2015 Cambridge Business & Economics Conference
ISBN : 9780974211428
IFRS Adoption & Compliance Issues: Does One Size Fits All Really Work?
Raul Sanchez, The University of Texas at Dallas
July 1-2, 2015
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Abstract
There has been much research on the initiative to implement IFRS as the official financial
reporting standards of both developed and developing countries. This paper reviews the results of
various articles that study the problems that affect the adoption and compliance of IFRS in
developing countries.There have been many obstacles that have made adoption and compliance
of IFRS in developing countries challenging. Poor education/curriculum, corrupt and weak
government institutions, and cultural factors have played a role in the uphill climb towards IFRS
integration (Adolf & Enthoven, 1983; Zehri & Chouaibi, 2013; Kantor, Roberts & Salter, 1995;
Scott, 1975; Lasmin & Ritsumeikan, 2012; Bova & Pereira, 2012; Doh, Rodriguez, Uhlenbruck,
Collins, & Eden 2003; Enthoven, 1976; Albu, Albu & Girbina, 2012; Berrios, 2012). So far,
these articles look at how beneficial IFRS can be, what influences IFRS adoption, or the
obstacles IFRS faces. Little has been done on asking whether IFRS really is the engine behind
the financial success of developing countries?Omer and Wadhwa (2011) have come closest to
questioning IFRS adoption arguing that harmonization of accounting principles should involve
ideas among all participants. Is the improvement of those elements that plague developing
countries the real difference maker in creating an environment that drives FDI and economic
growth?Should the successful implementation of any accounting standard come only after these
broken institutions are fixed?Is it better to assist developing countries in creating similar
financial reporting standards that will also meet some of their specific needs?
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IFRS Adoption & Compliance: Does One Size Fits All Really Work?
The International Financial Reporting Standards or IFRS as it is known, have been
permitted or required by over 100 countries (Lasmin, 2012). Many studies have analyzed the
different components that complicate and influence the transition and implementation of these
standards in developing countries. Are these components and not IFRS the true answer to the
economic success of developing countries and is implementing one set of standards to be used by
different countries from different regions, cultures, historical backgrounds, political structure, the
best option.
First, we will look at reasons why developing countries choose to adopt IFRS. Ezzamel
and Xiao, 2011 mentions the substantial force imposed on emerging and transitioning market
economies by advanced capitalist governments, the World Bank, the World Trade Organization,
big Audit Firms, accounting institutions like the Financial Accounting Standards Board(FASB)
and accounting professions, and venture capitalist, to harmonize their accounting standards to
those of IFRS. There are economic and political sanctions these countries have to deal with if
they decide not to comply with IFRS. There is little to no option for them to improve their
standards in conjunction with developing countries in a way that allows them to have similar but
slightly different enough standard to serve their specific needs (Ezzamuel and Xiao, 2011). By
not allowing developing countries to develop their own unique techniques and methods within
their own economies we could be actually curtailing global economic growth. This type of
production blocking can end up hurting the international community as a whole or any group
trying to accomplish a goal. Those methods that could be developed by emerging economies
could also contribute to improving international financial reporting standards. Transitional and
emerging economies like China are said to have been responsible for the recovery of the world
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economy in the most recent economic crisis (Ezzamuel and Xiao, 2011). This questions the
importance of IFRS and whether there are other reasons behind developing countries and
international organizations’ insistence on making IFRS mandatory.
Pressure from developed countries is not the only reason for developing countries
choosing to adopt, allow, or make IFRS obligatory. IFRS is believed to provide more detailed
financial reports that also offer a higher level of transparency and comparability. If it is clear that
IFRS the optimal representation of a format that can give foreign investors that sense of security
than why is it hard for U.S G.A.A.P and IFRS to settle on a set of guiding principles? Is it
because they are trying to do the impossible in making these standards acceptable to all
parties(Omer and Wadwa, 2011)? Countries see IFRS as an opportunity to attract more
international investment and trade (Lasmin, 2012). The clarity and completeness of the financial
information is believed to bring about more economic growth (Lasmin, 2012). This sounds very
clear and undebatable, but why is it that countries like Botswana, Haiti, Nepal, Panama, Papua
New Guinea, Tajikistan, and Venezuela, which have adopted IFRS, have not enjoyed any of the
economic benefits that are guaranteed (Lasmin, 2011). Zhegal and Mhedi, 2006 found that Gross
Domestic Product growth and Foreign Domestic Investment actually have little to do with
developing countries’ decision to adopt IFRS. Foreign aid was actually found to be one of the
factors that has more influence on countries adopting IFRS.Various Latin-American countries, in
the past few years, carried out reforms in their public accounting systems with technical
cooperation provided by the U.S Agency for International Development. These countries also
receive financial aid from U.S and different international bodies through various programs that
focus on their economic development (Perez and Hernandez, 2007). Without foreign aid could
countries even implement these new standards or follow through with effective economic
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programs? Berrios (2012) mentions the recommendation of calculating the resources they need
in order to be able to comply with IFRS. The cost to comply with IFRS is often too much for
these countries. The issue is that they will are forced to develop IFRS compliant financial reports
in order to continue to have access to the global capital markets (Berrios, 2012).
Foreign aid in the form of financial assistance, but more importantly governmental
agencies and organizations like the Agency for International Development will be important
when developing programs to improve education, training, and courses in developing countries.
These three fundamentals are essential in creating well-thought-out financial management
standards. In the analysis made by the Committee on Accounting in Developing Countries
(1973-1975), many deficiencies were found in these areas. To start off there was a limited
number of accounting subjects being taught at college level. Solutions recommended by gurus
included creating different seminars and meetings to train teachers. Improvements to curriculum
were also seen as very important. Recommendations included offering more specialized courses
and bringing in curriculum experts. Instructor compensation was seen as a key factor in
inadequate teaching. They often had to supplement their teaching pay by holding other jobs. This
leaves little time for them to plan and organized their lectures or help in improving the
educational programs in their respective schools. Enthoven (1983) mentions a list in a report
entitled Accounting Education in Third World by the Committee on International Accounting of
the American Accoutning Association. This report lists the main setbacks of accounting
education, training as expressed by accounting experts and instructors in developing countries.
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Accounting is still taught as if it was a technical skill instead of as an intellectual
discipline.
Special fields of accounting, for example, farm accounting, bank accounting and
industrial development accounting, for which a great need may exist may not be taught at
all.
Attention to operational and managerial auditing tends to be limited.
Generally no clearing house for information and publications exixts.
An upgrading of teachers—the development of adequate staff and better pay for
teachers—is needed.
Teaching aids, for example, texts, labs and projectors, tend to be deficient, and not
enough funds are budgeted for them.
Workshops are needed for accounting educators, practitioners and students.
Interest in activities, such as conferences and seminars, that expose students, staff and
practitioners to developments in accounting may be limited, and accounting training may
lack content and motivation.
Most governments take a limited interest in accounting training and upgrading.
Educational institutions, in conjunction with governmental agencies, may have to assess
the number of accountants needed and their education requirements.
Developed countries like U.S, Canada, the United Kingdom, Germany, the Netherlands,
France, Sweden and Australia have participated in education and training of developed countries
(Enthoven, 1983). Still there is room for improvement. So far, it has been mainly private
investment and multinational enterprises that have affiliated with domestic firms in developing
countries and implemented more efficient financial management systems. Most of these firms
have already adopted IFRS so they basically train and help these domestic firms or subsidiaries
transition to IFRS. The problem is that domestic firms seldom participate. Governmental and
international agencies like the Agency for International Development or the U.N can work
together to study what the best plan of action could be to further help emerging countries
improve education which, subsequently, can help improve accounting standards.
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A clear example of the benefits of working in conjunction is explained by Enthoven (1983)
who looks at the government of the Republic of Zaire. Located in Central Africa, Zaire suffered
from Inflation which had impeded capital formation, productivity, foreign trade and economic
development. Approached by Zaire for assistance, the U.S helped develop a there phase
program. The first was a preliminary evaluation where the severity of inflations and its impact on
accounting was assessed. From that, they were able to come up with options to correct the issues
caused by inflation. Second, a workshop took place to discuss the different methods that could be
beneficial to Zaire, the accounting system that could be implemented, and the possible education
and training that could be provided. Finally, the process of implementation took place.
Developing countries can certainly work together to improve accounting standards through
education, training, and improvement of curriculum. While doing this, developing countries have
to keep in mind the special needs and development stage of that specific country. Simply trying
to impose a set of standards which might not completely fit the country could lead to poor
implementation even with proper education and training.
Another reason for poor implementation and the inhibition of expansion of market share
of wealth in developing countries could be the corruption that can run rampant in these types of
environments.Here we will concentrate mainly on government corruption and its effect on firms
trying to enter into these emerging markets by looking at research done byDoh, Rodriguez,
Uhlenbruck, Collins, and Eden (2003).They generate two tables where they list the direct and
indirect cost.
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Type
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Table 1Direct Costs of Government Corruption
Explanation
Bribes
Red Tape/Bureaucratic Delay
Monetary and non-monetary payments to those with some degree of
public power as a response to extortion or in exchange for somemisuse
of public power.
Non-monetary and opportunity costs of dealing with corrupt officials or of
complying with the illegitimate bureaucratic requirements of corrupt
regimes.
Avoidance
Efforts to avoid and limit the firm's exposure to extortionary behavior by
corrupt officials, including hiding output and opting out of the official
economy.
Directly Unproductive Behavior
Investments in channels of influence to gain advantage in dividing up the
benefits of economic activity; includes lobbying and more direct vote and
influence peddling.
Foregoing Market Supporting
Institutions
Costs imposed on the firm as a result of foregoing the use of courts for the
enforcement of contracts, local financial operations, etc.
Engagement with Organized Crime
Monetary and non-monetary costs imposed on firms as a result of willing
or unwilling engagement with organized crime.
Corruption can be very difficult to control even in developed countries. Multi-national
firms are often are caught in the middle and often become part of the problem. Xerox confessed
in 2002 to having made over $250,000 worth of illegal payments to India in order to drive sales
(Doh et al., 2003). In places like China it is seen more as the expected way of doing business. It
is not necessarily seen as being corrupt as long as you do it dicretionately. Firms doing business
in China will hire relatives, make donations, and provide “favors” as explained by Doh et al.,
2003.In Russia, because of the ineffectiveness of corrupt government to provide protection, firms
are forced to take part in the underground market(Doh et al Eden, 2003). They spend high
amounts of cash for protection (Doh et al Eden, 2003). These are only a few of the reported
examples.
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Type
Reduced Investment
Reduced and Distorted Public
Expenditures
Macroeconomic Weakness and
Instability
Weak Infrastructure
Squandered/Misdirected
Entrepreneurial Talent
Socio-Economic Failure
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Table 2
Indirect Costs of Government Corruption
Explanation
Reduced public and private investment flows. Lower rates of foreign
direct investment for the formation of a robust commercial
environment.
Reduced taxes as a result of the deterrence of business activity and
recourse to the unofficial economy. Selection of privately benficial and
publicly costly expenditure projects.
Reduced rates of macroeconomic growth, weak commerical
environment, and greater susceptibility to financial crises.
Inadequate, expensive, and intermittently supplied infrastructure
services such as telephony, electricity, and transportation. Weak
infrastructure foments opportunities for small bribes and may
indirectly reduce public trust.
Engagement of entrepreneurial and otherwise talented individuals into
the socially unproductive avenues of advance afforded by corrupt
environments.
Increased poverty, income inequality, and reduced income growth for
the poorest in society. Increases demands on already weak central
governments.
Direct costs seem to affect the firms and investors trying to tap into the potential wealth
that can be created in these countries. They often have the capital to navigate the system a little
better or manage to still remain profitable. The ones having to end up taking most of the hit are
the people living under these corrupt administrations. They suffer from high unemployment due
to struggling economies, poor infrastructure, and stalling of improvements in educational and
public health programs. Without first creating strategies to greatly minimize the ability for
government officials and firms to be involved in unethical and unlawful activities we are not able
to further improve a country’s financial system whether it is IFRS or U.S G.A.A.P.
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Corruption can drastically weaken the effectiveness of government institutions. Adoption
does not necessarily mean that enforcement is going to follow. A good example is Kenya as
demonstrated by Bova and Pereira (2012). Kenya, in the early stages of development, suffers
from weak institutions, scarce resources, and poor infrastructure. The government’s budget
concentrates around 22 percent of its efforts on debt payment. This prohibits Kenya from
effectively enforcing IFRS. The majority of compliance comes from foreign firms that come
from developed countries. Even then, compliance in Kenya remains low. Kenya ranks amongst
the lowest because of government inefficiency, weak public institutions, corruption, and undue
influence.
This information supports that which was stated in a report by the American Accounting
Association Committee (1974-1975). Based on the results they acquired from their survey, they
came to the conclusion that it would be difficult for any developing country to develop a sound
accounting profession without strong government involvement. They called for creation of laws
that would regulate the accounting profession, auditing laws to regulate financial reporting and
accounting, and tax laws that affect accounting. The committee argues that changes to taxation
are needed in order to provide the government with more revenue to finance its public services
and infrastructure. In developed countries taxes are the main source of revenue used for
governmental development programs. The issue with taxation systems in developing countries is
that they concentrate in heavily dependent on customs duties, indirect taxes, and taxes on land.
This is seen by the committee as being ineffective because it does not increase revenues quickly
enough to satisfy government programs. What is recommended is more concentration on the
taxation of wealth and net income.
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Growth in revenues can lead to overall economic growth. In regard to government
institutions, those developing countries with a more democratic political system showed a
stronger level of economic growth in a survey of 74 countries (Zehri, Chouaibi, 2013). Those
countries also possessed more of a common law type of legal system. Democratic forms of
government seem to attract more foreign investment because they are seen as having more open
markets that protect both property and intellectual rights.Political risks are much lower and
corruption is controlled. Egan (2003), mentions that many experts support the belief that
institutions can help in decreasing risk and uncertainty for foreign investment. Firms do not have
to worry about dealing with unclearregulations, inexpert administrations, weak court systems,
and corruption. So instead of concentrating on implementing IFRS and thinking that is the most
important, we need to concentrate more on the government bodies and agencies that have or
should have the authority to guide laws and regulations (Egan, 2003). Having a solid foundation
can insure that after the formation of solid financial reporting standards, the success of
compliance is executed properly.
Just like the state of government institutions can affect the implementation of accounting
systems, culture has been brought up as having influence in the business world. Kantor, Roberts ,
and Salter (1995), list the following literature that supports this argument. It includes the impact
of culture on the organizational structure of society (Hamilton and Biggart, 1988),
organizaitional behavior and theory (Adler 1983a, 1983b, 1986; Boyacigiller and Adler, 1991),
appropriate models of organizational development (jaeger, 1986), existing patterns of economic
wealth (Franke et al., 1991), and economic growth rates (Hofstede and Bond, 1988). Most
recently culture has been strongly linked to accounting (Gray, 1988). In regards to the
implementation of IFRS in the Arab world, it could be complicated to harmonize accounting
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standards to those of western civilizations. As Kantor et al. (1995) mentions, based on Hofstede
(1991), puts Egypt and Saudi Arabia together with a politically diverse group that includes
Lebanon, Libya, Iraq, and Kuwait. These countries are labeled as being highly masculine, having
high uncertainty avoidance, large power distance, and low individualism. While a country like
the United States is seen as having low uncertainty avoidance, little power distance, and high
individualism. This definitely makes it difficult when agreeing on certain areas of accounting
methods. These Arab countries’ cultural unanimity is sustained by an Islamic philosophy (Kantor
et al., 1995). Kantor et al. (1995) also brings up Gray (1988) and his statements where he
believes that societal culture or values do influence the values and beliefs of accountants. This
will, in turn, have an effect on the accounting methods implemented by the respective country. In
the situation of the Arab world whose cultures are consideredto have high uncertainty avoidance,
large power distance, and low individualism, the accounting system in place would be secretive,
conservative, and based upon statutory control. Accountants would also not use much
professional judgment in their decisions. Islamic economics is tied to Islamic religion and beliefs
making it difficult for it to be changed by western ideas. Kantor et al. (1995), includes a list that
condenses the primary teachings of Islamic economics. These include:
1. Islam is a religion that provides for an integrated way of life with prescribed codes for the
social, economic, cultural, civil, and political fabric of society.
2. The Islamic point of view attaches real importance to the individual and not to any group,
nation or society.
3. Islam disapproves of revolutionary economic methods.
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This list clearly lays out the difficulties, at least in regards to the Arab world, in making IFRS
the official reporting standard of the world. Islamic guidelines are pretty strict about the structure
that its society is expected to follow. More importance is given to the individual himself so any
other type of authority that comes in trying to impose their methods or guidelines could be seen
in a negative manner. The fact that Islamic guidelines disapprove any revolutionary economic
methods show that it might be impossible to completely change the Arab world’s accounting
systems. This is supported by Gray (1988) conclusion that the rise of an Islamic model of
accounting could be a real possibility. The results of the studies made by Kantor et al (1995),
found that Arab countries form a group that is almost identical. Of over 100 financial practices
examined, only three were found to be significantly different. In contrast, when compared to
western countries, a significant amount of differences were found. Only thirty of the one hundred
issues examined did not differ between the Arab countries and western countries. This has to do
with the difference in amount of disclosure on both sides. Western countries give disclosure a
great deal of importance while Arab countries tend to be more conservative.
Conclusion
The ambition to have all countries embrace one form of Accounting guidelines can be
challenging. Many see it as already having taking place with IFRS because it has been “adopted”
in over 100 countries. The problem is that we need to think about what adoption really means in
the context of choosing a financial reporting system. Does it just paint a pretty picture on the part
of developing countries to satisfy the need of developing countries wanting to have things done
their way? Do developing countries really believe that the system provides the best path to take
or do they just do as they are told? Why are developing countries not allowed to participate in the
development and implementation of a system that takes in consideration their needs and potential
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ideas. And finally, could it be possible to actually develop a perfect set of standards like IFRS is
being portrayed to be?
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instrument to measure service orientation. Journal of Quality Management, 3, 211-224.
Carraher, S. & Michael, K. (1999). An examination of the dimensionality of the Vengeance Scale in an
entrepreneurial multinational organization. Psychological Reports,85 (2), 687-688. .
Carraher, S., Mulvey, P., Scarpello, V., & Ash, R. (2004). Pay satisfaction, cognitive complexity, and
global solutions: Is a single structure appropriate for everyone? Journal of Applied
Management & Entrepreneurship, 9 (2), 18-33 .
Carraher, S.M. & Paridon, T. (2008/2009). Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy, 19 (2), 89-98.
Carraher, S.M., Paridon, T., Courington, J., & Burgess, S. (2008). Strategically teaching students to
publish using health care, general population, and entrepreneurial samples. International
Journal of Family Business, 5 (1), 41-42.
Carraher, S. & Parnell, J. (2008). Customer service during peak (in season) and non-peak (off season)
times: A multi-country (Austria, Switzerland, United Kingdom and United States) examination
of entrepreneurial tourist focused core personnel. International Journal of Entrepreneurship,
12, 39-56.
Carraher, S., Parnell, J., Carraher, S.C., Carraher, C., & Sullivan, S. (2006). Customer service,
entrepreneurial orientation, and performance: A study in health care organizations in Hong
Kong, Italy, New Zealand, the United Kingdom, and the USA. Journal of Applied
Management & Entrepreneurship, 11 (4), 33-48.
Carraher, S.M., Parnell, J., & Spillan, J. (2009). Customer service-orientation of small retail business
owners in Austria, the Czech Republic, Hungary, Latvia, Slovakia, and Slovenia. Baltic Journal
of Management,4 (3), 251-268.
Carraher, S., Scott, C., & Carraher, S.C. (2004). A comparison of polychronicity levels among small
business owners and non business owners in the U.S., China, Ukraine, Poland, Hungary,
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2015 Cambridge Business & Economics Conference
ISBN : 9780974211428
Bulgaria, and Mexico. International Journal of Family Business, 1 (1), 97-101.
Carraher, S. & Sullivan, S. (2003). Employees’ contributions to quality: An examination of the Service
Orientation Index within entrepreneurial organizations. Global Business & Finance Review, 8
(1) 103-110.
Carraher, S., Sullivan. S., & Carraher, C. (2004). Validation of a measure of international stress:
Findings from multinational health service organization professionals. Journal of Applied
Management & Entrepreneurship9 (3) 3-21.
Carraher, S., Sullivan, S. & Carraher, S.C. (2005). An examination of the stress experience by
entrepreneurial expatriate health care professionals working in Benin, Bolivia, Burkina Faso,
Ethiopia, Ghana, Niger, Nigeria, Paraguay, South Africa, and Zambia. International Journal of
Entrepreneurship, 9 , 45-66.
Carraher, S.M., Sullivan, S.E., & Crocitto, M. (2008). Mentoring across global boundaries: An
empirical examination of home- and host-country mentors on expatriate career outcomes.
Journal of International Business Studies, 39 (8), 1310-1326.
Carraher, S.M. & Van Auken, H. (2013),The use of financial statements for decision making by small
firms. Journal of Small Business & Entrepreneurship, 26, (3), 323-336.
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Edition [2015].
Carraher SM, Welsh, Dianne H.B., and Svilokos, A. (2015) ‘Validation of a measure of social
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Global Business and Finance Review, 3, 49-56.
Carraher, S.M., Yuyuenyongwatana, R., Sadler, T., & Baird, T. (2009). Polychronicity, leadership, and
language influences among European nurses: Social differences in accounting and finances,
International Journal of Family Business, 6 (1), 35-43.
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Managerial Issues, 12, 109-120.
Chan, S. & Carraher, S. (2006). Chanian chocolate: Ethical leadership in new business start-ups.
International Journal of Family Business, 3 (1), 81-97.
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and knowledge creation: A learning based framework and agenda for future research. Career
Development International10 (6/7), 522-535.
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2015 Cambridge Business & Economics Conference
ISBN : 9780974211428
Culture and the globalization of the international financial reporting standards (IFRS) in developing
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IAS/IFRS by the developing countries. Journal of Economics, Finance and Administrative
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