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VALUE RELEVANCE OF INTERNATIONAL FINANCIAL REPORTING STANDARD ADOPTION IN NIGERIA FINANCIAL SERVICE FIRMS
ABSTRACT
This study examines the value relevance of International Financial Reporting Standards adoption in the Nigerian financial service firms. The study utilizes secondary data extracted from 35 listed firms for the period of 8 years (2008 to 2015); 2008-2011 for pre IFRS adoption and 2012-2015 for post adoption. The study uses correlation, pre and post research designs. Multiple regression models areused as technique of data analysis adapting Ohlson model (1995). The findings reveals that book value per share is more value relevant in post IFRS adoption on share price of listed financial service firms in Nigeria. While, earnings per share is more value relevant in pre-IFRS adoption. Capitalized intangible assets are also more value relevant in post IFRS adoption period. Post IFRS adoption accounting information is more value relevant than pre IFRS period.The Study concludes that mandatory adoption has been proven to enhance the relevance of book value of equity to the users of accounting information of financial service firms in Nigeria while IFRS adoption has not improved the value relevance of earnings per share of the listed financial service firms in Nigeria. IFRS adoption reflects value relevant information on capitalized intangible assets. IFRS adoption period is more value relevant on accounting information. The study recommended among others that investors and management of Nigerian financial service firms should adhere strictly to IFRS as it impacted on book value per shareand capitalize intangible assets for investment decision as they contain more explanatory power on share price after IFRS adoption.
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