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The costs and benefits of IFRS implementation in the UK and Italy

Author

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  • Alison Fox
  • Gwen Hannah
  • Christine Helliar
  • Monica Veneziani

Abstract

Purpose - The purpose of this paper is to examine the opinions of national stakeholders on the costs and benefits of International Financial Reporting Standards (IFRS) implementation and to determine whether countries with disparate social, economical and political backgrounds have different experiences when complying with IFRS. Design/methodology/approach - Semi‐structured interviews were conducted with preparers, users and auditors of annual reports and accounting regulators in the UK (including Ireland) and Italy. Findings - There were some differences in the experiences of IFRS implementation between stakeholders from different countries. However, there was widespread agreement that costs exceeded the benefits of reporting under the new standards. Further it is recognised that international standard‐setters have a large set of stakeholder views to manage and it is therefore important that standard‐setters are aware of the costs and benefits of their accounting requirements. Originality/value - This analysis is useful for companies that have not already adopted IFRS. It explains the differences and similarities of the costs and benefits of IFRS implementation from an Anglo‐Saxon and an EU continental perspective.

Suggested Citation

  • Alison Fox & Gwen Hannah & Christine Helliar & Monica Veneziani, 2013. "The costs and benefits of IFRS implementation in the UK and Italy," Journal of Applied Accounting Research, Emerald Group Publishing Limited, vol. 14(1), pages 86-101, May.
    • Handle: RePEc:eme:jaarpp:v:14:y:2013:i:1:p:86-101
    DOI: 10.1108/09675421311282568
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    Citations

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    Cited by:

    1. De George, Emmanuel T. & Li, Xi & Shivakumar, Lakshmanan, 2016. "A review of the IFRS adoption literature," LSE Research Online Documents on Economics 67599, London School of Economics and Political Science, LSE Library.
    2. Uwuigbe Uwalomwa & Francis Kehinde Emeni & Olubukunola Ranti Uwuigbe & Oyenike I Oyeleke, 2016. "Mandatory International Financial Reporting Standards Adoption and Cost of Equity Capital in Nigeria," EuroEconomica, Danubius University of Galati, issue 1(35), pages 92-102, may.
    3. Nurunnabi, Mohammad, 2018. "Perceived costs and benefits of IFRS adoption in Saudi Arabia: An exploratory study," Research in Accounting Regulation, Elsevier, vol. 30(2), pages 166-175.
    4. Bertrand, Jérémie & de Brebisson, Hélène & Burietz, Aurore, 2021. "Why choosing IFRS? Benefits of voluntary adoption by European private companies," International Review of Law and Economics, Elsevier, vol. 65(C).
    5. James R. Brown & Gustav Martinsson, 2019. "Does Transparency Stifle or Facilitate Innovation?," Management Science, INFORMS, vol. 65(4), pages 1600-1623, April.
    6. Janet Cereola, Sandra & Dynowska, Joanna, 2022. "The impact of IFRS-8, segment reporting, on the disclosure practices of Polish listed companies," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 47(C).
    7. Mantzari, Elisavet & Georgiou, Omiros, 2019. "Ideological hegemony and consent to IFRS: Insights from practitioners in Greece," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 59(C), pages 70-93.
    8. Habeeb Mohamed Nijam & Athambawa Jahfer, 2018. "IFRS Adoption and Value Relevance of Accounting Information: Evidence from a Developing Country," Global Business Review, International Management Institute, vol. 19(6), pages 1416-1435, December.
    9. Zhi-Yuan Feng & Ying-Chieh Wang & Hua-Wei Huang, 2017. "Does IFRS adoption decrease the cost of equity of the global tourism firms?," Tourism Economics, , vol. 23(8), pages 1615-1631, December.
    10. Jirina BOKSOVA & Jiri Strouhal, 2014. "How to recognize revenues from gross written premium: some evidence from insurance companies operating in CEE markets," International Journal of Entrepreneurial Knowledge, Center for International Scientific Research of VSO and VSPP, vol. 2(2), pages 39-44, December.
    11. Giorgia Mattei & Niccolò Paoloni, 2021. "Understanding the Potential Impact of IFRS 15 on the Telecommunication Listed Companies, by the Disclosures’ Study," International Journal of Business and Management, Canadian Center of Science and Education, vol. 14(1), pages 169-169, July.
    12. Emmanuel T. De George & Xi Li & Lakshmanan Shivakumar, 2016. "A review of the IFRS adoption literature," Review of Accounting Studies, Springer, vol. 21(3), pages 898-1004, September.

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