INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS 18) AND FINANCIAL REPORTING QUALITY OF COMMERCIAL BANKS IN NIGERIA (A STUDY OF FIRST BANK NIGERIA)

This study focused on International Financial Reporting Standard (IFRS 18) on the financial reporting quality of commercial banks in Nigeria, using First Bank Nigeria as a case study. IFRS 18, issued in April 2024 by the International Accounting Standards Board (IASB), introduces a new structure for the presentation of income and expenses by classifying them into operating, investing, and financing activities, with stricter disclosure requirements and controls over management-defined performance measures (MPMs). The main objective of this research was to examine how IFRS 18’s reporting, disclosure, and presentation requirements affect the quality of financial reporting in Nigerian commercial banks. The study employed primary data. Data were analyzed using descriptive statistics and regression analysis to test the hypotheses. The findings revealed that IFRS 18 (reporting of profit from operating, investing and financing activities) was found to improve the accuracy and consistency of operational performance measures. The study concluded that IFRS 18 has a positive and significant impact on financial reporting quality in Nigerian commercial banks, strengthening accountability, investor confidence, and regulatory compliance. The study recommends full compliance with IFRS 18 requirements, continuous staff training, and stronger regulatory oversight to maximize its benefits.