International Accounting Standards: Adoption, Implementation and Challenges

International Accounting Standards: Adoption, Implementation and Challenges

Essa R. El-Firjani (Tripoli University, Libya) and Shamsaddeen M. Faraj (Al-Gabal Al-Garbi University, Libya)
DOI: 10.4018/978-1-4666-9876-5.ch011
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Abstract

This chapter aims, to highlight a review of IAS history, followed by approaches of accounting regulations. The development of accounting regulation within developing countries is also highlighted and discussed in the context of cultural diversity. It also aims to shed light into the motives that drive the adoption and implementation of IASs/IFRS. The political nature of lobbying and accounting standards setting process is also discussed in this chapter. In addition, the chapter discusses those factors that may be perceived as challenges which may delay or even block the convergence into the IASs/IFRS. Finally the authors provide key remarks about the IASs and venues for future research.
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History Of Iass/Ifrs

International accounting standards are issued by the International Accounting Standards Committee (IASC). The IASC was established in 1973 as a private organisation by agreement of accountancy bodies of the following nine countries: Australia, Canada, France, Germany, the UK and Ireland, the US, Japan, Mexico and the Netherlands, (IASB 2008; IASC 1995). IASC aims to formulate and publish in the public interest accounting standards to be observed in the presentation of financial statements and to promote their worldwide acceptance and observance. To work generally for the improvement and harmonization of regulations, accounting standards and procedures relating to the presentation of financial statements.

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