INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs) AS A REPORTING FRAMEWORK IN NIGERIAN BANKING INDUSTRY: AN ASSESSEMENT OF LEVEL OF COMPLIANCE WITH IFRS 1

Aisha Ibrahim Umar

Volume : VII, Issue : IX, September - 2017

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs) AS A REPORTING FRAMEWORK IN NIGERIAN BANKING INDUSTRY: AN ASSESSEMENT OF LEVEL OF COMPLIANCE WITH IFRS 1

Aisha Ibrahim Umar

Abstract :

This study assesses the level of compliance with IFRS1 as a reporting framework in the Nigerian banking industry. The study adopts an ex post facto research design. The population of the study comprises all the banks operating in the Nigerian banking industry as at 31^stDecember 2014. The study samples ten banks out of the larger population which were drawn using judgmental sampling technique. The technique of analysis adopted is Qualitative grading system (QGS). The study finds that the sampled banks complied with the requirements of the IFRS 1, except for Requirement 3 (business combination) where Access bank, Fidelity Bank, Stanbic IBTC and FCMB that do not apply exactly what is contained in the Standard, rather take the provision for exemption as provided in IAS 36 Impairment of Assets and IAS 38 Intangible Assets as an option provided in the standard. Based on the finding the study concludes that, the Nigerian banking industry has complied with IFRS 1 as a first time adopter. Therefore, the study recommend among others that Banks should put more effort and resources in training and sustaining qualified accountants on international financial reporting standards issues