ASSESSING THE LEVEL OF COMPLIANCE OF INTERNATIONAL FINANCIAL REPORTING STANDARD IN FIRST BANK

This project is titled “Assessing the level of financial reporting standard by financial institutions”. The problem was to find out the challenges that affect the entity in banking industry. These challenges that affect the entity in banking industry. These challenges is compared with the financial statement of various reporting entities that possess some difficulties because of divergence in the methods adopted by these entities in preparing their financial statement. The objective was to evaluate the compliance between the proper enforcement of the accounting standard and their effectiveness and examine the format and items set by IFRS are applicable to banks. For the purpose of the study formed the target population from where a sample of the entity staff was randomly selected and investigated Thirty (30) questionnaires was distributed, for the purpose of data collection where all returned. Data collected was organized and presented in tabular form, while analysis was undertaken by the use of hypothesis. The summary of findings states that regulatory agencies ensure that the financial statement of First Bank is prepared in line with standards set for it. In conclusion the researcher recommended that Management of banking firms and their financial statement preparers should be cautious in examining these impacts.