Impact Of International Financial Reporting Staj'4dards On The Reporting Practices Of Ecobank Plc

ABSTRACT

 International Accounting Standards Board ('IASB,) developed accounting standards and related interpretations jointly referred to as the International Financial Reporting Standards (IFRS). IFRS enhances reliability, comparability, understandability, timeliness and simplflesinterpretation of accounting numbers. This study looks at the use of IFRS to solve the problem of inefficiency and variations in financial reports in order to create uniform and quality financial report internationally. The study aims at showing the impacts JFRS has on Eco bank plc as it affects its reporting practices. The data for this study were collectedfrom the primary source. Regression model was used to determine the level of relationship between the impact of IFRS and the quality / effectiveness offinancial reports of Eco bank plc. Based on the empirical result the study revealed that the estimated coefficient of the regression parameter have a positive sign and thus conform to our a-priori expectation. This implies that that IFRS has a signfi cant effect on financial reporting. The IFRS is considered a very effective and updated set of standard that will enhance the quality of financial information in Ecobank Plc. Ecobank Plc should strictly apply the standard in all areas of its financial reporting especially because of globalization and interaction among nation and economies. Doing this will improve financial reporting in Ecobank Plc.