The Impact of Meeting the International Financial Reporting Standards (IFRS) No. 15 on the Quality of Financial Reports in the Jordanian Construction Companies

Abstract

-The present study explored the impact of meeting the international financial reporting standards (IFRS) on the quality of financial reports in Jordanian construction companies. Those standards are represented in recognition, measurement, and disclosure). The descriptive-analytical approach was adopted by using a questionnaire. This questionnaire sheds light on the variables and dimensions of the present study. The population consists of all the auditors practicing the profession (407 auditors). A random sample was chosen from the population. It consists of 196 auditors. It was found that meeting the international financial reporting standards (IFRS) No. 15 has a significant impact on the quality of financial reports in Jordanian construction companies. The researcher of the present study recommends providing more attention to the disclosure of information about the revenues derived from the contracts in a manner separate from the other revenues. He recommends providing more attention to the disclosure of information about the derived assets, such as the contract costs. He recommends increasing the procedures taken for disclosing the data related to guidelines and the provisions applicable to customers and companies. He recommends showing more attention to meeting the international financial reporting standards (IFRS) No. 15 due to their positive impacts on the Jordanian construction companies.