Standards’ Compliance and Financial Reporting Quality Among Listed Companies in Nigeria

Abstract

The study determined the extent of compliance with financial reporting standards and the extent of financial reporting quality among quoted non-financial firms in Nigeria between 2005 and 2020. The study used secondary data sourced from the published annual audited reports and financial statements of 50 non-financial firms listed in the Nigeria Stock Exchange. Descriptive statistics and Beneish Model were used to determine the compliance and the extent of financial reporting quality. The results showed that the level of compliance with financial reporting standard among quoted non-financial firms is significantly high. Also, results showed that since the adoption of International Financial Reporting Standards (IFRS) in 2012, the level of financial reporting quality of quoted non-financial firms has increased as there was no manipulation of any financial statement of the selected firms up to 2020. Keywords : Financial Reporting Quality, IFRS compliance, Beneish Model. DOI: 10.7176/RJFA/13-14-08 Publication date: August 31 st 2022