THE EFFECT OF IFRS 9 (FINANCIAL INSTRUMENTS) ADOPTION ON FINANCIAL REPORTING
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Abstract:
This research investigates the effect of IFRS 9 (Financial Instruments) adoption on financial reporting in Lagos State, Nigeria. The objectives are to: (1) evaluate the impact of IFRS 9 on the accuracy of financial statements, (2) assess the challenges faced during its implementation, and (3) analyze the overall improvement in reporting quality. A survey design was employed to collect data from financial managers and auditors. The sample size, derived using Taro Yamane's formula, ensures statistical validity. Zenith Bank Plc was chosen as the case study due to its early adoption of IFRS 9. The reliability coefficient score of the survey was 0.89. Findings reveal that IFRS 9 adoption significantly enhances the accuracy and quality of financial reporting, despite initial implementation challenges. It is recommended that companies in Lagos State invest in comprehensive training and support systems to facilitate the adoption of IFRS 9 and achieve improved financial reporting.
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