Perceptions of accounting professionals in the adoption and implementation of a single set of global accounting standards: Evidence from Bahrain

  • Joshi P
  • Bremser W
  • Al-Ajmi J
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In the quest for a single set of global accounting standards, the International Accounting Standard Board (IASB) continues to work with regulators in other countries toward adoption of IFRS. This study reports on an exploratory study of Bahrain's accounting and auditing professionals' perceptions about important issues relevant to developing and implementing global accounting standards. Bahrain is a financial hub of the Middle East with distinct features that could provide some insights to harmonization issues. The respondents' views portray optimism by auditors and non-auditors that harmonization of accounting standards is a worthwhile objective that can be fairly, but gradually accomplished. However, the survey data indicate expected challenges in applying the IFRS principles-based accounting standards. The survey findings suggest that there will be a growing demand for detailed application guidance for IFRS. Also, it appears that nationalism may well continue to be a major impediment to global adoption of IFRS. © 2008 Elsevier Ltd. All rights reserved.

Author-supplied keywords

  • Accountants
  • Auditors
  • Bahrain
  • Convergence
  • Harmonization
  • IASB
  • IFRS
  • Nationalism
  • Principle based

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