Title: Adoption of International Financial Accounting Reporting Standards: The Chanllenges of Difinition and Implementation
Abstract:This study examines the International Financial Accounting Reporting Standards adoption practices around the world and the way these practices are reflected in the financial statements of companies in...This study examines the International Financial Accounting Reporting Standards adoption practices around the world and the way these practices are reflected in the financial statements of companies in different countries. It also examines the incentives/ motivations for the variations in the type of International Financial Accounting Reporting Standards adopted by various countries and the meaning they attached to the term ‘IFRS adoption’. To this end extant literature on International Financial Accounting Reporting Standards adoption was reviewed .Findings indicates that IFRS adoption officially means the undiluted application of all International Financial Accounting Reporting Standards as issued by the International Accounting Standards Board without any deviation but that many countries have not adhered to this meaning of The study recommends that the International Financial Accounting Reporting Standards Foundation should carry out post implementation surveys and publish on a regular basis, a ranking of countries according to their International Financial Accounting Reporting Standards compliance status. The study also recommends that a Global Quality Corporation Union be established to act as the umbrella body of corporations that are complying with International Financial Accounting Reporting Standards. Keywords: International Financial Reporting Standards, adoption, convergence, comparability, national standardsRead More
Publication Year: 2012
Publication Date: 2012-01-01
Language: en
Type: article
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