mailto:uumlib@uum.edu.my 24x7 Service; AnyTime; AnyWhere

The value relevance of accounting disclosures among Nigerian financial institutions after the IFRS adoption

Mohammed, Yusuf Alkali and Lode, Nor Asma (2015) The value relevance of accounting disclosures among Nigerian financial institutions after the IFRS adoption. Mediterranean Journal of Social Sciences, 6 (1). pp. 409-419. ISSN 2039-9340

[thumbnail of 62.pdf]
Preview
PDF
Available under License Creative Commons Attribution.

Download (196kB) | Preview

Abstract

This paper discusses about the adoption of International Financial Reporting Standards (IFRS) by the Nigerian financial institutions.Nigeria have been using domestic accounting standard (NGAAP) for banks and non-banks financial institutions known as Statement of Accounting Standards (SAS 10 Part 1 and SAS 15 Part 2) issued in 1990 and 1997 respectively for financial reporting.These domestic standards were adopted from International Accounting Standards (IAS 30) but have not been updated like IAS 30 as reported by the Report on Observance of Standard Codes (ROSC) of Nigeria in 2004 and 2011. The change in accounting regulations is as a result of the weaknesses of NGAAP and low disclosure requirements.IFRS reporting has more disclosures than NGAAP especially for financial institutions. Under NGAAP financial instruments have not been classified as in IFRS.For instance, financial instruments have been classified into four under IAS 39 as; (i) recognised fair value on gain or loss in profit or loss, (ii) are measured at amortised cost for investments held-to-maturity, (iii) measured at amortised cost for loans and receivables, (iv) measured at fair value gain or loss for available-for-sale financial assets recognised in other comprehensive income. Additionally, financial liabilities have been categories into two namely; (i) measured at amortised fair value on financial liabilities through profit or loss and, (ii) measured at amortised other liabilities.Now with the mandatory adoptions of reporting under IFRS by all listed financial institutions, will the accounting disclosures be more value relevant among Nigerian financial institutions?

Item Type: Article
Uncontrolled Keywords: value relevance, financial institutions, disclosures, NGAAP and IFRS
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Divisions: Tunku Puteri Intan Safinaz School of Accountancy (TISSA)
Depositing User: Dr. Nor Asma Lode
Date Deposited: 15 Nov 2015 09:13
Last Modified: 17 Apr 2016 00:36
URI: https://repo.uum.edu.my/id/eprint/16154

Actions (login required)

View Item View Item