Nigerian Banks and Global Ranking: The IFRS Compliance Impact

Nwoye, U.J., Abiahu Mary-Fidelis C., Obiorah, J., & Ekesiobi, C. (2017). Nigerian Banks and Global Ranking: The IFRS Compliance Impact, The Nigerian Accountant, April/June, 1 – 37.

12 Pages Posted: 12 Jun 2017

See all articles by Dr. Ugochukwu Nwoye

Dr. Ugochukwu Nwoye

Nnamdi Azikiwe University - Department of Accountancy, Students

Mary-Fidelis Chidoziem Abiahu

Nnamdi Azikiwe University - Department of Accountancy

Justina Obiorah

Federal Polytechnic Oko

Ekesiobi Chukwunonso

Anambra State University

Date Written: June 1, 2017

Abstract

The study focused on the assessment of Nigerian banks’ compliance level with the guidelines of IFRS towards determining the extent to which such compliance has contributed to improving the acceptability of the organisations’ financial reports globally. Using the content analysis research design approach, the primary and secondary data sources were employed for the successful execution of this research work. A total of 77 disclosure items obtained from the IFRS disclosures checklist were deployed for selected financial statements assessment, and the data extracted from the 2012-2014 financial reports of Zenith Bank, First City Monument Bank, Guaranty Trust Bank, Diamond Bank, Access Bank, United Bank for Africa, ECO Bank, First Bank, and Fidelity Bank — all Nigeria Banks that made the world list of top 1000 banks in 2015, were subjected to multiple regression analysis using SPSS version 22 package. The outcome of the analysis showed that the level of compliance of Nigerian banks to IFRS disclosure guidelines has indeed improved the acceptability of her financial reporting practices globally. It was also discovered that significant contributions were made by the independent variables in explaining the compliance quality level of IFRS disclosure practices upheld by the Nigerian banks. It was however recommended that further research effort be intensified into this research area towards ascertaining the ‘data quality’ level (how reliable the disclosed financial data are) of the financial statements of these nine (9) Nigerian banks, in order to maximally complement the emphasis focus of this research work — the ‘compliance quality’ of studied banks’ financial statements to IFRS disclosure requirements.

Keywords: Compliance, Financial Reporting Practices, Financial Statements, IFRS, IFRS Disclosure requirements.

JEL Classification: M41

Suggested Citation

Nwoye, Dr. Ugochukwu and Abiahu, Mary-Fidelis Chidoziem and Obiorah, Justina and Chukwunonso, Ekesiobi, Nigerian Banks and Global Ranking: The IFRS Compliance Impact (June 1, 2017). Nwoye, U.J., Abiahu Mary-Fidelis C., Obiorah, J., & Ekesiobi, C. (2017). Nigerian Banks and Global Ranking: The IFRS Compliance Impact, The Nigerian Accountant, April/June, 1 – 37.. Available at SSRN: https://ssrn.com/abstract=2982328 or http://dx.doi.org/10.2139/ssrn.2982328

Dr. Ugochukwu Nwoye (Contact Author)

Nnamdi Azikiwe University - Department of Accountancy, Students ( email )

PMB 5025, Awka, Anambra State.
Awka
Nigeria
07032132659 (Phone)

Mary-Fidelis Chidoziem Abiahu

Nnamdi Azikiwe University - Department of Accountancy ( email )

Awka, Anambra 23400
Nigeria

Justina Obiorah

Federal Polytechnic Oko ( email )

PMB 021 Aguata
Anambra +234
Nigeria

Ekesiobi Chukwunonso

Anambra State University ( email )

Uli
Nigeria

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