IMPACT OF INTERNATIONAL FINANCIAL REPORTING STANDARD ADOPTION ON FINANCIAL REPORTING PERFORMANCE OF LISTED DEPOSIT MONEY BANK OF NIGERIA

The study examined the adoption of International Financial Reporting standards and financial performance of listed Deposit Money Banks in Nigeria. In achieving the objectives of the study, ex-post facto research design was adopted. The source of data for this work is secondary data through the use of annual reports and accounts of selected deposit money banks. The population of the study is made up of all the deposit money banks listed in Nigeria stock exchange while the sample size of the study is made of six selected banks in Nigeria. In testing the hypotheses, analysis of variance (ANOVA) was used. The findings revealed that adoption of IFRS has brought about increase in the mean value of banks in Nigeria. The findings also revealed that IFRS adoption has a significant effect on profit after tax of deposit money banks in Nigeria. This implies that IFRS helps in increasing the profit level of deposit money banks in Nigeria. It also revealed that IFRS adoption has no significant effect on earnings per share, return on asset and return on equity. The researcher recommends that to enhance the value of adoption, banks should ensure that their staffs are properly and regularly trained in order to ensure that the full benefit of IFRS accrues to the banks. The study also revealed that relevant regulatory agencies should ensure strict compliance to IFRS in order to enhance their performance such as increase in return on asset, return on equity and earning per share.