International Financial Standards (IFRS) on the Quality of Financial Statements in the Financial Sector. ZB Bank Case Study
- Author
- Gwenzi, Amanda
- Title
- International Financial Standards (IFRS) on the Quality of Financial Statements in the Financial Sector. ZB Bank Case Study
- Abstract
- The primary purpose of the adoption of IFRS as a single set of high-quality international accounting standards is to increase the transparency and enhance the comparability of financial statements globally, which assumes to strengthen the equity and debt markets in the adopting countries (Chen et al., 2014). Application of IFRS have enabled the world to have one set of accounting standards and adoption of these standards brought about many opportunities and benefits to the economy and public and private business organizations such as financial institutions which this study serves to explore. Adekoya (2014) commended that adoption of a uniform standard reduces costs of doing business across the national boundaries, thereby lowering pressure of supplementary information. Information become more comparable, therefore it enhances evaluation and analysis by users of financial statements. Businesses operate in a global village therefore they interact themselves as well as with investors and other stakeholders, as a result it will be at their exposure to access huge investment among other opportunities, the main issue will be a common language which implies that if a firm adopts IFRS in its reporting, it will be easy for interested parties to understand the accounts and be able to make investment decisions. This clearly supports that IFRS are becoming an instrument for effective communication between companies and investors. Therefore this study serves to explore the impact of international financial standards (IFRS) on the quality of financial statements in the financial sector, using a case study of ZB bank.
- Date
- 2023
- Publisher
- BUSE
- Keywords
- International Financial Standards (IFRS)
- financial statements
- financial sector
- Supervisor
- N/A
- Item sets
- Department of Accountancy
- Media
-
Amanda Gwenzi.pdf