publication . Article . 2016

The Impact and Implications of International Financial Reporting Standards

Arshad Ali; Phillip Ormrod; Saeed Akbar; Syed Zulfiqar Ali Shah;
Open Access
  • Published: 14 Dec 2016 Journal: Australian Accounting Review, volume 26, pages 360-375 (issn: 1035-6908, Copyright policy)
  • Publisher: Wiley
  • Country: United Kingdom
Abstract
This paper investigates the implications of the adoption of International Financial Reporting Standards (IFRS) from the perspective of small and growing companies listed on the United Kingdom's (UK) Alternative Investment Market (AIM). We consider the cost–benefit issues of IFRS adoption and investigate its economic consequences. The results reveal that only a small number of comparatively larger AIM companies have voluntarily adopted IFRS for some anticipated economic objectives. The results also suggest that most of the mandatory adopters have done so for regulation compliance purposes and they would not have adopted IFRS if a choice was available to them. As ...
Subjects
free text keywords: Accounting, HF5601, International Financial Reporting Standards, Accounting standard, Business, business.industry, Economic consequences, Finance, Small and medium-sized enterprises, Alternative investment
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