The Impact Of IFRS Adoption On The Financial performance Of Listed Deposit Money Banks On Nigerian Stock Exchange (NSE)
ABSTRACT
This study empirically investigated the impact of IFRS adoption on financial performance of listed firms in Nigeria using data from 15 out of the 21 deposit money banks listed on the Nigerian Stock Exchange as at 3oth September 2022. Using the cross – sectional quasi – experimental research design, as the research design for the study, and two robust performance measures – profitability and growth, a multiple regression model was used to test the hypothesis of this study. The research also carried out a pre and post study to investigate if there is any significant difference in the growth of listed banks in Nigeria following the adoption of IFRS. The study revealed that the adoption of IFRS has no significant effect on performance vis – a – vis the profitability and growth of listed banks in Nigeria. Findings from this study also revealed that IFRS adoption has no significant effect on the Pre and Post growth of listed banks in Nigeria. On the basis of the findings of this study, it was recommended, among others, that the Financial Reporting Council should undertake aggressive publicity on the IFRS operation in Nigeria and that the Central Bank of Nigeria, Financial Reporting Council of Nigeria, Nigeria Deposit Insurance Corporation and Securities and Exchange Commission should continuously monitor IFRS compliance by Banks.