IMPACT OF ADOPTING INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) ON THE FINANCIAL PERFORMANCE OF LISTED DEPOSITS MONEY BANKS IN NIGERIA.

ABSTRACT

This study examines the impact of adopting international financial reporting standard (IFRS) on financial performance of Deposit money banks in Nigeria. The study made use of secondary data collected from annual report and account of First Bank, UBA Bank and Zenith Bank of Nigeria for the period of 10 years ranging from 2010 to 2019. The data collected was analyzed using descriptive statistics and multiple regression analysis. The study established that there is a significant relationship in the post adoption period. Finding from the study equally shows that all the dependent variables in the models was found to have a weak or insignificant impact on financial performance of the selected DMBs in Nigeria before IFRS adoption, the study concludes that IFRS adoption has improved the decision making capability of various stakeholders, thus increasing investors’ confidence and the inflow of capital in the country through foreign direct investment. The study recommends that adequate resource should be in place to support the sustainable implementation and application of IFRS.