Department of Accounting, University of Calabar, Calabar, Cross River state, Nigeria.
Research Article
World Journal of Advanced Research and Reviews, 2022, 16(01), 397-405
Received on 27 August 2022; revised on 12 October 2022; accepted on 15 October 2022
This paper examines the effect of reporting with International Financial Reporting Standards (IFRSs) on the quality of information disclosure in financial statements. To achieve the objective of the paper, two hypotheses were tested in line with the objectives of the study. The survey research design was adopted, and the population of 55 respondents gotten from eight (8) banks. But for the purpose of the analysis 48 sample size was used which constitutes the numbers of respondents from the eight (8) banks’ top management staff that are involved in the preparation of financial statements. The instrument used for data collection was titled “IFRSs Adoption and Quality of Information Disclosure (IFRSAQID)”. Based on the findings of the study, there is a strong and significant relationship between the quality of information due to the adoption of IFRS 16, and reporting in a common language due to the fact that the adoption improved the disclosure of more information. Based on this, it was recommended that banks should be encouraged to adhere to the requirements IFRSs in the recognition, measurement, and disclosure of financial information to reduce information asymmetry. Also, regulatory bodies should ensure strict compliance and defaulters should be penalized to reduce incessant financial scandals that have caused investors to lose a substantial amount of their wealth to reckless reporting in the past. The paper is very apt considering the information asymmetry that has existed for decades due to the adoption of IAS 17 replaced by IFRS 16, and using banks with international recognition because their operation is beyond the domestic banking system.
IFRS 16; Quality of information 2; Disclosure of assets and liabilities 3; Reporting with a common language 4
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Gabriel Femi Goodwill, Ajuh Ali Iteh and Sunday Egbe Idaka. Effect of reporting with IFRSS on the quality of information disclosure in the financial statements: A study of selected deposit money banks in Nigeria with international recognition. World Journal of Advanced Research and Reviews, 2022, 16(1), 397-405. Article DOI: https://doi.org/10.30574/wjarr.2022.16.1.0976