Open AccessEFFECT OF PRE AND POST IFRS REPORTING SYSTEM IN MODERN BANKING SECTOR IN NIGERIA
Author(s) -
Anugwu Clara Chika,
Allison Patricia Ukachi
Publication year - 2022
Publication title -
international journal of management and entrepreneurship research
Language(s) - English
Resource type - Journals
eISSN - 2664-3596
pISSN - 2664-3588
DOI - 10.51594/ijmer.v4i1.289
Subject(s) - international financial reporting standards , accounting , business , null hypothesis , transparency (behavior) , descriptive statistics , accountability , financial system , economics , political science , statistics , mathematics , law , econometrics
The research is to examine the effects of adopting the international financial reporting system (IFRS) on modern banking industries and monetary firms, particularly through a study of the South Eastern region of the country. The literature shows that there is a need to understand the effects of adopting the international financial reporting system (IFRS), in the study area. The study applied percentage analysis, descriptive statistics, chi-square analysis, and correlation analysis to study the data analysis in the system. The result shows that the response hypothesis disagrees with the null hypothesis and rejects the null hypothesis. However, the alternate hypothesis will be accepted, which states that there is a significant difference between the introduction of IFRS, which has increased the reliability and transparency of the financial statements of banks. The result concludes that there is a need to adopt IFRS in modern banking industries and banking sectors in the south eastern region. The findings of this study show that there is a need for the adoption of an international financial reporting system (IFRS) in the modern banking system to enhance accountability in the banking sector. The study recommends the adoption of IFRS for other accounting firms and organizations to improve accountability and accuracy. Keywords: Accounting; Finance; Industry; IFRS; GAAP; Banking; Reporting System.