The International Financial Reporting Standard (IRS) and merger and acquisition in Nigeria

Abstract

The study seeks to examine the International Financial Reporting Standard (IRS) and merger and acquisition in Nigeria. The objective of the study is to determine the impact of international accounting standard in merger and acquisition in the development of the Nigerian economy, and investigate the effects of merger and acquisition on the confidence of the serving public, as well examined factors that hinder international accounting practice in merger and acquisition in Nigeria. The Researchers used expo-factor research design to conduct the research involving primary and secondary data collected from the central bank of Nigeria (CBN) 2013/2014 and 2015 to 2022 statistical bulletin. The analysis was presented and analyzed with the aid of students’ T-test statistical tools and regression analysis using SPSS software which yielded a mixed result, with a higher positive result on international financial accounting practice in merger and acquisition. The researchers discovered that the Nigerian Accounting Standards Board have been replaced with the Financial Reporting Council Act 2011, they also discovered that institutions find it difficult to embark on voluntary merger until the CBN recommend for merger and acquisition. The researchers recommends that institutions considering merger should follow the international financial reporting standard (IRS) Banks and institutions should embark on voluntary consolidation instead of waiting for the CBN forced merger and acquisition.