This study intends to assess the International Financial Reporting Standard (IFRS) adoptionrnand quality of financial reporting (Relevance, Understandability, Comparability, and FaithrnRepresentation) in Ethiopian commercial banks. Accordingly, the study used primary datarncollected through the questionnaire as the main data collection instrument. Using arnpurposive sampling method, the study selected a sample of seven (7) commercial banks fromrna total population of eighteen (18) commercial banks to conduct a study for the pre and postrnof IFRS adoption with a total of 160 respondents. To achieves the objectives, the studyrnadopted the qualitative research approach. The primary data were analyzed using descriptivernstatistics and secondary data from document reviews were interpreted qualitatively. Thernstudy used the perceptions of preparers of financial reports (accounting & finance officer,rnfinance managers as well as IFRS implementation team members) in Ethiopian commercialrnbanks to analyze about IFRS adoption and FRQ in commercial banks. The study adopted arnqualitative research approach and descriptive research design. The results descriptivernanalysis shows that; the quality of financial reports which is measured through qualityrninformation (relevance, understandability, comparability and faith representation) wasrnimproved in Ethiopian commercial banks after the adoption of international financialrnreporting standards. however, Faithfull representation is not that much happened because ofrnthe adoption of international financial reporting standards.rnBesides, the results of the analysis indicate that positive accounting theory is the relevantrntheory in the Ethiopian banking industry, whereas there is little evidence to support thernnormative accounting theory. Therefore, banks should consider relevance, comparability,rnunderstandability and faith representation to have better financial reports.