The costs and benefits of IFRS implementation in the UK and Italy

Gwen M. Hannah · Christine V. Helliar · Monica Veneziani

75 citations0/0 files storedJournal of Applied Accounting Research

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Accounting and Financial Management

Abstract

Purpose The purpose of this paper is to examine the opinions of national stakeholders on the costs and benefits of International Financial Reporting Standards (IFRS) implementation and to determine whether countries with disparate social, economical and political backgrounds have different experiences when complying with IFRS. Design/methodology/approach Semi‐structured interviews were conducted with preparers, users and auditors of annual reports and accounting regulators in the UK (including Ireland) and Italy. Findings There were some differences in the experiences of IFRS implementation between stakeholders from different countries. However, there was widespread agreement that costs exceeded the benefits of reporting under the new standards. Further it is recognised that international standard‐setters have a large set of stakeholder views to manage and it is therefore important that standard‐setters are aware of the costs and benefits of their accounting requirements. Originality/value This analysis is useful for companies that have not already adopted IFRS. It explains the differences and similarities of the costs and benefits of IFRS implementation from an Anglo‐Saxon and an EU continental perspective.

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References

2010Strategic management a stakeholder approach 1998Law and Finance 1992STAKEHOLDER‐AGENCY THEORY 1995Factors Influencing Voluntary Annual Report Disclosures By U.S., U.K. and Continental European Multinational Corporations 2004Corporate Governance and Accountability 1995Corporate Incentives for Hedging and Hedge Accounting 2006International financial reporting standards and experts’ perceptions of disclosure quality 2006Implementing IFRS from the perspective of EU publicly traded companies

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