International Financial Reporting Standards (IFRS) 1 and Financial Reporting Quality: A Conceptual Review
The concerns of stakeholders of financial report is the quality of information emerges from it, which hinges on the futurist economic decisions companies derive from it, which is fundamental to Going Concerns of any corporate entities. Thus, the regulators have conceptualized standards that can encapsulated metrics of quality within these standards. Hence, this paper provides a comprehensive conceptual review of International Financial Reporting Standards (IFRS) 1: First-time adoption of International Financial Reporting Standards and its implications for financial reporting quality. The paper uses desktops research design by systematically analyzing academic and extant literature, regulatory reports, and industry applications, the study delves into the transition process to IFRS, the challenges faced by adopters, and the impact on financial reporting quality across jurisdictions. It examines the effects on transparency, comparability, earnings management, and overall investor confidence. Furthermore, this paper highlights some recommendations such as strengthening enforcement and oversight mechanisms, capacity building and training programs, leveraging technology for compliance, promoting research and continuous improvement, collaboration with international bodies in other to ensure the continuity of enhancing high financial reporting quality.
Keywords: Comparability, Desktops Research Design, Faithful Representation, Retrospective Application Transparency
Citation: , & Adeusi, S.A. (2024). International Financial Reporting Standards (IFRS) 1 and Financial Reporting Quality: A Conceptual Review. International Journal of Innovative Research in Accounting and Sustainability, 9(4), 137-147.