International Accounting Standards: Adoption, Implementation and Challenges

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Author(s): Essa R. El-Firjani (Tripoli University, Libya)and Shamsaddeen M. Faraj (Al-Gabal Al-Garbi University, Libya)
Copyright: 2016
Pages: 20
Source title: Economics and Political Implications of International Financial Reporting Standards
Source Author(s)/Editor(s): Efobi Uchenna (Covenant University, Nigeria), Matthias Nnadi (Rivers State University of Science and Technology, Nigeria), Sailesh Tanna (Coventry University, UK)and Francis Iyoha (Covenant University, Nigeria)
DOI: 10.4018/978-1-4666-9876-5.ch011

Keywords: Accounting & Finance / Accounting and Finance / Business & Management / Business Science Reference

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Abstract

This chapter aims, to highlight a review of IAS history, followed by approaches of accounting regulations. The development of accounting regulation within developing countries is also highlighted and discussed in the context of cultural diversity. It also aims to shed light into the motives that drive the adoption and implementation of IASs/IFRS. The political nature of lobbying and accounting standards setting process is also discussed in this chapter. In addition, the chapter discusses those factors that may be perceived as challenges which may delay or even block the convergence into the IASs/IFRS. Finally the authors provide key remarks about the IASs and venues for future research.

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International Accounting Standards: Adoption, Implementation and Challenges

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