this study. These data were gleaned from the annual reports of fourteen Nigerian listed banks. One hypothesis was developed and tested at five (5) per cent level of significance. Findings revealed that the quantitative differences in the financial reports prepared under NGAAP and IAS/IFRS are statistically significant. The study therefore concludes that IFRS have impacted on financial reporting in the Nigerian Deposit Money Banks.
