IMPACT OF INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS) ON THE TIMELINESS OF FINANCIAL STATEMENT OF MANUFACTURING COMPANY

ABSTRACT This study looked at the Impact of international financial reporting standard (IFRS) on the timeliness of financial statement of manufacturing company in Nigeria. The objectives of the study were: to determine the impact of earnings management after the adoption of IFRS on the timeliness of financial statement of manufacturing company, examine the influence of return on asset (ROA) after the adoption of IFRS on the timeliness of financial statement of manufacturing company and identify the challenges faced by manufacturing industry after the adoption of IFRS. To achieve these objectives, the ex-post factor research design was used as the research design and the secondary data was adopted. Descriptive and Regression analysis were used to analyze the data gathered through the financial statement of the manufacturing company. On the basis of the data collected and interpreted, it was found that IFRS adoption leads to improved corporate governance and restricts earnings management, which also indicate that manufacturing firms adhering to IFRS report are more reliable and comparable financial statements, thereby improving investor confidence. It is concluded that earnings management, return on asset has a positive impact after the adoption of International Financial Reporting Standard (IFRS), and hereby recommended that the regulatory body of manufacturing companies and relevant government agencies should ensure that all manufacturing companies adopt the international financial reporting standard (IFRS) method in preparing their annual report and any company that fails to comply should be dealt with.