Effect of International Financial Reporting Standard on the Quality of Financial Statement of Sterling Bank Plc.

The demand for reliable financial reporting is unavoidable for users who need it for

investment and other decision-making purposes. Hence, this study examined the effect of

International financial reporting standard on the quality of financial statement of Sterling

Bank Plc. The study аdоpted a descriptive survey research design. The population is

represented by 150 members of staff of Sterling Bank in Ibadan, Oyo State. Sixty (60) staff

were randomly selected, and questionnaire were administered to them. The study

employed descriptive statistical method as well as the Statistical analysis for Social

Sciences (SPSS) to analyze data. The result shows that there is a significant relationship

between IFRS adoption and the clarity principle of Nigerian banks. There is need for

essential qualities of information in financial reports. When annual reports are well

organized users can comprehend what their needs are. Given the foregoing, the study

recommended that companies should endeavour to use the opportunity presented by the

adoption of IFRS to improve their business process and procedures, Nigeria's adoption of

IFRS should be supported as a ma􀄴er of urgency to enable full a􀄴ainment of the country's

economic potential, IFRS should be included be included in the syllabus of Accounting

Department in the tertiary institutions so that students will have the knowledge before

entering into the labour market and the accountancy institutes in Nigeria must embark on

massive education training and retraining of their members through continuing

professional development programmes.