Nigeria and Uganda, as developing economies with vibrant banking sectors, have made significant strides in enhancing their financial reporting standards by adopting International Financial Reporting Standards (IFRS). This study investigated the impact of IFRS adoption on the quality of financial reporting within the listed Deposit Money Banks (DMBs) of both countries. This study adopted an ex post-facto research design, collecting data from the yearly financial summaries and statements of listed deposit money banks (DMBs) in Nigeria and Uganda. The entire population was used as the sample size through census sampling techniques. Data were gathered from two distinct periods: 2009 – 2011, involving Ugandan and Nigerian banks (before the adoption of IFRS), and 2012 – 2023 (after the adoption of IFRS). Analysis of the data involved both descriptive and inferential statistics. The analysis revealed a substantial improvement in the accuracy, transparency, and reliability of financial reporting practices among listed DMBs in Nigeria and Uganda following the adoption of IFRS. These findings underscore the effectiveness of aligning accounting frameworks with the best global practices, particularly within the banking sector of emerging economies. The study concludes that the adoption of IFRS has positively influenced the quality of financial reporting within the banking sectors of Nigeria and Uganda. The transition to IFRS standards has resulted in enhanced accuracy, transparency, and reliability of financial information provided by listed DMBs, ultimately leading to better decision-making by stakeholders who rely on their financial statements. This highlights the importance of embracing global accounting standards to enhance the comparability and reliability of financial reporting practices across borders. The study therefore recommends that regulatory authorities in Nigeria and Uganda should continue to monitor the compliance of listed DMBs with IFRS standards to ensure the continued improvement of financial reporting quality.