IDEAS home Printed from https://ideas.repec.org/a/taf/acceur/v12y2015i2p197-221.html
   My bibliography  Save this article

The Challenges Faced by Reporting Entities on Their Transition to International Financial Reporting Standards: A Qualitative Study

Author

Listed:
  • Lisa Weaver
  • Margaret Woods

Abstract

This study explores the challenges of implementing International Financial Reporting Standards (IFRS) at the organisational level. Based on interviews with experts with aggregated experience relating to the transition projects of over 170 reporting entities, this paper highlights the main challenges in delivering a successful implementation of IFRS. The findings show that the problems faced in implementation include lack of education and training, securing executive-level support, identifying and responding to the wider business-related implications of the transition, and issues with capturing the necessary information for reporting under IFRS.This paper complements the existing literature and offers a qualitative alternative to considering the transition to IFRS, offering insight into the organisational context of IFRS implementation. These insights are useful not only from a historic perspective, but also for organisations and regulators in the many jurisdictions where IFRS is permitted but not required, where more reporting entities will voluntarily move to IFRS-based reporting in the future. More broadly, they are also applicable to the challenges faced in implementing new and significantly revised IFRSs.

Suggested Citation

  • Lisa Weaver & Margaret Woods, 2015. "The Challenges Faced by Reporting Entities on Their Transition to International Financial Reporting Standards: A Qualitative Study," Accounting in Europe, Taylor & Francis Journals, vol. 12(2), pages 197-221, December.
    • Handle: RePEc:taf:acceur:v:12:y:2015:i:2:p:197-221
    DOI: 10.1080/17449480.2015.1103376
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/17449480.2015.1103376
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/17449480.2015.1103376?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Anubha Srivastava & Preeti Kulshrestha, 2021. "Ind-AS Enforcement in India: An Assessment of Readiness, Benefits and Key Challenges," Paradigm, , vol. 25(1), pages 25-41, June.
    2. Nurul Nazlia Jamil & Nathasa Mazna Ramli & Ainulashikin Marzuki & Nurul Nadiah Ahmad, 2021. "Compliance Factors of Malaysian Private Entity Reporting Standard (MPERS) by Small Medium Enterprises (SMEs)," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 12(3), pages 149-156, May.
    3. Krishnan, Sarada R., 2018. "Influence of transnational economic alliances on the IFRS convergence decision in India—Institutional perspectives," Accounting forum, Elsevier, vol. 42(4), pages 309-327.
    4. Lohrasp Sadri, 2019. "Challenges and Barriers in Convergence of IND_AS with IFRS: A Perspective Investigation on Indian Professionals and Officials," Accounting and Finance Research, Sciedu Press, vol. 8(4), pages 1-25, November.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:acceur:v:12:y:2015:i:2:p:197-221. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RAIE20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.