Original Research Article | OPEN ACCESS

IFRS and Timely Loss Recognition of Listed Deposit Money Banks: A Nigerian Experience

Theresa Ekpe Oto¹ , Patience Ote Ola²,

Department of Accounting, Faculty of Management Sciences, Benue State University, Makurdi.;

For correspondence:-  Theresa Oto   Email: toto@bsum.edu.ng

Received: 30/08/2023        Accepted: 02/12/2023        Published: 30 December 2023

Citation: Oto TE, Ola PO, IFRS and Timely Loss Recognition of Listed Deposit Money Banks: A Nigerian Experience. Account Tax Rev 2023; 7(4):1-10 doi:

© 2023 The authors.
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Abstract

Abstract This paper investigates the effect of the International Financial Reporting Standards (IFRS) adoption on timely loss recognition of listed Deposit Money Banks (DMBs) in Nigeria using an ex-post facto research design. A sample of 12 listed DMBs was used. The data on timely loss recognition was extracted from the audited financial statements of the sampled banks for the period under investigation (2006 to 2020) to cover the pre and post-IFRS adoption period. The findings revealed a decline in timely loss recognition. The implication is that the adoption of IFRS has not improved accounting information quality as measured by timely recognition of losses.

Keywords: Timely loss recognition, accounting information quality, IFRS, Nigeria