Adoption of International Financial Reporting Standards (IFRS) and Quality of Accounting Information: A Review of Evidence

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Author	Godfrey Akileng
ISSN	2307-2466
On Pages	93-99
Volume No.	3
Issue No.	2
Issue Date	April 01, 2020
Publishing Date	April 01, 2020
Keywords	IFRS adoption, Quality of Accounting Information

Abstract

The purpose of this review is to provide evidence on whether the adoption of IFRS by countries which had their own accounting standards has had any effect on quality of accounting information thereafter. This review argues that much as IFRS adoption could have a significant effect on financial reporting in relation to reported accounting information and numbers, IFRS application alone, is not sufficient to reduce on the opportunistic behavior of managers. Hence, effective enforcement of IFRS standards by strong institutional framework and monitoring and supervisory systems is necessary to reduce opportunistic behavior of managers. Therefore combination of high quality standards like IFRS and effective corporate governance systems is necessary to enhance the quality of accounting information

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