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EFFECT OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTION ON EARNINGS QUALITY OF LISTED CONGLOMERATE FIRMS IN NIGERIA
As the debate on the impact of global IFRS adoption continues, little is known about the outcome in Nigeria despite mandatory IFRS adoption, creating a gap. This study examined the effect of IFRS adoption on earnings quality of listed conglomerate firms in Nigeria. The study adopted a correlational and ex-post facto research designs and used data collected from annual reports and accounts of all conglomerate firms listed on the Nigerian Stock Exchange (NSE) as at 2006; examining differences in earnings quality between NGAAP and IFRS reporting years (2006-2011 pre IFRS and 2012-2015 IFRS regulation). This research finds that under IFRS, increase in earnings quality due to increase in persistency of earnings. However, it also finds that, decrease in earnings quality due to decrease in predictability of cash flow and increase in earnings management. Overall, the findings were mixed with two out of the three metrics of the quantitative results indicating that quality has marginally decreased while one indicated that quality improved thus, leading to the conclusion that accounting quality has remained almost the same.Based on the findings, the study recommends that to enhance maximum benefits of IFRS adoption in Nigeria, regulators, standard-setters, top management, external auditors and other policy makers being the key players in standards, need to re-evaluate and work together to tighten compliance and enforce consistency in Nigerian firms so that the impact of IFRS could be felt more, also ensure that the actors in the capital market comply fully with all standards and rules that have been set.