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An Evaluation of the Challenges Faced by Small and Medium Enterprises (SMEs) in Implementing the International Financial Reporting Standards (IFRSs) in Emerging Markets: Evidence from Ghana

In: Impacting Society Positively Through Technology in Accounting and Business Processes

Author

Listed:
  • Ibrahim Zubairu

    (Accra Technical University)

  • Marim Alenezi

    (Prince Mohammed Bin Fahd University)

  • Husseini Muhammadu

    (Accra Technical University)

Abstract

This research evaluates the challenges encountered by Small and Medium Enterprises (SMEs) in implementing International Financial Reporting Standards (IFRSs) in emerging markets. The study employs a mixed-methods approach, incorporating both quantitative analysis and qualitative exploration, to uncover the multifaceted nature of these challenges. The research begins by reviewing the existing literature to establish a framework for understanding the factors influencing IFRS adoption in the context of SMEs in emerging markets. Subsequently, primary data were collected through surveys, interviews, and case studies from diverse sample of SMEs operating in emerging markets. The survey data quantitatively capture the prevalent challenges faced by SMEs, while qualitative insights from interviews and case studies enrich the understanding of these challenges within the specific contextual nuances of each market. The findings highlight key challenges including limited awareness and understanding of IFRS, financial constraints, complexities in complying with IFRS requirements, shortage of qualified professionals, and cultural and institutional factors unique to emerging markets. Furthermore, the research underscores the varying degrees of impact of these challenges on SMEs of different sizes, sectors, and geographical locations within emerging markets. Drawing on these insights, the study concluded by offering a synthesized set of strategies tailored to address these hurdles, contributing practical recommendations for stakeholders aiming to support IFRS adoption among SMEs in emerging markets.

Suggested Citation

  • Ibrahim Zubairu & Marim Alenezi & Husseini Muhammadu, 2025. "An Evaluation of the Challenges Faced by Small and Medium Enterprises (SMEs) in Implementing the International Financial Reporting Standards (IFRSs) in Emerging Markets: Evidence from Ghana," Springer Proceedings in Business and Economics, in: Tankiso Moloi (ed.), Impacting Society Positively Through Technology in Accounting and Business Processes, pages 151-181, Springer.
  • Handle: RePEc:spr:prbchp:978-3-031-84885-8_8
    DOI: 10.1007/978-3-031-84885-8_8
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