Request Paper

Abstract
Nigeria adopted international financial reporting standard (IFRS) from 1st January, 2012. This study seeks to investigate whether the International Financial Reporting Standards (IFRS) in Nigeria has improved the quality of financial reporting in Nigerian Banks. It is phenomenon for every organization (including banks) to adopt (IFRS) as it ensures transparency, accounting quality and reduced cost of capital, the aim being to examine the impact of IFRS on quality of financial statement in First Bank of Nigeria Plc, Awka. To achieve this objective, four research questions and four research hypotheses were formulated to guide this study. The population of the study comprised of 50 staff and personnel of First Bank of Nigeria, Plc, Awka and a sample size of 44 was randomly selected. The data collected through the primary source were presented in tables and analyzed using simple percentages while the Chi-square statistical tool was used for testing the hypotheses. It was discovered among others that there is no proper knowledge and commitment among preparers of financial statement towards IFRS implementation in First Bank of Nigeria Plc, Awka and that accounting education and training among regulatory authorities and stakeholders have significant effect on the practical implementation of IFRS in Nigeria. Researchers thereafter recommended among others, that there should be awareness for the professionals, regulators and preparers to improve their knowledge gap on IFRS, that professional education and training should be strengthened and that the capacity of regulatory bodies should be strengthened and the adequacy of statutory enforcement provisions reviewed. Keywords: IFRS, Transparency, Accounting Quality, Cost of Capital, Financial Statement