The Implementation of Provisions of IFRS Framework and Financial Perfomance of Banks

The need for global financial language gave birth to International Financial Reporting Standards IFRS . The adoption of IFRS has been argues to have changed the manner in which the financial statements are prepared, presented and reported. IFRS represents a single set of high quality, globally accepted accounting standards that can enhance comparability of financial reporting across the globe. The significant disparities between the Nigerian Statement of Accounting Standards and International Financial Reporting Standards have resulted in the Statement of Accounting Standards being regarded as outdated and incomplete as an authoritative and internationally accepted guide to the preparation of financial statements. The study however examined the extent to which Nigerian banks have implemented the provisions of IFRS frameworks. The sample comprises of fourteen quoted deposit money banks in Nigeria. Specifically, financial statement figures of 2007 - 2011 pre-adoption period and 2012 - 2016 post-adoption period were utilized. The study adopted the ex-post facto research design. Annual panel data were collected from the financial statements and accounts of 14 deposit money banks quoted on the Nigerian Stock Exchange as well from the Securities and Exchange Commission statistical bulletin from 2007 to 2016. The findings revealed that the return on shareholders' funds has improved since implementation of International Financial Reporting Standards IFRS on Nigerian banks. IFRS implementation has significant effect on the profitability of quoted banks in Nigeria. The implementation of International Financial Reporting Standards IFRS has significantly influenced banks' earnings and it was concluded that IFRS has positive impact on equity and earnings of banks. It was recommended that government and regulatory authorities should organize more quality training to get bankers informed. Okpala Ngozi Eugenia | Anichebe Alphonsus Sunday "The Implementation of Provisions of IFRS Framework and Financial Perfomance of Banks" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-1 , December 2018, URL: http://www.ijtsrd.com/papers/ijtsrd19074.pdf http://www.ijtsrd.com/management/accounting-and-finance/19074/the-implementation-of-provisions-of-ifrs-framework-and-financial-perfomance-of-banks/okpala-ngozi-eugenia