Impact of International Financial Reporting Standard (IFRS) Adoption on Accounting Quality and Financial Reporting

The adoption of International Financial Reporting Standards (IFRS) has been a significant development in the global financial reporting landscape, with the aim of enhancing the comparability, transparency, and quality of financial information. This study provided a comprehensive review of the existing literature on the impact of IFRS adoption on accounting quality and financial reporting. The study included 500 public listed firms from 6 different African countries. After satisfying the respective pre and post estimation tests, the researcher conducted descriptive analysis, correlation analysis and regression analysis using the Difference-in-Difference regression model. The findings of the study concluded that IFRS adoption has a significant impact on Accounting Quality and Financial Reporting quality of selected public listed firms. Also, country-level factors (Legal System) were a significant determinant for the adoption of IFRS. It was thus recommended that Policymakers and regulators should continue to support and promote the adoption of IFRS, companies should ensure effective implementation of IFRS, including appropriate training of accounting personnel and the establishment of robust internal controls, and investors and other financial statement users should utilize IFRS-based financial information with increased confidence, as it provides more reliable and comparable data for decision-making.