The Effect of International Financial Reporting Standard (IFRS) on the Quality of Financial Information

ABSTRACT

The study investigated the effect of International Financial Reporting Standards (IFRS) on quality of financial information. It further examines if understandability enhances the quality of financial information; whether accuracy increases the quality of financial information; and if comparability improves the quality of financial information. The study adopted a survey approach. One hundred copies of structured questionnaire, designed in accordance with the aforementioned objectives of the study were distributed to ten different banks listed on the Nigerian Stock Exchange.

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The data generated from the survey was analysed using tables, percentages, mean and regression analysis. Findings of the study revealed that understandability enhances the quality of financial information, accuracy increases the quality of financial information and comparability improves the quality of financial information. The Implication of this is that understandability, accuracy and comparability have the potentials of enhancing the quality of financial information. It is therefore concluded that IFRS contributes to the quality of financial information. Also, it was recommended that the adoption of IFRS should be supported to enable uniformity in financial reporting.

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TABLE OF CONTENTS
CHAPTER ONE: Introduction
1.1 Background to the Study
1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Research Questions
1.5 Research Hypotheses
1.6 Scope and Limitation of the Study
1.7 Significance of the Study
CHAPTER TWO: Literature Review
2.1 Conceptual Review
2.1.1 Concept of International Financial Reporting Standard
2.1.2 Issues and Challenges in International Financial Reporting Standards
2.1.3 Adoption of IFRS in Nigeria
2.1.4 Benefits of Adopting IFRS in Nigeria
2.1.5 Challenges to IFRS Adoption in Nigeria
2.1.6 Concept of Quality Financial Information
2.1.7 Approaches to Measure and Assess Accounting Quality
2.1.8 IFRS and Financial Reporting Quality
2.1.9 IFRS and Earnings Management
2.1.10 IFRS Adoption and Value Relevance
2.2 Theoretical Review
2.2.1 Commander Theory
2.2.2 Stakeholders’ Theory
2.2.3 Stewardship Theory
2.2.4 Stakeholder’s Theory
2.2.5 Asymmetric Theory
2.2.6 Voluntary Disclosure Theory
2.2.7 Ethical Relativism Theory
2.2.8 Resource Dependence Theory
2.3 Empirical Review
2.3.1 Effect of understandability on the quality of financial information
2.3.2 To know whether accuracy increases the quality of financial information
2.3.3 Examine if comparability improve the quality of financial information.
CHAPTER THREE: Methodology
3.1 Research Design
3.2 Statement of the Hypotheses
3.3 Population of the Study
3.4 Sampling and Sample Techniques
3.5 Research Instrument
3.6 Validity and Reliability of Research Instrument
3.7 Procedure for Data Analysis
3.8 Method of Data Analysis
CHAPTER FOUR: Data Presentation and Interpretation
4.1 Demographic Distribution of Respondent
4.2 Analysis of Questionnaire
4.3 Tests of Hypotheses
4.3.1 Hypothesis 1
4.3.2 Hypothesis 2
4.3.3 Hypothesis 3
CHAPTER FIVE: Summary, Conclusion and Recommendations
5.1 Summary
5.2 Conclusion
5.3 Recommendations
5.4 Suggestions for Further Studies
References
Appendix: Questionnaire

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