EFFECT OF INTERNATIONAL FINANCIAL REPORTING STANDARD ADOPTION ON FINANCIAL PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA
Abstract
The study examined the effects of International Financial Reporting Standards (IFRS) adoption on the financial performance of Deposit Money Banks in Nigeria, specifically analyzing Earnings Per Share (EPS), Return on Equity (ROE), and Interest Coverage Ratio (ICR). Employing a descriptive research design, primary data were collected through questionnaires distributed to 100 bank staff and management, selected using Taro Yamane’s formula. Regression and ANOVA analyses were conducted to test the hypotheses, with results showing a statistically significant positive relationship between IFRS adoption and financial performance—particularly in responsiveness (p < 0.001) and operational efficiency (p = 0.059). The findings suggest that IFRS adoption enhances transparency, comparability, and investor confidence, ultimately improving the financial stability and performance of banks. The study concludes that IFRS adoption is advantageous for Nigerian banks and recommends increased training and awareness to ensure consistent compliance and maximize its benefits for stakeholders and the economy.
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