Review article
https://doi.org/10.46458/27121097.2021.27.149
A REVIEW OF AFTER INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTION IMPACT ON FINANCIAL STATEMENTS OF COMPANIES: EVIDENCE FROM NIGERIA
Olaoye Ayoola Azeez
; Department of Accounting, Ekiti State University, Ado-Ekiti, Nigeria
Abstract
Globalization of business operations has compelled many countries across the globe to adopt the International Financial Reporting Standards (IFRS). However, continuous review of the impact of IFRS adoption is imperative to business stakeholders and accounting standards setters. This study therefore, reviewed the impact of after adopting IFRS on the global relevance of the locally produced financial statements of companies in Nigeria. The study employed a survey research design and made use of primary source of data to obtain responses through the questionnaire. A sample of ninety-six (96) respondents comprising forty-eight (48) accountants and forty-eight (48) Accounting Lecturers was purposively selected based on their availability. Multiple regression models which include regression model summary, analysis of variances (ANOVA) and Pearson correlation were used to analysis the data at 5% level of significant using the Statistical Packages for Social Sciences version 20. Findings from the study revealed that the F-statistics of the ANOVA is positive (4910.868) and statistically significant (0.00 < 0.05.). The study therefore concluded that the IFRS, after its adoption exert positive impact by adding value to the volume of accounting information generated; improving the quality of accounting reports and enhancing global relevance of financial statements in Nigeria. The study recommended that those companies that are yet to migrate to IFRS should do so for them to enjoy the benefits of its adoption.
Keywords
after IFRS adoption impact; companies’ financial statements;
Hrčak ID:
271507
URI
Publication date:
28.12.2021.
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