Global Journal of Economic and Finance Research

Fair value disclosure enhances transparency by reducing information asymmetry and providing accurate economic values of assets and liabilities. The current study examines the effect of board attributes on compliance with fair value disclosure from 2022-2024. The population of the study comprised of all banks. However purposive sampling techniques, was use to select companies. The study used panel regression. Compliance with Fair value disclosure used as dependent variable which is measure using unweighted index while board independence, board expertise and audit committee meeting were used as independent variables. Findings revealed that audit committee meeting has positive significant influence with the dependent variable. It was further reveal that board expertise and board independence has no significant effect on the disclosure of fair value disclosure of listed banks in Nigerian. In conclusion, the study finds no significant effect of board expertise and board independence on fair value disclosure compliance. This suggests that compliance in this area is likely driven more by operational mechanisms and external regulatory pressures than by board structure alone. The study recommended that governance codes regulators should continue to emphasize on of audit committee meeting.

Board attributes, Fair Value compliance, Deposit Money Banks, Nigeria

1. Abbott, L., Barber, R., Buslepp & Sapkota P (2004). Can bad news be good news? Investors reactions to going concern critical audit matters. American Accounting Review, 100(1)              1-27 
2. Abe, T., Lowing, D. & Satoshi, N. (2020) Fair Allocation in Hierarchies: A Compromise between Marginalism and Egalitarianism. Journal of Accounting in Emerging Economies, 15(1) 176-200.
3. Adeyemi T.O & Kargi H.S (2021). Fair value measurement hierarchy and cosmetic accounting in the Nigerian deposit money banks. Proceedings of the 7th Annual           International Academic Conference on Accounting and Finance Disruptive Technology, 1-13
4. Agyei-Mensah, B.K. (2017). IAS-38 disclosure compliance and corporate governance: evidence from an emerging market corporate governance. The International Journal of Business in Society, 19 (3), 419-437, doi: 10.1108/CG-12-2017-0293.
5. Ahmadu, S., Aminu, S.M. & Tukur, G (2016). Corporate governance mechanisms and firm financial performance in Nigeria. Journal Articles of Social Sciences, 1(2) 1-13
6. Akpan D.C & Nkanga E.N (2023). Corporate governance attributes and segment reporting of selected conglomerates in Nigeria. Journal of Accounting and Financial Management,     9(5) 46-63
7. Alaswad, S.A.M & Stanisic, M. (2016). Internal auditors independence and financial performance of listed banks. Academy of Entrepreneurship Journal.
8. Al-Daoud, K.A., Ismail, K.N., & Lode, N.A. (2015). The impact of internal corporate governance on the timeliness of financial reports of Jordanian firms: Evidence using    audit and management report lags. Mediterranean Journal of Social Sciences, 6(1),         430-438.
9. Almaqtari, F.A., Hashed, A.A & Shamim, M (2021). Impact of corporate governance mechanism on IFRS adoption: A comparative study of Saudi Arabia, Oman and the United Arab Emirates. Egypt Advance International Accounting, 20 (2), 75–104.
10. Almulhim, A.A (2023) Effects of board characteristics on information asymmetry: Evidence from the alternative investment market. International Business Research, 9(6) 93-110
11. Alnabsha, A., Abdou, H.A., Ntim, C.G. & Elamer, A.A. (2018). Corporate boards, ownership structures and corporate disclosures: Evidence from a developing country. Journal of Applied Accounting Research, 19(1), 20-41
12. Amoush, H. A (2017). Internal auditing procedures effectiveness in the Jordanian commercial banks. International Business Research. 10, 1-3.
13. Ananta, Y.A., Telaumbanua, A.G., Siregar, M & Muda, I. (2019). Application of positive           accounting theory in capital market research & market response to accounting disclosures. Brazilian Journal of Development 9(12), 31813-31827
14. Anichebe A, S. (2019). Determinants of financial statement fraud likelihood in listed firms. Journal of Accounting and Financial Management. 5(2) 121-128.
15. Appah, E. & Tebepah, S.F. (2020). Audit committee attributes and reporting lag of listed consumer goods firm in Nigeria. International Journal of Economics and Financial Management, 5(2) 48 – 66.
16. Asiriuwa, O., Aronmwan, E.J., Uwuigbe, U., & Uwuigbe, O.R. (2018). Audit committee attributes & audit quality: A benchmark analysis. Business: Theory & Practice 19,     37-48.
17. Bagudo, M.M., Uyanna, J.U. & Yusuf, I. (2017). Effect of fair value accounting on future earnings of listed deposit money banks in Nigeria. Kaduna Journal of Postgraduate Research 2(1) 29 – 44
18. Bedard C. & Gendron Y (2020) The role of audit committee attributes in corporate sustainability reporting: Evidence from banks in Gulf Cooperation Council. Journal  of Applied Accounting Research, 21(2) 249-264.
19. Cardao-Pito, T. (2024). Fair value accounting and untraceable financial crime. Journal of            Financial Crime, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JFC01
20. Chen, C.J.P & Jaggi, B (2000). Association between independent non-executive directors, family  control and financial disclosure in Hong Kong. Journal of Accounting and    Public Policy 19(4) 285-310.
21. Chia-Wei, T. & Weitzu, C (2025). The fair value option as an accounting policy on income smoothing: Evidence from the risk-related incentives in executive compensation. Available at SSRN: https://ssrn.com/abstract=5123500 or http://dx.doi.org/10.2139/ssrn.5123500 
22. Chidoziem, A. M., Nnoli, U. F., Okonkwo, T. A. & Maria-Regina, E. O. (2020). Fair value accounting and reporting, and firm value: evidence from quoted deposit money banks in Nigeria. Asian Journal of Economics, Business and Accounting, 17(1), 47-53.
23. Dana A.A, Alkhalaileh, M.A & Dabaghia M.N (2020) Ownership structure, board composition and voluntary disclosure by non-financial firms listed in (ASE). International Business Research, 13(7) 93-107
24. DeFond, M.L., Hann, R.N & Hu X. (2005). Does the market value financial expertise on         audit committees of board of directors? Journal of Accounting Research 43(2) 153            193
25. Deloitte (2012) Use of IFRS by jurisdiction. http:www.iasplus.com/country/useias.htm
26. Deng S., Elyasiani E., Mao C. X. (2017). Derivatives-hedging, risk allocation and the cost of debt: Evidence from bank holding companies. The Quarterly Review of Economics and Finance, 65, 114–127.
27. Emeh Y & Appah E. (2013) Audit committee and timeliness of financial reports: Empirical evidence from Nigeria. Journal of Economics and Sustainable Development, 40(20)         14-25
28. Eriabie, S.O & Izedonmi. F. (2016). Audit committee attributes and earning quality of listed financial institutions: a literature review. International Journal of Accounting 1 (2).
29. Galdi, F., De Moura, A., Damasceno, F. and Andrade, A. (2024). Effect of corporate governance and enforcement on fair value accounting in Brazil. Meditari Accountancy Research, 32(6), 2298-2320. https://doi.org/10.1108/MEDAR-082023-2139
30. Habib, A & Bhuiyan B.U (2011) Problem directors on the audit committee and financial reporting quality. Journal of Accounting & Business Research, 46(2) 121-144.
31. Haitham E.A. (2020). The impact of board characteristics on the relationship between the         asymmetry of information and the fair value of the share in Jordanian commercial       banks.    Industrial Engineering & Management System 19(4) 924-931.
32. IASB (2012) Conceptual framework for financial reporting: The objective of financial reporting and qualitative characteristics of decision useful financial reporting             information. London
33. Isho, T & Liyin, Z. (2015). The value relevance of fair value financial assets during and after the 2008 financial crisis: Evidence from the Banking Industry. Journal of Finance and Bank Management, 3(1), 11-24
34. Ishola, A.M (2017). Corporate environment impact assessment and profitability: the Nigeria oil company experience. African Journal of Accounting and Financial Reporting 3(1) 25-43
35. Islam M.S & Islam M.T (2022) Independence of board and directors' ownership influence fair value disclosure of quoted companies in Dhaka. Industrial Engineering & Management System 14(1) 24-31.
36. Juhmani, O. (2017). Corporate governance and the level of Bahraini corporate compliance with IFRS disclosure. Journal of Applied Accounting Research, 18(1), 22-41.
37. Kabwe, M., Mwanaumo, E & Chalu, H (2020). Effect of corporate governance attributes o IFRS compliance: evidence from a developing country. Journal of Accounting and Economics, 56(3), 147-177.
38. Kajola, S.O (2008). Corporate governance and firm performance: the case of Nigerian listed firms. European Journal of Economics, Finance and Administrative Sciences. 14(2) 16-28
39. Kaplan, S (2015). Beyond the business case for social responsibility. Academic of Management Discoveries, 6(1) 54-65
40. Karim, S., Qamruzzaman, M.D., & Jahan, I. (2020). Information technology adaptation, voluntary disclosure, open innovation and sustainable performance: Evidence from bank           based financial institutions in Bangladesh. Academy of Accounting and             Financial Studies Journal, 26(6), 1-14.
41. Khaled, S., Hichem, K. & Khaled, H. (2014). The impact of board and audit committee characteristics on voluntary disclosure: AMeta-Analysis. Journal of International       Accounting Auditing and Taxation, 1-35
42. Khurshid, M., Sabir, H., Tahir, S. and Abrar, M. (2018). Impact of corporate governance on the likelihood of financial distress: evidence from non-financial firms of Pakistan. Pacific Business Review International, 11(4) 134-149.
43. Krishnan G.V & Visvanathan (2008). Do voluntary corporate risk disclosure and board leadership effectiveness predict firm performance? The moderating role of audit committee financial expertise in Malaysia. Asia Pacific Social Science Review, 21(4) 53-63
44. Krismiaji, K. & Surifah, S. (2020). Corporate governance, compliance level of IFRS disclosure and value relevance of accounting information Indonesian evidence. Journal of International Studies, 13(2), 191-211
45. Kumar A.A & Singh A.K (2012). The impact of corporate governance mechanism on earnings management: A case of Indian stock exchange listed companies. Asia Pacific Journal of Management Research and Innovation, 12(3) 216-225.
46. Madi, H., Nabi, G.A., Abdelfattah F. & Madi, A. (2024). The effect of the characteristics of the board of directors and the audit committee on financial performance: evidence from Palestine. International Journal of Managerial Studies and Research, 6(3) 401-414. 
47. Sadiq, N. & Bako H.K (2025). The impact of corporate governance on compliance with financial instruments disclosure by listed deposit money banks in Nigeria. International Journal of Innovative Finance and Economics Research 13(1) 7-17.
48. Magoma A., Ernest E & Kasheshi E (2024). Board characteristics and financial performance of banks listed on frontier stock markets in east Africa. Journal of Accounting, Corporate Governance & Business Ethics, 11(1) 7-13
49. Martin, K., Mwanaumo, E & Chalu, H. (2021). Effect of corporate governance              attributes on IFRS compliance: Evidence from a developing country. Corporate Governance (Bingley) 21(1), 1–22. doi: 10.1108/CG-03-2020-0103.
50. Mehul R, & Varadraj B (2014) Impact of corporate governance on financial disclosures: evidence from India. Corporate Ownership & Control, 12(1), 874-889
51. Njokuji, G.A & Gospel J. Chukwu, G.J (2022) Audit Committee Characteristics and Segment Disclosures of Deposit Money Banks in Nigeria. International Journal of Managerial      Studies and Research (IJMSR) 10(2) 18-25
52. Nura, I. & Kurfi, A.A (2019). An assessment of compliance with disclosure requirements of IAS 41 (Agriculture) by listed agricultural firms in Nigeria. American International Journal of Agricultural Studies 2(1) 9–18.doi: 10.46545/aijas.v2i1.95
53. Obeitoh, O.O., Yunusa, A, & Yusuf M.A (2023). Effect of board and audit committee attributes on earnings management: Evidence from listed non-financial firms in Nigeria. FUDMA Journal of Accounting and Finance Research, 1(2) 33 50.
54. Omesi, I., & Appah, E. (2021). Corporate governance & fraud in financial statement of listed consumer and industrial goods companies in Nigeria. IOSR Journal of Economics and Finance, 12(2), 17–31. https://doi.org/10.9790/5933
55. Onourah, A. C., & Imene, O. F. (2016). Corporate governance and financial reporting quality in selected Nigerian company. International Journal of Management Science and Business Administration, 2(3), 7-16.
56. Othman R., Ishak I.f., Arif S.M & Adul N.A (2014) Influence of audit committee characteristics on voluntary ethics disclosure. International Journal of Innovative Finance and Economics Research, 14(25) 330-342.
57. Oyebisi M.O., Iyoha F., Fakile S & Joshua A. (2018). Consequences of fair value accounting for financial instruments in the developing country. Journal of Business Administration 5(4) 533-551
58. Rahman, D & Kabir, M (2024). Does board independence influence annual report readability? European Accounting Review 33(5) 1923-1950
59. Saksama. P, Saksama, N., Kewangan, I & Islam, I (2021) Implementation of IFRS 13 fair         value measurement: issues and challenges faced by the Islamic financial institutions in Malaysia, Jurnal Pengurusan, 63(2021), 51 60, https://doi.org/10.17576/pengurusan            
60. Salman, N.H., Al-Hashem, A.M, & Abedi, F.A (2025). The effect of fair value on the relevance of the book value of the stock: An applied study in a sample of Iraqi banks. Al Furat Journal of Innovations in Management Sciences, 1(1) 26- 37
61. Saurabh, K. & Twinkle, P. (2017). Empirical evidence of corporate governance disclosure and board size modular with financial performance in select it companies in India.            Management Insight, 13(1), 24- 32
62. Sellami, M.Y. & Fendri, B.H. (2017). The effect of audit committee characteristics on compliance with IFRS for related party disclosures: evidence from South Africa. Managerial Auditing Journal, 32(6), 603-626.
63. Tawiah, V. and Boolaky, P. (2019). Determinants of IFRS compliance in Africa: analysis of stakeholder attributes. International Journal of Accounting and Information         Management, 27(4), 573-599.
64. Usman A.S., Usman B.S & Bello U. (2021) Audit committee characteristics and fair value disclosure of listed deposit money banks in Nigeria. International Journal of Innovative Finance and Economics Research 13(1) 7-17.
65. Weele, S. A. (2023). Corporate governance and fraud incentives. Accountancy, Economics and Business Studies, Tilburg University. 4(70), 9-22
66. Xie J., Tanaka Y., Keeley A.R & Fujii H (2023). Do investors incorporate financial materiality? Remapping the environmental information in corporate sustainability reporting. Corporate Social Responsibility and Environmental Management. 30(6) 2924-2952
67. Yang, M. S. (2022). Corporate governance mechanism and tax compliance: The Nigerian experience. European Journal of Business and Management Research, 7(1), 45-54
68. Yosra, M. & Znazen, O (2020). Corporate governance and compliance with IFRS 7: The case of financial institutions listed in Canada. Managerial Auditing Journal 35(3) 448–74. doi:10.1108/MAJ-08-2018-1969.
69. Zhang J., Guo, H., Li, B & Wang, W (2007). The influence of financial situation on environmental information disclosure in China's chemical industry. International Journal of Global Environmental Issue 9(3)0 272-286