INTERNATIONAL FINANCIAL REPORTING STANDARD 1 AND FINANCIAL PERFORMANCE OF QUOTED DEPOSIT MONEY BANK.

Abstract

This article emphasis on capturing IFRS 1 and financial performance of quoted deposit money bank. With the adoption of International Financial Reporting Standards (IFRS) in Nigeria, it has become imperative to assess the impact of the initial adoption of IFRS (IFRS 1) on the financial performance of quoted deposit money banks.The Objectives of the study aimed at analyzing the impact of IFRS 1 on return on equity of quoted deposit money banks, to explore the impact of IFRS 1 on earnings per share of quoted deposit money banks and to assess the impact of IFRS 1 on return on investment of quoted deposit money banks. The research design used for this Research is ex-post facto research design to examine the relationship between IFRS 1 and financial performance of quoted deposit money banks. The work employed the OSL regression analysis using E-views 10 software. The work revealed that IFRS 1 has a significant positive impact on return on equity of quoted deposit money bank and IFRS 1 has a significant positive impact on return on investment of quoted deposit money bank. The research further recommended that financial reporting council should ensure they monitor the IFRS 1 level of compliance among quoted deposit money bank and Much research is needed to cover the scope yet untouched in the quoted deposit money bank.