Open AccessBarriers in Adoption of IFRS in Developed and Developing Economies: TIFS Framework
Author(s) -
Mohd. Junaid Ahmad*,
Mohd. Moneef Ahmad,
Anuddin Mohd,
Ajmal
Publication year - 2019
Publication title -
international journal of recent technology and engineering
Language(s) - English
Resource type - Journals
ISSN - 2277-3878
DOI - 10.35940/ijrte.d7105.118419
Subject(s) - multinational corporation , international financial reporting standards , conceptual framework , accounting , public relations , business , political science , finance , sociology , social science
Purpose- International Financial Reporting Standards (IFRS) has mustered enough attention from accountants, bankers, Multinational Companies, Government and social scientists, with many glorifying it over the antiquated financial reporting system. Despite the acceptance and all the initiatives; the execution of International Financial Reporting Standards have to encounter certain challenges, influencing its fruitful execution across developing nations. Moreover, no attempt has been made to create a conceptual framework for strengthening the existing research work. Methodology- The present research initiative underwent an indepth review of literature pertaining to the various barriers impeding the effective execution of International Financial Reporting Standards for understanding and managing the business affairs keeping a parity between the national and global accounting aspects. Scholarly papers were reviewed from standardized and peer-reviewed journals and open sources. Almost a total of 100 papers were ascertained, published between 2001 and 2019. The data-driven qualitative content analysis and Hermeneutics were used for defining 30 barriers. Findings- The 30 barriers were thematically assorted into 4 conceptual categories, i.e. Technological Infrastructure (T), Individual, (I), Financial Constraints (F) and Supportive Environment (S). These categories formed the foundation to conceptualize the ‘TIFS’ framework that depicts the unique aspects impeding the successful execution of International Financial Reporting Standards. The findings reflect that majority of the articles only acknowledged briefing of such challenges. Practical Implications- The proposed ‘TIFS’ framework provides a way for the accountants of Multinational Companies, Strategists, Software developers, business intellectuals and experts as well as researchers. It enables the multiple stakeholders to have a bird-eye-view of the various hindrances for execution of International Financial Reporting Standards in the developing nations. Originality/Value- The paper fulfills the requisite to have a welldefined framework, which summed up the present research pertaining to barriers for execution of International Financial Reporting Standards accounting system.