THE INFLUENCE OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ON FINANCIAL MANAGEMENT
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- NGN 5000
Abstract: THE INFLUENCE OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ON FINANCIAL MANAGEMENT
This study examines the influence of International Financial Reporting Standards (IFRS) on financial management practices. Objectives include assessing the adoption of IFRS, analyzing its impact on financial reporting quality, and evaluating the challenges of IFRS implementation. A survey research design is used to collect data from financial managers in firms that have adopted IFRS. Using Taro Yamane's formula, a sample size of 300 firms in Lagos, Nigeria, was chosen. The reliability coefficient score of the survey instrument is 0.89. Findings indicate that IFRS adoption enhances financial reporting quality and comparability but also poses implementation challenges, particularly in training and system upgrades. Recommendations include providing comprehensive IFRS training and support to ensure smooth adoption and maximize its benefits.
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