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The Challenge Of Culture To International Financial Reorting Standards (IFRS) Convergence

Mukoro, D. O. and Ojeka, Stephen (2011) The Challenge Of Culture To International Financial Reorting Standards (IFRS) Convergence. Interdisciplinary Journal of Conemporary Resarch in Business, 2 (12). pp. 914-924.

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Abstract

In accounting, the importance of culture and its historical roots is now increasingly being recognized. With increased globalization of world economy, harmonization of international standards has become the focus of increasing attention among accounting ':academics, researchers mid practitioners. There is the intern~tionalization of accounting ario~<aucliting standards by IASB ariel IFAC which ate both in val vect i'h harmonization consistent; even if the same standards are followed across nations. Differences in application of stanctarijs will reduce comparability and transparency. This paper identifies the cultural factor as a possible reason for i"eporting entities applying TFRS in different ways. lt establishes the accounting values. Itexpoi:mds on how cultural values and accounting values relate to each other in the development of accb:tmting stai;ldards worlct~wide. It adopts the secondary data methodology which is hinged on- the >institutional', theory literature. This information sharpens the ability to describe; analyze and predi'c(the qevelopment of accounting standatds. It finds that national c;ultures, traditions and practices will be~inc1;easingly .challenged in the years ahead as the pressures for global convergence increasingly impact accountants and accounting practices. The paper concludes that since accounting is culturally- determined as such peculiarities of culture should be adequately provided for convergence. It recommends the Ltndei,'standing of cultural diversities before converging with international finaneial.reportihg stanclards.

Item Type: Article
Uncontrolled Keywords: Culture, FinancialRepoiting;'IFRS
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Divisions: Faculty of Law, Arts and Social Sciences > School of Management
Depositing User: Mrs Hannah Akinwumi
Date Deposited: 12 Mar 2015 01:04
Last Modified: 23 Jun 2017 09:57
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/3847

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