The adoption and implementation of International Financial Reporting Standards (IFRS) are anticipated to enhance the quality and credibility of financial statement in terms of reliability, transparency and comparability. Consequently, it presupposes improving the functioning of the capital market and influence foreign investments to flow into adopting countries. This study examines the effect of the adoption of IFRS on foreign portfolio investment (FPI) in Africa. Annual FPI data from the Balance of Payments and International Investment Position from 1994 to 2015 were employed. The panel data regression considered fixed-effects and random-effects models. Besides, the system generalised method of moments estimator is employed for the robustness of the model and to address the problem of endogeneity. In correspondence with the decision-usefulness theory, our findings indicate that FPI is promoted in the African countries that apply IFRS-based financial statement. The adoption of IFRS is assumed to be an informational change that would eliminate information barriers facing the users of financial statements. Therefore, the development of IFRS is aimed at improving the usefulness of financial reporting by facilitating the comparability and reliability of financial information in African countries. This will influence foreign investors to shift their capital to such an economy, consequently increasing the inflow of FPI.

国际财务报告准则（IFRS）的采用和实施预计将在可靠性、透明度和可比性方面提高财务报表的质量和可信度。因此，它的前提是改善资本市场的运作并影响外国投资流入采用国。本研究考察了采用 IFRS 对非洲外国证券投资 (FPI) 的影响。使用了 1994 年至 2015 年国际收支和国际投资头寸的年度 FPI 数据。面板数据回归考虑了固定效应和随机效应模型。此外，为了模型的鲁棒性和解决内生性问题，采用了系统广义矩估计法。与决策有用性理论相一致，我们的研究结果表明，在应用基于 IFRS 的财务报表的非洲国家中，FPI 得到了推广。IFRS 的采用被假定为一种信息变化，它将消除财务报表使用者面临的信息障碍。因此，国际财务报告准则的制定旨在通过促进非洲国家财务信息的可比性和可靠性来提高财务报告的实用性。这将影响外国投资者将资本转移到这样的经济体，从而增加 FPI 的流入。IFRS 的采用被假定为一种信息变化，它将消除财务报表使用者面临的信息障碍。因此，国际财务报告准则的制定旨在通过促进非洲国家财务信息的可比性和可靠性来提高财务报告的实用性。这将影响外国投资者将资本转移到这样的经济体，从而增加 FPI 的流入。IFRS 的采用被假定为一种信息变化，它将消除财务报表使用者面临的信息障碍。因此，国际财务报告准则的制定旨在通过促进非洲国家财务信息的可比性和可靠性来提高财务报告的实用性。这将影响外国投资者将资本转移到这样的经济体，从而增加 FPI 的流入。