IFRS adoption: A costly change that keeps on costing

Nicholas Pawsey

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

Abstract

This paper documents the results of a study exploring the transitionary and ongoing costs incurred by Australian companies from their use of IFRS. A longitudinal survey approach was adopted. Challenging the underlying logic of convergence, survey results highlighted that IFRS is costly for firms both in the lead up to adoption and thereafter. Specifically, the transition to IFRS imposed significant AIS, staff training and development, financial statement user education, and financial statement adjustment costs on many firms. Furthermore, many firms perceived that IFRS adoption has resulted in an ongoing increase of 20% or more on annual accounting and compliance costs.

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References

1985Positive Accounting Theory 1976Business research methods 1993Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures 2001Financial accounting information and corporate governance 1988Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally 1989Firm characteristics and analyst following 1971An Empirical Analysis of the Quality of Corporate Financial Disclosure.2008International GAAP Differences: The Impact on Foreign Analysts

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