International Financial Reporting Standard (IFRS) Adoption and Economic Growth: A Study of Nigeria and Kenya
Ajibade, Ayodeji Temitope
Department of Accounting, Babcock University, Ilisan-Remo, Ogun State, Nigeria.
Okeke, Obiajulu Chibuzo *
Department of Accounting, Babcock University, Ilisan-Remo, Ogun State, Nigeria.
Olurin, Oluwatoyosi Tolulope
Department of Accounting, Babcock University, Ilisan-Remo, Ogun State, Nigeria.
*Author to whom correspondence should be addressed.
Abstract
This study examines the effect of IFRS adoption on economic growth, using Nigeria and Kenya, for the period 2000-2016. The data which was utilized in this study, was gotten from National bureau of statistics. Descriptive statistics and paired sample t-test were used to analyze the data. Manufacturing sector Gross domestic product (GDP) was used to proxy Economic growth. However, the findings show that there is a significant difference in Economic growth of Nigeria and Kenya between pre and post IFRS adoption. Hence, the study recommends that government should ensure the fully adoption and implementation of IFRS in every possible sector in other to enjoy other benefits that accrue from it. Also, further studies on IFRS adoption and economic growth should employ other variables not used in the study.
Keywords: IFRS, economic growth