CONVERGENCE ACCOUNTING STANDARDS AND FINANCIAL REPORTING QUALITY OF OIL AND GAS SECTOR IN NIGERIA

The study examined the convergence of accounting standards and financial reporting qualityofoiland gas sector in Nigeria. The purpose was to determine the effect of Earnings per Share(EPS). Book Value of Equity (BVE), and Dividend per Share (DPS) on stock prices in the pre andpost-periods of IFRS. Longitudinal research design was used. The population consisted of 10 listed firms quoted on the NGX. Judgmental samplingtechniquewas used in selecting 10 companies as the sample size. The study covered a period of 11yearsfrom2011 to 2021, Secondary data were used which were obtained from the annual audited reportsandaccounts of the sampled firms. Multiple Regression Analysis was used in testing the formulatedhypotheses with the aid of E-View 9.0. Findings revealed that the effect of EPS, BVE, and DPS on stock price in the pre and post-periodsof IFRS is significant. Based on the findings, the researchers recommended that the FinancialReporting Council (FRC) of Nigeria should strictly monitor the level of IFRS compliancebyNigerian Companies and ensure full compliance by these companies as well as sanctiondefaultingcompanies as this will help to fully achieve the benefits of full IFRS implementation whichwillresult in more relevant accounting information. Nigerian companies should complywiththestandards to produce high-quality financial statements which are value relevant. IFRS have improved the value relevance of accounting information. This shows that althoughIFRShave been adopted and implemented by Nigerian quoted companies. Its full implementationhavestarted and have been complied with by Nigeria firms.