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Title | Empirically Investigating Saudi Arabian Accountants’ Readiness to Implement IAS 2 |
Authors |
Al-Mousa, Muna Ali
Al-Adeem, Khalid Rasheed |
ORCID | |
Keywords |
International Financial Reporting Standards міжнародні стандарти фінансової звітності международные стандарты финансовой отчетности readiness готовність готовность inventories інвентаризація инвентаризация practicing accountants практична бухгалтерія практичекая бухгалтерия accounting knowledge знання бухгалтерського обліку знание бухгалтерского учета |
Type | Article |
Date of Issue | 2017 |
URI | http://essuir.sumdu.edu.ua/handle/123456789/61796 |
Publisher | Sumy State University |
License | |
Citation | Ali Al-Mousa, M., Al-Adeem, Kh. (2017). Empirically Investigating Saudi Arabian Accountants` Readiness to Implement IAS 2. Financial Markets, Institutions and Risks, 1(3), 5-21. DOI: 10.21272/fmir.1(3).5-21.2017 |
Abstract |
This study focuses on practicing accountants in Saudi Arabia to examine their readiness to adopt the mandatory
International Financial Reporting Standards (IFRS). More specifically, it investigates the International
Accounting Standard for Inventories, an indicator for accountants’ understanding of IFRS requirements. To
do so, we conduct an online questionnaire survey, which reveals that 52.27% accountants may not be ready
for IFRS implementation. The lack of knowledge about certain IAS 2 requirements raises further concerns
about accountants’ readiness to implement more complicated IFRS, some of which have no comparable local
financial accounting standards. These findings draw attention to the effectiveness of IFRS training courses.
Further, 57.20% accountants, all of whom reviewed the Saudi Organization for Certified Public Accountants’
(SOCPA) website, provided appropriate answers, indicating SOCPA’s significant contribution toward the
spreading of awareness and knowledge about IFRS. Our findings have implications for practitioners and accounting
regulators as well as bodies responsible for standardizing accounting practices in Saudi Arabia. In
particular, they suggest steps necessary to increase accountants’ readiness for IFRS adoption, which became
mandatory since January 1, 2017, for all listed companies. In conclusion, this study serves as a foundation for
future research on the topic, which can be extended to the realm of auditors, and obstacles confronting accountants
in IFRS implementation. |
Appears in Collections: |
Financial Markets, Institutions and Risks (FMIR) |
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Files
File | Size | Format | Downloads |
---|---|---|---|
Muna_Ali_Al_Mousa_FMIR_1_issue_3_2017.pdf | 1,04 MB | Adobe PDF | -360996660 |
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