Compliance with International Financial Reporting Standards by Listed Companies in Ghana

Edward Marfo-Yiadom · Wisdom Atsunyo

33 citations0/0 files storedInternational Journal of Business and Management

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

Abstract

This study examined the extent to which companies listed on the Ghana Stock Exchange (GSE) comply withInternational Financial Reporting Standards’ (IFRSs) presentation and disclosure requirement. With the aid of achecklist, an index of compliance was devised to quantify the level of compliance. This was applied to the 2010financial statement of 31 companies listed on the GSE. Descriptive statistics was used to analyse the extent ofcompliance by companies categorised in line with industry classification of the GSE. The study further examinedrelationships between company attributes and the extent of compliance. In addition, factors influencing theextent of IFRSs compliance are revealed using correlation and multiple regression analysis. ANOVA wasemployed to explore statistically significant differences between industry types with regards to their extent ofcompliance.The findings revealed an overall mean compliance of 85.8% in Ghana. Company attributes of size, profitability,auditor type, internationality and industry type associate positively with IFRSs compliance. ANOVA resultsrevealed differences between industry types with regards to their compliance rate.The study recommends that the Institute of Chartered Accountants Ghana liaise with regulators to organiseregular training programmes for companies to provide a practical guide for full compliance since the IFRSsreceive continuous amendment.

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References

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