Adoption of International Financial Reporting Standard: A Literature Review
Journal Title: American Journal of Economics and Business Innovation (AJEBI) - Year 2022, Vol 1, Issue 3
Abstract
International Financial Reporting Standard (IFRS) refers to a unique, uniform, simple, and easily understandable accounting standard acceptable and applied across the globe by various firms. It is emerging as a powerful device to bring uniformity to financial reporting by companies at the global level. Due to rapid industrialization and internationalization, the countries opened their avenue to foreign corporations. Therefore, it has been necessitated to have an accounting system that could bring uniformity and acceptability to financial reporting across borders. This review article has explored the present situation of the IFRS in the light of its emergence at the global level. The paper also proposes the model by merging the IFRS constructs with FDI, robust financial information reporting, transparency, and comparability construct by drawing together and developing the scale for measuring quality financial information through International Financial reporting standards based on existing literature. Against this backdrop, the present review paper seeks to highlight different dimensions and the pros and cons of using the International Financial Reporting Standard across borders. The content analysis has been adopted as the methodological framework for the literature review. The result of studies have confirmed that IFRS assimilation will improve transparency, comparability across the spectrum.
Authors and Affiliations
Abdul Ghani Faiyyaz Abdullah Malik
Keywords
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- EP ID EP721121
- DOI https://doi.org/10.54536/ajebi.v1i3.586
- Views 45
- Downloads 0
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