 Main Worldwide Cultural Obstacles on Adopting International Financial Reporting Standards (IFRS)Abulkasem Dowa, Abdulmonem M. Elgammi, Abdesalam Elhatab and Hassan A. Mutat International Journal of Economics and Finance, 2017, vol. 9, issue 2, 172-179 Abstract: In recent times, the history of a country¡¯s culture has become increasingly recognised as a crucial factor in its accounting methods. The globalization of the practice of economics has lead to homogenous international standards which are at the core of its development for practitioners, researchers and academics. This research considered some factors that might influence the adoption of International Financial Reporting Standards (IFRS) as cultural obstacles. This study investigates the religion, the language, technical skill and expertise as main cultural obstacles for the adoption of IFRS worldwide. Findings revealed the incompatibility of many IFRS with principles of Islamic religion, and also many non- English countries apply wrong implementation of IFRS because of translation issues of IFRS from English to their local languages. This study concluded that it is difficult to adopt IFRS in some countries and for some institutions because of the insufficient technical skill and experience of accountants and auditors to deal with those standards. Keywords: culture; IFRS; religion; language; technical skill and expertise (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ibn:ijefaa:v:9:y:2017:i:2:p:172-179 Access Statistics for this article More articles in International Journal of Economics and Finance from Canadian Center of Science and Education Contact information at EDIRC. |
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