Importance of the Adoption and Application of International Financial Reporting Standards IFRS in the Business Context

Sandoval-Mora, Karen Stefany; Quezada–Sarmiento, Pablo Alejandro; Díaz, Mónica Patricia Mayorga

doi:10.23919/cisti.2019.8760676

Cited by 4 publications

(2 citation statements)

References 12 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Sandoval et al performed a study presenting an analysis of scientific literature on the importance and adoption of IFRS in a business context, applying SMS, considering the cases of countries in Latin America. Authors pointed out the importance of IFRS generated by more involvement of investors, considering its complexity in implementation, requiring training, preparation and adaptation processes for effective creation and conducting of controls by management [16].…”

Section: Resultsmentioning

confidence: 99%

Advantages and problems of IFRS implementation within the framework of unification of the financial reporting process

Kaipova

Assanova

Serikbayeva

2022

jour

View full text Add to dashboard Cite

International Financial Reporting Standards (IFRS) consist of accounting rules that determine how transactions and other accounting events should be reflected in the financial statements. They are designed to maintain credibility and transparency in the financial world, enabling investors and business operators to make informed financial decisions. The role of international financial reporting standards is to generate the most reliable information about an organisation's financial condition and financial performance. Reporting acts as a means of communication within national and international markets. Globalization adds significance to the convergence with IFRS, as financial reports prepared according to national standards do not satisfy the needs and interests of users and decision-makers. This article describes the benefits and challenges associated with IFRS implementation and compliance. Considering the favourable bonuses that IFRS is expected to bring and the challenges companies face in adopting and continuously complying with IFRS, it is essential to discuss the theoretical and empirical studies performed pre and post-implementation of the standards under discussion. The current research paper is designed to analyze the existing literature on the benefits and challenges of IFRS adoption as a part of the unification of the financial reporting process.

show abstract

Section: Resultsmentioning

confidence: 99%

Advantages and problems of IFRS implementation within the framework of unification of the financial reporting process

Kaipova

Assanova

Serikbayeva

2022

jour

View full text Add to dashboard Cite

show abstract

“…It is hard to convince professionals from various fields simply by stating that "it has become practice". Therefore, a need for systematic change that helps accountants to convince and understand each other is necessary (Carmona and Trombetta 2008;Palea 2013;Sandoval-Mora et al 2019). Hassan and Marston (2019) have argued that the development of accounting practices depends on institutional and legitimate factors in the country.…”

Section: Introductionmentioning

confidence: 99%

Accounting Policies, Institutional Factors, and Firm Performance: Qualitative Insights in a Developing Country

Bădulescu

Akhtar

Ahmad

et al. 2021

JRFM

View full text Add to dashboard Cite

This study aims to uncover the determinants for the formulation of accounting practices and their impact on firm performance in Pakistan through the lens of institutional theory. Based on a pragmatic approach, this study has collected data from 455 participants and 21 semi-structured interviews have been conducted. Firstly, it is noted that accounting practices can be traced back to the Mughal regime, and subsequently underwent a major development in the British colonial system. Secondly, our results indicate that institutional factors, namely, accounting regulatory framework, political factors, economic factors, cultural factors, and country-specific factors have also played a major role in the development of accounting practices after the creation of Pakistan as a separate state. Finally, this study suggests that the development of accounting practices have a novel contribution towards the performance of firms. This research thus provides a pathway for policymakers in this county to closing the gaps between accounting practices and the policies of the International Accounting Standard Board (IASB). Furthermore, firms can enhance their performance by implementing international accounting standards. This paper helps Pakistan’s regulatory institutions such as the SECP (Securities and Exchange Commission of Pakistan) and SBP (State Bank of Pakistan) in the process of developing new policies. Such decisions are related, but not limited to: attracting foreign investments, economic expansion, and international trade. Furthermore, it provides a pathway for firms to improve their performance. Ultimately, this research fills the gap as concerns international accounting standards by assessing, both empirically and theoretically, the role of various determinants for the formulation of accounting practices and their impact on the performance of firms.

show abstract

Android Application for Business Expense Management

Surekha

Swetha

Vuppala

et al. 2022

Intelligent Systems Reference Library

View full text Add to dashboard Cite

Importance of the Adoption and Application of International Financial Reporting Standards IFRS in the Business Context

Cited by 4 publications

References 12 publications

Advantages and problems of IFRS implementation within the framework of unification of the financial reporting process

Advantages and problems of IFRS implementation within the framework of unification of the financial reporting process

Accounting Policies, Institutional Factors, and Firm Performance: Qualitative Insights in a Developing Country

Android Application for Business Expense Management

Contact Info

Product

Resources

About