This study investigates the impact of banking reforms on financial reporting standards in Rwanda between 2005 and 2012. Using a qualitative approach, the research analyzed data from policy documents, audit reports, and financial statements, supported by thematic coding and statistical methods. Key findings reveal that International Financial Reporting Standards (IFRS) compliance significantly improved from 37.5% in 2005 to 83.3% in 2012 (χ² = 18.75, p < 0.001), driven by mandatory adoption policies and technical training. Profitability indicators such as Return on Assets (ROA) increased from 1.5% to 3.5% (β = 0.47, t = 4.53, p < 0.001), while the Non-Performing Loan (NPL) ratio declined from 20% to 10% (t = -4.21, p = 0.002), demonstrating enhanced risk management practices. The study concludes that banking reforms have bolstered transparency, investor confidence, and sectoral resilience. Recommendations include expanding IFRS training, strengthening governance, promoting technological integration, and providing targeted support for smaller banks.