ABSTRACT

By the author: Aniabari Charley.

The study was undertaking to determine the extent of relationship between international financial reporting standards (IFRS) and the preparation and presentation of financial statements having selected banks in Rivers State Nigeria as study units. Given the above, the purpose of the study was to empirically evaluate the influence of IFRS on the preparation and presentation of financial statements. International Accounting standard (IAS 1) on presentation of financial statements and International accounting standard (IAS 7) on statement of cash flows were used as the dimensions of the independent variable (IFRS) while income statement, statement of financial position and statement of cash flows were used as the measures of financial statements. Hypotheses were formulated, tested and analysed. Data were collected through both primary and secondary sources. However, the data for testing and analysing the hypotheses were secondary data. Financial statements of six selected banks were analysed, the sample size was determined using the judgemental sampling technique, spear man's rank order correlation coefficient was used to analyse the data with the aid of statistical program for social sciences (SPSS) version 20 -0. The findings revealed that there is significant relationship between IFRS and preparation and presentation of financial statements. We therefore encourage entities to apply IFRS rigorously in the preparation and presentation of their financial statements.