project work on ifrs
Abstract
This study examines the adoption of international financial reporting standards (IFRS) by corporate entities in Ghana and focuses on a selected Bank in Ghana.
The problem of the study is that, adopting IFRS may present certain challenges such as lack of implementation guidance and costly nature of implementation, etc, despite the benefits to be enjoyed. Also, financial statement figures in the comparative information required by IFRS 1 may change due to recognition and recognition of certain items.
The impact research analyzes the impact of IFRS on the financial statement of Zenith banks in Ghana which is measured by the percentage changes in financial statement figures created by difference in the amount reported under IFRS AND GNAS. And the study revealed that IFRS adoption has an average negative impact on the financial statement of Zenith Banks in Ghana.
The benefits and challenges of the adoption of IFRS are studied using a questionnaire to obtain data from the Finance Officers of the four selected Banks.
The benefits identified, in order of priority, included an opportunity to improve their internal organization, for easier comparability of financial statements with other banks, positive impact on reported profit, and better reporting transparency.
Challenges associated with adoption and implementation of IFRS include, increased volatility in earnings, the complex and costly nature of the task of implementing IFRS, negative impact on reported profit, and the lack of adequate implementation guidance.
1.0 INTRODUCTION Background
In view of the widespread adoption of International Financial Reporting
Standards (IFRS) in recent years, Zenith banks in Ghana.
Experts on International Standards of Accounting and Reporting (ISAR) has been
Reviewing practical issues that arise in the course of implementing IFRS, with a view to
Facilitating the sharing of experiences and lessons learned among
This study examines the adoption of international financial reporting standards (IFRS) by corporate entities in Ghana and focuses on a selected Bank in Ghana.
The problem of the study is that, adopting IFRS may present certain challenges such as lack of implementation guidance and costly nature of implementation, etc, despite the benefits to be enjoyed. Also, financial statement figures in the comparative information required by IFRS 1 may change due to recognition and recognition of certain items.
The impact research analyzes the impact of IFRS on the financial statement of Zenith banks in Ghana which is measured by the percentage changes in financial statement figures created by difference in the amount reported under IFRS AND GNAS. And the study revealed that IFRS adoption has an average negative impact on the financial statement of Zenith Banks in Ghana.
The benefits and challenges of the adoption of IFRS are studied using a questionnaire to obtain data from the Finance Officers of the four selected Banks.
The benefits identified, in order of priority, included an opportunity to improve their internal organization, for easier comparability of financial statements with other banks, positive impact on reported profit, and better reporting transparency.
Challenges associated with adoption and implementation of IFRS include, increased volatility in earnings, the complex and costly nature of the task of implementing IFRS, negative impact on reported profit, and the lack of adequate implementation guidance.
1.0 INTRODUCTION Background
In view of the widespread adoption of International Financial Reporting
Standards (IFRS) in recent years, Zenith banks in Ghana.
Experts on International Standards of Accounting and Reporting (ISAR) has been
Reviewing practical issues that arise in the course of implementing IFRS, with a view to
Facilitating the sharing of experiences and lessons learned among