ANALYZING THE IMPACT OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) ADOPTION ON FINANCIAL STATEMENTS. (A CASE STUDY OF NESTLE FOODS NIGERIA LIMITED)

ABSTRACT The research work titled “analyzing the impact of international financial reporting standards (IFRS) adoption on financial statement”. The main objective of this study is to assess the impact of adopting International Financial Reporting Standards (IFRS) on financial statement quality, comparability across global jurisdictions, and market perceptions. Thus, the specific objectives of this study are: to evaluate how the adoption of IFRS affects the quality, transparency, and reliability of financial statements across firms and to investigate the extent to which IFRS adoption enhances comparability of financial statements across different countries and regions. The instruments used were main sources from both Primary data and Secondary data. The primary data was obtained using oral interview and properly structured questionnaire while the secondary data for the study were obtained mainly from textbooks, journals and internet articles. A simple percentage approach was employed to analyze the questionnaire while the hypothesis was tested using Regression Analysis at 5% level of significance. The analyses were performed using the Statistical Package for Social Sciences (SPSS) Version 20. It therefore recommended that Nestle Foods Nigeria Limited invest in continuous training programs for its accounting personnel to ensure they remain proficient in IFRS requirements and updates. Strengthening internal control systems is essential to enhance the reliability of financial reporting and mitigate associated risks. The company should also focus on enhancing its disclosure practices by providing more detailed information on accounting policies and risk management strategies to improve transparency for stakeholders.