The result of research question four indicated that IFRS adoption would significantly improve public
confidence in market. Research by Armstrong, Barth, Jagolinzer and Ried (2010), corroborated the result of this
findings when they compared pre-IFRS adoption data with post-IFRS adoption data and found that investor
reaction to adopting firms was generally positive. Research by Byard, Li and Yu, (2011) also found that
analysts’ forecasts errors and dispersions were lessened during the period of IFRS adoption in those European
countries with strong enforcement regimes. According to Okpala (2012) the implication of IFRS on the
economy is the fact that financial reporting among the countries that have adopted standards is uniformity and
comparability as well as the ease on interpretation of financial statements. This will in many ways boosted the
investors’ confidence and leads to cross border financial transaction.