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2015 Cambridge Business & Economics Conference ISBN : 9780974211428

IFRS Adoption & Compliance Issues: Does One Size Fits All Really Work?

Raul Sanchez, The University of Texas at Dallas

July 1-2, 2015Cambridge, UK 1


Abstract

There has been much research on the initiative to implement IFRS as the official financial

reporting standards of both developed and developing countries. This paper reviews the results of

various articles that study the problems that affect the adoption and compliance of IFRS in

developing countries.There have been many obstacles that have made adoption and compliance

of IFRS in developing countries challenging. Poor education/curriculum, corrupt and weak

government institutions, and cultural factors have played a role in the uphill climb towards IFRS

integration (Adolf & Enthoven, 1983; Zehri & Chouaibi, 2013; Kantor, Roberts & Salter, 1995;

Scott, 1975; Lasmin & Ritsumeikan, 2012; Bova & Pereira, 2012; Doh, Rodriguez, Uhlenbruck,

Collins, & Eden 2003; Enthoven, 1976; Albu, Albu & Girbina, 2012; Berrios, 2012). So far,

these articles look at how beneficial IFRS can be, what influences IFRS adoption, or the

obstacles IFRS faces. Little has been done on asking whether IFRS really is the engine behind

the financial success of developing countries?Omer and Wadhwa (2011) have come closest to

questioning IFRS adoption arguing that harmonization of accounting principles should involve

ideas among all participants. Is the improvement of those elements that plague developing

countries the real difference maker in creating an environment that drives FDI and economic

growth?Should the successful implementation of any accounting standard come only after these

broken institutions are fixed?Is it better to assist developing countries in creating similar

financial reporting standards that will also meet some of their specific needs?



IFRS Adoption & Compliance: Does One Size Fits All Really Work?

The International Financial Reporting Standards or IFRS as it is known, have been

permitted or required by over 100 countries (Lasmin, 2012). Many studies have analyzed the

different components that complicate and influence the transition and implementation of these

standards in developing countries. Are these components and not IFRS the true answer to the

economic success of developing countries and is implementing one set of standards to be used by

different countries from different regions, cultures, historical backgrounds, political structure, the

best option.

First, we will look at reasons why developing countries choose to adopt IFRS. Ezzamel

and Xiao, 2011 mentions the substantial force imposed on emerging and transitioning market

economies by advanced capitalist governments, the World Bank, the World Trade Organization,

big Audit Firms, accounting institutions like the Financial Accounting Standards Board(FASB)

and accounting professions, and venture capitalist, to harmonize their accounting standards to

those of IFRS. There are economic and political sanctions these countries have to deal with if

they decide not to comply with IFRS. There is little to no option for them to improve their

standards in conjunction with developing countries in a way that allows them to have similar but

slightly different enough standard to serve their specific needs (Ezzamuel and Xiao, 2011). By

not allowing developing countries to develop their own unique techniques and methods within

their own economies we could be actually curtailing global economic growth. This type of

production blocking can end up hurting the international community as a whole or any group

trying to accomplish a goal. Those methods that could be developed by emerging economies

could also contribute to improving international financial reporting standards. Transitional and

emerging economies like China are said to have been responsible for the recovery of the world



economy in the most recent economic crisis (Ezzamuel and Xiao, 2011). This questions the

importance of IFRS and whether there are other reasons behind developing countries and

international organizations’ insistence on making IFRS mandatory.

Pressure from developed countries is not the only reason for developing countries

choosing to adopt, allow, or make IFRS obligatory. IFRS is believed to provide more detailed

financial reports that also offer a higher level of transparency and comparability. If it is clear that

IFRS the optimal representation of a format that can give foreign investors that sense of security

than why is it hard for U.S G.A.A.P and IFRS to settle on a set of guiding principles? Is it

because they are trying to do the impossible in making these standards acceptable to all

parties(Omer and Wadwa, 2011)? Countries see IFRS as an opportunity to attract more

international investment and trade (Lasmin, 2012). The clarity and completeness of the financial

information is believed to bring about more economic growth (Lasmin, 2012). This sounds very

clear and undebatable, but why is it that countries like Botswana, Haiti, Nepal, Panama, Papua

New Guinea, Tajikistan, and Venezuela, which have adopted IFRS, have not enjoyed any of the

economic benefits that are guaranteed (Lasmin, 2011). Zhegal and Mhedi, 2006 found that Gross

Domestic Product growth and Foreign Domestic Investment actually have little to do with

developing countries’ decision to adopt IFRS. Foreign aid was actually found to be one of the

factors that has more influence on countries adopting IFRS.Various Latin-American countries, in

the past few years, carried out reforms in their public accounting systems with technical

cooperation provided by the U.S Agency for International Development. These countries also

receive financial aid from U.S and different international bodies through various programs that

focus on their economic development (Perez and Hernandez, 2007). Without foreign aid could

countries even implement these new standards or follow through with effective economic



programs? Berrios (2012) mentions the recommendation of calculating the resources they need

in order to be able to comply with IFRS. The cost to comply with IFRS is often too much for

these countries. The issue is that they will are forced to develop IFRS compliant financial reports

in order to continue to have access to the global capital markets (Berrios, 2012).

Foreign aid in the form of financial assistance, but more importantly governmental

agencies and organizations like the Agency for International Development will be important

when developing programs to improve education, training, and courses in developing countries.

These three fundamentals are essential in creating well-thought-out financial management

standards. In the analysis made by the Committee on Accounting in Developing Countries

(1973-1975), many deficiencies were found in these areas. To start off there was a limited

number of accounting subjects being taught at college level. Solutions recommended by gurus

included creating different seminars and meetings to train teachers. Improvements to curriculum

were also seen as very important. Recommendations included offering more specialized courses

and bringing in curriculum experts. Instructor compensation was seen as a key factor in

inadequate teaching. They often had to supplement their teaching pay by holding other jobs. This

leaves little time for them to plan and organized their lectures or help in improving the

educational programs in their respective schools. Enthoven (1983) mentions a list in a report

entitled Accounting Education in Third World by the Committee on International Accounting of

the American Accoutning Association. This report lists the main setbacks of accounting

education, training as expressed by accounting experts and instructors in developing countries.



Accounting is still taught as if it was a technical skill instead of as an intellectual discipline.

Special fields of accounting, for example, farm accounting, bank accounting and industrial development accounting, for which a great need may exist may not be taught at all.

Attention to operational and managerial auditing tends to be limited. Generally no clearing house for information and publications exixts. An upgrading of teachers—the development of adequate staff and better pay for teachers

—is needed. Teaching aids, for example, texts, labs and projectors, tend to be deficient, and not

enough funds are budgeted for them. Workshops are needed for accounting educators, practitioners and students. Interest in activities, such as conferences and seminars, that expose students, staff and

practitioners to developments in accounting may be limited, and accounting training may lack content and motivation.

Most governments take a limited interest in accounting training and upgrading. Educational institutions, in conjunction with governmental agencies, may have to assess

the number of accountants needed and their education requirements.

Developed countries like U.S, Canada, the United Kingdom, Germany, the Netherlands,

France, Sweden and Australia have participated in education and training of developed countries

(Enthoven, 1983). Still there is room for improvement. So far, it has been mainly private

investment and multinational enterprises that have affiliated with domestic firms in developing

countries and implemented more efficient financial management systems. Most of these firms

have already adopted IFRS so they basically train and help these domestic firms or subsidiaries

transition to IFRS. The problem is that domestic firms seldom participate. Governmental and

international agencies like the Agency for International Development or the U.N can work

together to study what the best plan of action could be to further help emerging countries

improve education which, subsequently, can help improve accounting standards.

A clear example of the benefits of working in conjunction is explained by Enthoven (1983)

who looks at the government of the Republic of Zaire. Located in Central Africa, Zaire suffered



from Inflation which had impeded capital formation, productivity, foreign trade and economic

development. Approached by Zaire for assistance, the U.S helped develop a there phase

program. The first was a preliminary evaluation where the severity of inflations and its impact on

accounting was assessed. From that, they were able to come up with options to correct the issues

caused by inflation. Second, a workshop took place to discuss the different methods that could be

beneficial to Zaire, the accounting system that could be implemented, and the possible education

and training that could be provided. Finally, the process of implementation took place.

Developing countries can certainly work together to improve accounting standards through

education, training, and improvement of curriculum. While doing this, developing countries have

to keep in mind the special needs and development stage of that specific country. Simply trying

to impose a set of standards which might not completely fit the country could lead to poor

implementation even with proper education and training.

Another reason for poor implementation and the inhibition of expansion of market share

of wealth in developing countries could be the corruption that can run rampant in these types of

environments.Here we will concentrate mainly on government corruption and its effect on firms

trying to enter into these emerging markets by looking at research done byDoh, Rodriguez,

Uhlenbruck, Collins, and Eden (2003).They generate two tables where they list the direct and

indirect cost.

Table 1Direct Costs of Government CorruptionType Explanation



Bribes Monetary and non-monetary payments to those with some degree of public power as a response to extortion or in exchange for somemisuse of public power.

Red Tape/Bureaucratic Delay Non-monetary and opportunity costs of dealing with corrupt officials or of complying with the illegitimate bureaucratic requirements of corrupt regimes.

Avoidance Efforts to avoid and limit the firm's exposure to extortionary behavior by corrupt officials, including hiding output and opting out of the official economy.

Directly Unproductive Behavior Investments in channels of influence to gain advantage in dividing up the benefits of economic activity; includes lobbying and more direct vote and influence peddling.

Foregoing Market Supporting Institutions

Costs imposed on the firm as a result of foregoing the use of courts for the enforcement of contracts, local financial operations, etc.

Engagement with Organized Crime Monetary and non-monetary costs imposed on firms as a result of willing or unwilling engagement with organized crime.

Corruption can be very difficult to control even in developed countries. Multi-national

firms are often are caught in the middle and often become part of the problem. Xerox confessed

in 2002 to having made over $250,000 worth of illegal payments to India in order to drive sales

(Doh et al., 2003). In places like China it is seen more as the expected way of doing business. It

is not necessarily seen as being corrupt as long as you do it dicretionately. Firms doing business

in China will hire relatives, make donations, and provide “favors” as explained by Doh et al.,

2003.In Russia, because of the ineffectiveness of corrupt government to provide protection, firms

are forced to take part in the underground market(Doh et al Eden, 2003). They spend high

amounts of cash for protection (Doh et al Eden, 2003). These are only a few of the reported

examples.

Table 2 Indirect Costs of Government Corruption



Type ExplanationReduced Investment Reduced public and private investment flows. Lower rates of foreign

direct investment for the formation of a robust commercial environment.

Reduced and Distorted Public Expenditures

Reduced taxes as a result of the deterrence of business activity and recourse to the unofficial economy. Selection of privately benficial and publicly costly expenditure projects.

Macroeconomic Weakness and Instability Reduced rates of macroeconomic growth, weak commerical

environment, and greater susceptibility to financial crises.Weak Infrastructure Inadequate, expensive, and intermittently supplied infrastructure

services such as telephony, electricity, and transportation. Weak infrastructure foments opportunities for small bribes and may indirectly reduce public trust.

Squandered/Misdirected Entrepreneurial Talent

Engagement of entrepreneurial and otherwise talented individuals into the socially unproductive avenues of advance afforded by corrupt environments.

Socio-Economic Failure Increased poverty, income inequality, and reduced income growth for the poorest in society. Increases demands on already weak central governments.

Direct costs seem to affect the firms and investors trying to tap into the potential wealth

that can be created in these countries. They often have the capital to navigate the system a little

better or manage to still remain profitable. The ones having to end up taking most of the hit are

the people living under these corrupt administrations. They suffer from high unemployment due

to struggling economies, poor infrastructure, and stalling of improvements in educational and

public health programs. Without first creating strategies to greatly minimize the ability for

government officials and firms to be involved in unethical and unlawful activities we are not able

to further improve a country’s financial system whether it is IFRS or U.S G.A.A.P.

Corruption can drastically weaken the effectiveness of government institutions. Adoption

does not necessarily mean that enforcement is going to follow. A good example is Kenya as

demonstrated by Bova and Pereira (2012). Kenya, in the early stages of development, suffers

from weak institutions, scarce resources, and poor infrastructure. The government’s budget



concentrates around 22 percent of its efforts on debt payment. This prohibits Kenya from

effectively enforcing IFRS. The majority of compliance comes from foreign firms that come

from developed countries. Even then, compliance in Kenya remains low. Kenya ranks amongst

the lowest because of government inefficiency, weak public institutions, corruption, and undue

influence.

This information supports that which was stated in a report by the American Accounting

Association Committee (1974-1975). Based on the results they acquired from their survey, they

came to the conclusion that it would be difficult for any developing country to develop a sound

accounting profession without strong government involvement. They called for creation of laws

that would regulate the accounting profession, auditing laws to regulate financial reporting and

accounting, and tax laws that affect accounting. The committee argues that changes to taxation

are needed in order to provide the government with more revenue to finance its public services

and infrastructure. In developed countries taxes are the main source of revenue used for

governmental development programs. The issue with taxation systems in developing countries is

that they concentrate in heavily dependent on customs duties, indirect taxes, and taxes on land.

This is seen by the committee as being ineffective because it does not increase revenues quickly

enough to satisfy government programs. What is recommended is more concentration on the

taxation of wealth and net income.

Growth in revenues can lead to overall economic growth. In regard to government

institutions, those developing countries with a more democratic political system showed a

stronger level of economic growth in a survey of 74 countries (Zehri, Chouaibi, 2013). Those

countries also possessed more of a common law type of legal system. Democratic forms of

government seem to attract more foreign investment because they are seen as having more open



markets that protect both property and intellectual rights.Political risks are much lower and

corruption is controlled. Egan (2003), mentions that many experts support the belief that

institutions can help in decreasing risk and uncertainty for foreign investment. Firms do not have

to worry about dealing with unclearregulations, inexpert administrations, weak court systems,

and corruption. So instead of concentrating on implementing IFRS and thinking that is the most

important, we need to concentrate more on the government bodies and agencies that have or

should have the authority to guide laws and regulations (Egan, 2003). Having a solid foundation

can insure that after the formation of solid financial reporting standards, the success of

compliance is executed properly.

Just like the state of government institutions can affect the implementation of accounting

systems, culture has been brought up as having influence in the business world. Kantor, Roberts ,

and Salter (1995), list the following literature that supports this argument. It includes the impact

of culture on the organizational structure of society (Hamilton and Biggart, 1988),

organizaitional behavior and theory (Adler 1983a, 1983b, 1986; Boyacigiller and Adler, 1991),

appropriate models of organizational development (jaeger, 1986), existing patterns of economic

wealth (Franke et al., 1991), and economic growth rates (Hofstede and Bond, 1988). Most

recently culture has been strongly linked to accounting (Gray, 1988). In regards to the

implementation of IFRS in the Arab world, it could be complicated to harmonize accounting

standards to those of western civilizations. As Kantor et al. (1995) mentions, based on Hofstede

(1991), puts Egypt and Saudi Arabia together with a politically diverse group that includes

Lebanon, Libya, Iraq, and Kuwait. These countries are labeled as being highly masculine, having

high uncertainty avoidance, large power distance, and low individualism. While a country like

the United States is seen as having low uncertainty avoidance, little power distance, and high



individualism. This definitely makes it difficult when agreeing on certain areas of accounting

methods. These Arab countries’ cultural unanimity is sustained by an Islamic philosophy (Kantor

et al., 1995). Kantor et al. (1995) also brings up Gray (1988) and his statements where he

believes that societal culture or values do influence the values and beliefs of accountants. This

will, in turn, have an effect on the accounting methods implemented by the respective country. In

the situation of the Arab world whose cultures are consideredto have high uncertainty avoidance,

large power distance, and low individualism, the accounting system in place would be secretive,

conservative, and based upon statutory control. Accountants would also not use much

professional judgment in their decisions. Islamic economics is tied to Islamic religion and beliefs

making it difficult for it to be changed by western ideas. Kantor et al. (1995), includes a list that

condenses the primary teachings of Islamic economics. These include:

1. Islam is a religion that provides for an integrated way of life with prescribed codes for the

social, economic, cultural, civil, and political fabric of society.

2. The Islamic point of view attaches real importance to the individual and not to any group,

nation or society.

3. Islam disapproves of revolutionary economic methods.

This list clearly lays out the difficulties, at least in regards to the Arab world, in making IFRS

the official reporting standard of the world. Islamic guidelines are pretty strict about the structure

that its society is expected to follow. More importance is given to the individual himself so any

other type of authority that comes in trying to impose their methods or guidelines could be seen

in a negative manner. The fact that Islamic guidelines disapprove any revolutionary economic



methods show that it might be impossible to completely change the Arab world’s accounting

systems. This is supported by Gray (1988) conclusion that the rise of an Islamic model of

accounting could be a real possibility. The results of the studies made by Kantor et al (1995),

found that Arab countries form a group that is almost identical. Of over 100 financial practices

examined, only three were found to be significantly different. In contrast, when compared to

western countries, a significant amount of differences were found. Only thirty of the one hundred

issues examined did not differ between the Arab countries and western countries. This has to do

with the difference in amount of disclosure on both sides. Western countries give disclosure a

great deal of importance while Arab countries tend to be more conservative.

Conclusion

The ambition to have all countries embrace one form of Accounting guidelines can be

challenging. Many see it as already having taking place with IFRS because it has been “adopted”

in over 100 countries. The problem is that we need to think about what adoption really means in

the context of choosing a financial reporting system. Does it just paint a pretty picture on the part

of developing countries to satisfy the need of developing countries wanting to have things done

their way? Do developing countries really believe that the system provides the best path to take

or do they just do as they are told? Why are developing countries not allowed to participate in the

development and implementation of a system that takes in consideration their needs and potential

ideas. And finally, could it be possible to actually develop a perfect set of standards like IFRS is

being portrayed to be?



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