Abstract: The adoption of International financial reporting standard (IFRS) around the world is occurring rapidly to bring about accounting quality and credibility improvement through a uniform set of standards for financial reporting. This study thus examines IFRS adoption: a panacea for improving financial reporting credibility with particular reference to Niger Mills Plc Calabar. The study is hinge on the modernization theory which describes world changes as a progression through a series of relatively discrete development stages and the study employed the survey design for the primary data and the expo facto design for the secondary data where questionnaires were administered to a sample size of forty (40) randomly selected respondent from the entire staff of Niger Mills Plc and 2012-2015 financial statement analyzed. The data collected were tabulated, analyzed using IBM SPSS 20 and formulated hypotheses tested using regression model revealed that there is a positive and significant relationship between International financial reporting standard (IFRS) adoption and firms financial reporting quality and credibility and cost implication of IFRS adoption affects the Financial reporting credibility of manufacturing firms. From the findings it was recommended among others that companies should endeavour to use the opportunity presented by the adoption of International financial reporting standard (IFRS) to improve their business process and procedures.
Keywords: IFRS, Financial Report, Credibility, Panacea.
Title: IFRS ADOPTION: A PANACEA FOR IMPROVING FINANCIAL REPORTING CREDIBILITY
Author: Eleng, D. Mbotor, Bassey, E. Ude
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
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