Major Challenges of Adopting International Financial Reporting Standards in Ethiopia

Abstract

International Financial Reporting Standards (IFRS) are a set of Accounting Standards developed by the International Accounting Standard Board (IASB).The major objective of this study is to determine the major challenges of adopting international financial reporting standards by firms. To achieve this objective a systematic review of meta-analysis method was used. The findings of the  study  shows  that  complexity  of  financial  reporting,  lack  of  availability  of  competent specialist and high level of training costs are major challenges of IFRS adoption in different countries. Based on the findings of the study the researcher recommends that before implementing IFRS stake holders should consider the availability of adequate resources to support the sustainable implementation of IFRS in Ethiopia.

Keywords: Challenge, IFRS, adoption, comlexity, training

DOI: 10.7176/RJFA/10-21-01

Publication date: November 30^th 2019