EFFECT OF ADOPTION OF THE INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) ON BANKS OPERATION IN NIGERIA

This study examined the prospects and challenges of the adoption of IFRS in Nigeria. The specific Objectives were to ascertain if the adoption of IFRS by firms produces uniform financial reporting in Nigeria; find out if IFRS is more complex to investors in Nigeria; assess if IFRS adoption disclose fraud and enhances the performance of firms, and to determine the cost implication of IFRS adoption in the quality of financial reporting in Nigeria. Descriptive research design was employed in the study. The population of the study comprise of all employees of Union Bank Plc,in the Oghara Metropolis. A sample of one hundred (100) respondents was selected out of the population using the convenience sampling techniques. The respondent’s responses were analyzed using frequency table and percentages. The Hypothesis were tested using Chi-square statistical tool. The findings obtained indicate that there are cost implications of IFRS adoption in the quality of financial reporting; it however influences firm performance and increased investors confidence in terms of investment decision making. It is therefore recommended that the Nigerian institutional settings and infrastructure be strengthened to ensure full compliance.