International Financial Reporting Standards (IFRS): Benefits and Challenges for Investors

Document Type : Review Paper

Authors

1 Faculty of Auditing, University of Ferdowsi

2 Faculty of Management and Accounting, University of Sistan and Baluchestan, Sistan and Baluchestan, Iran

Abstract

Accounting progress is shaped in the light of economic development and political advancement.  Given that today's accounting standards are widely used for financial reporting in global markets, increased worldwide integration of both markets and politics, caused to enhance the integration of international financial reporting standards and practice almost inevitable. Starting point to consider is that most economic actors are engaged to achieve the expected future at the national level. Given the complex relationships between politics and the market, the convergence of IFRS which has been accepted rapidly as a new comprehensive strategic framework in accounting, is not revealed. Also, the globalization of IFRS have a wide variety economic, political, social and cultural consequences. And regarding to the point that in our country accounting standards are being developed based on IFRS, the aim of this study is to consider and review recent studies to determine the benefits and challenges of IFRS adoption for investors in Iran.

Keywords

Main Subjects

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History

  • Receive Date: 07 April 2017
  • Revise Date: 07 November 2017
  • Accept Date: 18 August 2017

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