Assessment of IFRS (International Financial Reporting Standards) Implementation Project in Wegagen Bank.

Abstract

The main objective of this study was to assess the IFRS Implementation project in Wegagen Bank S.C. To meet the research objectives, both primary and secondary sources of data were used in the study. The study has employed a research strategy of descriptive design by using a questionnaires and one key informant interview as tools to collect the primary data while documentary reviews were used to gather the secondary data required for the study. The total population of the study constituted 205 operational staffs of which 4 were participated in the project. From the population, with the use of Yamane’s simplified sample formula, a total of 136 respondents were selected as sample population of the study. In general, the total population of the study aggregated to 136 sampled staff. Data collected from the above sources were analyzed using both quantitative and qualitative data analysis tools. For the qualitative part data analysis techniques such as interview were used. Meanwhile, frequencies mean, standard deviation, and percentages were used for analyzing the quantitative data using excel and SPSS 20. The major findings of the study results from both primary and secondary data sources demonstrated that the project done is in favorable condition. The pointes that were addressed and recommended are having a desired educational background of the staff, training provided to the staff, preparation and dispatching necessary manuals of the IFRS to the staff, the revision of policy to align with IFRS, the banks compatibility with the requirement of IFRS, the current core banking capability towards IFRS, monitoring of the project by the bank regulatory.