Adopting International Financial Reporting Standards (IFRS) in Africa: benefits, prospects and challenges

Owolabi, Akintola; Iyoha, F. O.

doi:10.1504/ajaaf.2012.046127

Cited by 29 publications

(44 citation statements)

References 9 publications

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“…Others include easier comparability of financial data across borders and access to investment opportunities, increased credibility of domestic markets to foreign capital providers and potentials foreign merger partners (Bhattacharjee & Hossain 2010;Madawaki, 2014). It will also facilitate easier international mobility of professional staffs across national boundaries (Odia & Ogiedu, 2013;Owolabi & Iyoha, 2012). For the multinational companies, it will help them to fulfill the disclosure requirement for stock exchanges around the world Odia & Ogiedu, 2013;Owolabi & Iyoha, 2012;Ramanna & Sletten, 2014).…”

Section: Benefits Of Ifrs To Stakeholdersmentioning

confidence: 99%

“…It will also facilitate easier international mobility of professional staffs across national boundaries (Odia & Ogiedu, 2013;Owolabi & Iyoha, 2012). For the multinational companies, it will help them to fulfill the disclosure requirement for stock exchanges around the world Odia & Ogiedu, 2013;Owolabi & Iyoha, 2012;Ramanna & Sletten, 2014).…”

Section: Benefits Of Ifrs To Stakeholdersmentioning

confidence: 99%

“…IFRS has been adopted in many nations as an important tool for standardising international accounting principles and financial reporting in both developed and developing countries (Owolabi & Iyoha, 2012;Hail, Leuz, & Wysocki, 2010;Ramanna & Sletten, 2014). Among the Sub-Saharan Africa countries, Ghana was among the first to adopt the IFRS.…”

Section: Introductionmentioning

confidence: 99%

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Perceived Benefits and Challeges of IFRS Adoption in Ghana: Views of Members of Institute of Chartered Accountants, Ghana (ICAG)

Mbawuni¹

2017

IJFR

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This paper provides an empirical evidence regarding the perceived benefits and challenges of International Financial Reporting Standard (IFRS) adoption in Ghana. It draws on rich body of knowledge in IFRS from both developed and developing countries to develop a conceptual framework for the perceived benefits and challenges that come with IFRS adoption. It used data from a cross-section of 762 members of the Institute of Charted Accountants, Ghana. This study found that a number of perceived benefits and challenges with the adoption of IFRS in Ghana, notable among the benefits was the ease of comparability of financial data across borders, and the top-most challenge was the continuous amendments to IFRS. There were few differences in evaluation between old and young accountants among the respondents. The theoretical and managerial implications are discussed. This study contributes to the limited empirical research regarding the perceived benefits and challenges of IFRS adoption in Sub-Saharan African in general and Ghana in particular.

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Section: Benefits Of Ifrs To Stakeholdersmentioning

confidence: 99%

Section: Benefits Of Ifrs To Stakeholdersmentioning

confidence: 99%

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Perceived Benefits and Challeges of IFRS Adoption in Ghana: Views of Members of Institute of Chartered Accountants, Ghana (ICAG)

Mbawuni¹

2017

IJFR

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“…To test our study hypothesis, the SPSS (Statistical Package for Social Science) Version 18 was used to analyze the data and test the hypotheses by using appropriate statistical tools, such as frequency analyses and descriptive statistics. Several studies which were aiming at IFRS implementation such as Irvine and Lucas (2006), Laga (2012), Owolabi and Iyoha (2012), Okpala (2012), Schachler (2012), Saidi (2013), and Masoud (2014) highlight a number of variables that impact on adoption of IFRS in developing nations, among, legal system; accounting education and infrastructure; economic and political ties; culture structure, and taxation system. The majority of IFRS literature is based in developed countries as Laga (2012), Zakari (2013, and Saidi (2013) mentioned, very few studies are available on accounting in general and IFRS particularly in the emerging economics such as Indonesia.…”

Section: Methodsmentioning

confidence: 99%

“…(See Table 1 for a summary of key previous studies). Prior accounting researches (Irvine & Lucas, 2006;Gyasi, 2010;Laga, 2012;Owolabi & Iyoha, 2012;Okpala, 2012;Schachler, 2012;Mohamed, 2014) have investigated the influences of several environmental issues on implementation of IFRS. For instance, Gyasi (2010), Laga (2012), Schachler (2012), and Mohamed (2014), all mentioned that there are some challenges facing the adoption of IFRS in developing countries.…”

Section: Okpala (2012) Nigeriamentioning

confidence: 99%

Extra-financial Analysis of IFRS Adoption and Application in Developing Country: The Case of Indonesia

Kombate¹,

Bandi²

2016

CBR

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This study was aimed to investigate the challenges and impacts of International Financial Reporting Standards (IFRS) adoption and implementation in Indonesia, an emerging country by focusing on extra-financial factors analysis. A series of questionnaires was built up regarding some selected items which have a marginal effect on IFRS adoption and implementation by Indonesian companies, the first part of the questionnaires was designed to gather information relating participants background, the second part of the questionnaire was set to collect participants opinion regarding IFRS adoption and implementation in Indonesia, and the third part of the questionnaire was an open questionnaire to enable the participants to give them suggestion or any additional information they feel can help IFRS adoption and implementation in Indonesia. The findings of this investigation reveal that Indonesia companies have facing several challenges and impacts in their IFRS adoption and implementation such as legal system, taxation system, economy and political ties, accounting education and its infrastructure, and culture structure.To ensure adoption and effective implementation of IFRS, Institute of Indonesia chartered accountants (IAI), Indonesia government, Indonesia accounting body and academic must work together to reform the consistence of accounting standard for better applicability of IFRS in ensuring transparent information environment.

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International Financial Reporting Standards and the Capital Market in Rwanda

Ndagijimana

Barayandema

2017

Frontiers in African Business Research

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Adopting International Financial Reporting Standards (IFRS) in Africa: benefits, prospects and challenges

Cited by 29 publications

References 9 publications

Perceived Benefits and Challeges of IFRS Adoption in Ghana: Views of Members of Institute of Chartered Accountants, Ghana (ICAG)

Perceived Benefits and Challeges of IFRS Adoption in Ghana: Views of Members of Institute of Chartered Accountants, Ghana (ICAG)

Extra-financial Analysis of IFRS Adoption and Application in Developing Country: The Case of Indonesia

International Financial Reporting Standards and the Capital Market in Rwanda

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