ISSN: IJSB: 2520-4750 (Online), 2521-3040 (Print) JSR : 2708-7085 (online)

The Impact of Adoption of International Financial Reporting Standard on Quality of Accounting Information in South Sudan: A Case Study of Kenya Commercial Bank and Cooperative Bank

 Author (s)

Gatluak Gach Chuol Thony & Anthony Duku Peter

Abstract

The study sought to investigate the influence of international financial reporting standards adoption on the quality of accounting information in South Sudan, using a case study of a Kenyan commercial bank and a cooperative bank. The study’s objectives were to investigate the impact of IFRSs on the quality of information in financial statements, to determine if IFRS adoption will improve openness and accountability, and to assess the impact of IFRS adoption and implications for foreign direct investment. The study used a cross-sectional survey and descriptive research methodology, and the primary data were collected using questionnaires from 70 respondents drawn from Kenya commercial and cooperative bank workers. SPSS was used to edit, process, and analyze the field data. According to the findings, the two banks have International Financial Reporting Standards Effectiveness on the quality of information in financial statements, neutrality, comparability, timeliness, relevance, consistency, understandability, verifiability, credibility, and transparency. The findings revealed that the two Banks have Effectiveness of International Financial Reporting Standards on the quality of information in financial statements, neutrality, comparability, timeliness, relevance, consistency, understandability, verifiability, credibility and transparency. The results of analysis also revealed  that adoption of International Financial Reporting Standards  that enhanced transparency, information adequacy, reduced failure to report suspicious transactions, solves agency problem in corporate sector, causes managers acts, reduces failure to verify identity, reduces misleading cash report, reduced failure to keep records, accountability of managers to shareholders, limited chances for acquiescence and reduction in financial reporting offences and foreign investors, lessens corruption and increases investor protections, improve the transparency and comparability of financial reporting, encourages foreigners cross border investment, reduce information symmetries by providing greater access to information needed and  boost the flow of Foreign Direct Investment.

Keywords: Financial Reporting, Standard, Quality of Accounting, Information, South Sudan.

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Title: The Impact of Adoption of International Financial Reporting Standard on Quality of Accounting Information in South Sudan: A Case Study of Kenya Commercial Bank and Cooperative Bank
Author: Gatluak Gach Chuol Thony & Anthony Duku Peter
Journal Name: International Journal of Science and Business
Website: ijsab.com
ISSN: ISSN 2520-4750 (Online), ISSN 2521-3040 (Print)
DOI: https://doi.org/10.5281/zenodo.7493730
Media: Online & print
Volume: 19
Issue: 1
Issue publication (Year): 2023
Acceptance Date: 23/12/2022
Date of Publication: 30/12/2022
PDF URL: https://ijsab.com/wp-content/uploads/2043.pdf
Free download: Available
Page: 28-48
First Page: 28
Last Page: 48
Paper Type: Research paper
Current Status: Published

 

Cite This Article:

Gatluak Gach Chuol Thony & Anthony Duku Peter (2023). The Impact of Adoption of International Financial Reporting Standard on Quality of Accounting Information in South Sudan:  A Case Study of Kenya Commercial Bank and Cooperative Bank. International Journal of Science and Business, 19(1), 28-48. doi: https://doi.org/ 10.5281/zenodo.7493730

Retrieved from https://ijsab.com/wp-content/uploads/2043.pdf

About Author (s)

Gatluak Gach Chuol Thony (Corresponding author), M.A.F, P.G.D.A&F, BBA, Accountant, Ministry of Finance & Planning South Sudan.

Anthony Duku Peter, PhD Dean School of Business and Management Science University of Juba.

 

 

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DOI: https://doi.org/10.5281/zenodo.7493730

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