Effects of IFRS Adoption on the Financial Statements of Nigerian Listed Entities PDF Download
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Author: Masud Bala
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Masud Bala
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Osamwonyi Ohonba
Publisher:
ISBN:
Category :
Languages : en
Pages : 57
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The broad objective of this research was to empirically examine the effect of IFRS on value relevance of accounting information. This study employs a longitudinal panel research design. The population of this study covers all quoted banks listed on the Nigerian Stock Exchange. As at the study period, there were only 15 quoted banks on the Nigerian Stock Exchange and this also forms the sample for the study. Secondary data was been used for this study. The data was retrieved from corporate annual reports of the sampled banks for 2010-2017 financial years. The researcher utilizes only corporate annual reports because they are readily available, accessible and also provides a greater potential for comparability of results. More so, they are produced annually and kept in public sphere. The Ordinary least square regression (OLS) was used for the data analysis. The study findings revealed that while IFRS adoption has a statistically significant influence on Earnings per share and Dividend per share value relevance; it has no statistically significant influence on Book value per share value relevance. The study recommends that investors and indeed users of accounting information should still be confident in relying on accounting information prepared by corporate entities in making investment decisions. The study recommends that there is need for companies to comply fully with all IFRS standards in the preparation of financial reports since IFRS adoption was found to have positive effects on value relevance.
Author: Nestor Amahalu
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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The aim of this study is to determine the effect of adoption of International Financial Reporting Standard (IFRS) on the financial performance of banks in order to produce a more comparable, transparent and reliable financial statement. This study therefore, examines the effect of adoption of IFRS on the financial performance of Nigerian companies-evidence from Nigeria banking sector. The ex-post facto research design was adopted for this study. Mainly secondary data was used. Three hypotheses were formulated and tested in the course of this study. The statistical tool used to test the hypotheses was paired t-test statistic. It revealed that adoption of IFRS has significant effect on the profitability banks, and that IFRS has improved investors' confidence in the financial statement. It was concluded that IFRS has positive impact on the reported net income and equity of banks, and on their profitability. It was recommended that government and regulatory authorities should organize more quality training to get bankers informed.
Author: Cheng-Few Lee
Publisher: Emerald Group Publishing
ISBN: 178743463X
Category : Business & Economics
Languages : en
Pages : 223
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Advances in Pacific Basin Business, Economics, and Finance is an annual publication designed to focus on interdisciplinary research in finance, economics, and management. It particularly emphasizes the economic, financial, and management relationships among Pacific Rim countries.
Author: Dr. Ugochukwu Nwoye
Publisher:
ISBN:
Category :
Languages : en
Pages :
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With the adoption of IFRS on January 1, 2012, the publicly listed companies in Nigeria had their existing financial reporting frameworks that were based on Nigerian GAAP (SASs) alternated with the IASB's new accounting standards. Although the manufacturing sectors of the Nigerian economy had, prior to the adoption, shared in the after-effect of the global economic distress that was chiefly engineered by a series of corporate failures and financial scandals, the advent of the new principle-based international accounting guidelines appears to have successfully re-engaged the interest and confidence of users of financial statements in the stewardship of listed companies in Nigeria. Thus, comparatively deploying and applying the Beneish 8-factored and 5-factored variables within relevant items of the financial reports of 11 selected manufacturing companies in Nigeria for the period 2008-2013, was considered adequate to ascertain the financial reporting quality of the post IFRS published financial statements in comparison with those of the Nigerian GAAP within the weightings of 'material misstatement'. Although the study found that the 5-factored variables (Beneish 1997 model version) appear to be more effective in predicting genuine existing risks of material misstatement and provide promises for the effective avoidance of the Type II error among users of the two models, the 8-factored variables seem to have revealed more incidence of possible risk of material misstatement among the companies studied.
Author: Aminu Abdullahi
Publisher:
ISBN:
Category :
Languages : en
Pages : 4
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This study investigates the effect of IFRS adoption on the performance of oil and gas marketing companies in Nigeria. The study utilise financial statements of a sample of eight (8) oil and gas companies operating in the country. These companies were purposively selected due to availability of data. Firms' performance was proxied by Profit Margin (PM), Return on Assets (ROA) and Return on Equity (ROE) ratios and were considered as dependent variables to be determined by reporting regime (RR) as independent variable. While Current Ratio (CR), quick Test (QT), Total Debt Ratio (TDR) Earnings per Share (EPS) and Equity Debt Ratio (EDR) are use as control variables. The ratios were computed and compared for 4 years (2010 to 2011) before mandatory IFRS adoption and 2012 to 2013 often mandatory adoption OLS, regression with help of eviews 9 was employed for the analysis. The study reveals IFRS adoption has not improved the performance of oil and gas companies in Nigeria. The paper recommended that, oil and gas companies should continue to comply with provisions of IFRS as it will improve their reporting quality which may also improve their performance as result of more investment flow, easy access to capital and comparability.
Author: M. W. E. Glautier
Publisher:
ISBN: 9780273025023
Category : Accounting
Languages : en
Pages : 732
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Author: Igbekele Sunday Osinubi
Publisher:
ISBN:
Category :
Languages : en
Pages :
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This paper discusses the peculiarities of Nigerian financial reporting environment. The paper argues that implementation of adopted IFRS is crucial to comparability of financial statements across the world and that it is futile to implant exogenously developed accounting standards into Nigerian financial reporting environment without first addressing the peculiarities of the nation's institutional infrastructure that militates against quality disclosure. The paper further argues that encouraging companies to attach the IFRS label to what are in fact low quality financial statements dilutes the IASC brand name and has unintended consequences of reducing the quality financial reporting worldwide. The paper recommends that government should reduce interference in the appointment of board and council members and operations of regulatory enforcement agencies in order to enhance the autonomy and independence of these agencies. The paper further recommends that Nigeria corporate entities should be encouraged to list on the Stock Exchanges in London and New York where the risk of litigation is high if managers fail to disclose material information. This could be a more credible way of signalling information quality by corporate organisations in Nigeria. The paper further recommends that the FRC needs to collaborate with both higher educational institutions and professional accounting bodies in the provision of training to improve the skills of those involve in the preparation of financial statements. This could involve making funds available and assessable to those who would not otherwise have been able to undergo training in financial reporting. The paper contributes to enhancing international investors' decision about investing in Nigerian capital market. The paper also contributes to enhancing our understanding of the institutional contexts of financial reporting and thus makes informed judgements when comparing financial statements from different nations that have adopted IFRS. The paper also contributes to the literature on accounting and reporting practices and provides guidance for policy makers on essential institutional features that should be the focus of attention if it desires to increase the quality of corporate financial reporting practices and thus enhanced the inflow of foreign direct investment.
Author: Vera Palea
Publisher: FrancoAngeli
ISBN: 9788846480880
Category : Business & Economics
Languages : en
Pages : 132
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Author: Adewale Adegoke Alawiye-Adams
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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The financial statements of banks are depended upon by a large number of stakeholders. The quality of such financial statements is of paramount importance, especially in the advent of globalization. International Financial Reporting Standards (IFRSs) were developed to ensure not only uniform standard but good quality of financial reporting. In Nigeria, doubts have been raised on financial statements of banks in the last decade to the extent that some of these banks failed. This study sets out to examine the impact of IFRSs on the quality of financial statements of banks in Nigeria with emphasis on the comparability, relevancy and clarity of objectives of Nigerian banks. A case study approach was used to arrive at conclusion drawn from the study. This involves a survey of both internal and external stakeholders using a questionnaire. Data obtained were analysed using the Chi-Square technique. Results show that there is a significant relationship between IFRS adoption and the comparability objectives of Nigerian banks as X2-calculated of 14.96 is greater than the X2-critical/table value of 5.99 at 0.05 LOS. It was further discovered that IFRS adoption has a substantial influenced on the relevancy quality as X2-calculated of 14.0 is greater than the X2-critical/table value of 5.99 at 0.05 LOS. It was also found that IFRS adoption has significantly influence the clarity objectives of Nigerian banks as X2-calculated of 25.4 is greater than the X2-critical/table value of 5.99 at 0.05 LOS. It was concluded that IFRS adoption has significant impact on quality of financial statements of banks in Nigeria. It is recommended that the adoption of IFRS in preparation and disclosure of financial statement should be enforced. Auditors should declare if the accounts comply with the requirements of the standards.
