The challenges faced by reporting entities on their transition to international financial reporting standards:a qualitative study


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.

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Divisions: College of Business and Social Sciences > Aston Business School > Accounting
College of Business and Social Sciences > Aston Business School
Additional Information: This is an Accepted Manuscript of an article published by Taylor & Francis in Accounting in Europe on 27/10/15, available online:
Uncontrolled Keywords: challenge,consultant,IFRS transition,implementation,implications,Accounting,Business and International Management,Finance
Publication ISSN: 1744-9499
Full Text Link: http://www.tand ... 80.2015.1103376
Related URLs: http://www.scop ... tnerID=8YFLogxK (Scopus URL)
PURE Output Type: Article
Published Date: 2015
Published Online Date: 2015-10-27
Authors: Weaver, Lisa
Woods, Margaret



Version: Accepted Version

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