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THE IMPACT OF INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS) ADOPTION ON KEY FINANCIAL RATIOS IN NIGERIA
Corresponding Author(s) : Adedoyin Isola Lawal
Humanities & Social Sciences Reviews,
Vol. 8 No. 4 (2020): July
Abstract
Purpose: This study examined the effects of the adoption of the International Financial Reporting Standard (IFRS) on the quality of financial statements of agro-allied firms in Nigeria.
Methodology: Battery of unit root test techniques and co-integration tests were deployed to examine the existence of long-run impact of relevance and reliability of financial reporting as provoked by IFRS adoption. The study made use of Panel Fully Modified Least Square techniques to examine the nature of the relationship between the Pre-IFRS and Post-IFRS adoption periods.
Main Findings: The study noted that IFRS adoption has a substantial effect on the reliability and relevance of financial statements.
Implications: The findings of this study help in shedding light on the impact of the IFRS on financial statements' reliability and relevance of listed agro-allied firms in Nigeria.
Novelty: This study offers a unique understanding of the impact of IFRS adoption on financial ratios in Nigeria.
Keywords
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Adetiloye, K. A., Olokoyo, F. O., &Taiwo, J. N. (2016). Fraud Prevention and Internal Control in the Nigerian Banking System, International Journal of Economics and Financial Issues, 6(3), 1172-1179. http://eprints.covenantuniversity.edu.ng/7608/1/Fraud%20Prevention%20and%20Internal.pdf
Ayopo, B. A., Isola, L. A., and Olukayode, S. R. (2015). Monetary policy dynamics and the stock market movements: empirical evidence from Nigeria. Journal of Applied Economic Sciences, X(Issue 8(38)), 78–89. http://cesmaa.org/Extras/JAES
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Ayopo, B. A., Isola, L. A., and Olukayode, S. R. (2016). Stock Market Volatility: Does our Fundamentals Matter? Economic Studies Journal, 18(3), 33–42. https://www.ceeol.com/search/article-detail?id=356000
Beiruth, A. X., Favero, L. P. L., Murcia, F. D-R, Almeida, J. E. F. &Brugni, T. (2017). Structural changes in covenants through the adoption of IFRS in Brazil. Accounting Forum 41(3), 147 - 160. https://doi.org/10.1016/j.accfor.2017.06.004 DOI: https://doi.org/10.1016/j.accfor.2017.06.004
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DeFond, M., Gao, X., Li, O. Z. & Xia, L. (2019). IFRS adoption in China and foreign institutional investments. China Journal of Accounting Research 12(1), 1-32. https://doi.org/10.1016/j.cjar.2018.07.006 DOI: https://doi.org/10.1016/j.cjar.2018.07.006
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Emeni, F., Uwuigbe, O., Uwuigbe, U., & Erin, O. (2016). The value relevance of adopting IFRS: Evidence from the Nigerian Banking Sector, Review of Economic Studies and Research Virgil Madgearu, 9(2), 49-67. https://econ.ubbcluj.ro/rvm/an_IX_nr_2.pdf
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Lawal, A. I., Omoju, O. E., Babajide, A. A., Asaleye, A. J. (2019). Testing Mean-reversion in agricultural commodity prices: evidence from wavelet analysis. Journal of International Studies, 12(4), 100-114. https://doi.org/10.14254/2071-8330.2019/12-4/7 DOI: https://doi.org/10.14254/2071-8330.2019/12-4/7
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Jones, T.M. (1995). Instrumental Stakeholder Theory: A Synthesis of Ethics and Economics. Academy of Management Review, 24(2): 206-219. https://doi.org/10.5465/amr.1995.9507312924 DOI: https://doi.org/10.5465/amr.1995.9507312924
Kythreotis, A. (2014). Measurement of financial reporting quality based on IFRS conceptual framework’s fundamental qualitative characteristics. European Journal of Accounting, Finance and Business 2(3), 4 – 29. http://www.accounting-management.ro/?pag=list&year=2014
Lawal, A. I., Babajide, A. A., Nwanji, T. I., & Eluyela, D. (2018c). Are Oil Prices Mean Reverting ? Evidence from Unit Root Tests with Sharp and Smooth Breaks, International Journal of Energy Economics and Policy 8(6), 292–298. https://pdfs.semanticscholar.org/bc1c/b15b39e271c9dbafae2130a37a50d41670ea.pdf
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Lawal, A. I., Nwanji T. I, Adama, J. I and Otekunrin, A. O. (2017). Examining the Nigerian stock market efficiency: Empirical evidence from wavelet unit root test approach. Journal of Applied Economic Sciences, 12(6), 52, 1680-1689. http://cesmaa.org/Docs/JAES%20Fall%206(52)2017_online.pdf
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Lawal, A.I., Fidelis, E. Babajide, A., Obasaju, B., Oyetade, O., Lawal-Adedoyin, B., Ojeka, J. and Olaniru, O. (2018a) Impact of Fiscal Policy on Agricultural Output in Nigeria. Journal of Environmental Management and Tourism, (Volume IX, Winter), 7(31): 1428 - 1442. https://doi.org/10.14505//jemt.v9.7(31).08 DOI: https://doi.org/10.14505//jemt.v9.7(31).08
Lawal, A. I., Somoye R. O. C. & Babajide, A. A. (2018b). Are African stock markets efficient ? Evidence from wavelet unit root test for random walk. Economics Bulletin, 37(4), 2665–2679. http://www.accessecon.com/Pubs/EB/2017/Volume37/EB-17-V37-I4-P239.pdf
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Moura, A. A. F. & Gupta, J. (2019). Mandatory adoption of IFRS in Latin America: A boon or a bias. Journal of International Financial Markets, Institutions and Money 60, 111-133. https://doi.org/10.1016/j.intfin.2018.12.016 DOI: https://doi.org/10.1016/j.intfin.2018.12.016
Nurunnabi, M. (2018). Perceived costs and benefits of IFRS adoption in Saudi Arabia: An exploratory study. Research in Accounting Regulation 30(2), 166-175. https://doi.org/10.1016/j.racreg.2018.09.001 DOI: https://doi.org/10.1016/j.racreg.2018.09.001
Nurunnabi, M. (2019). Brexit and the Trump Era: The future of IFRS. Business Horizon 62(3), 319 -326. https://doi.org/10.1016/j.bushor.2019.01.003 DOI: https://doi.org/10.1016/j.bushor.2019.01.003
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