INTERNATIONAL FINANCIAL REPORTING STANDARDS IFRS: VIEWPOINTS AND APPROARCHING OF COUNTRIES ALL OVER THE WORLD

Abstract

This paper reviews the literature on International Financial Reporting Standards (IFRS) adoption. The authors adopt a structured literature review methodology. The article aims to explore the different approaches and perspectives currently being used by empirical studies on the impact of application of IFRS in countries worldwide. To achieve this goal, an overview study of the scope, objectives, status of IFRS application and assessment of the impact of IFRS application on the plan makers/users of financial statements are conducted. As a result, it is shown that the success of IFRS as an international accounting standard depends partly on its technical quality, bringing economic benefits to both plan users and makers of financial statements and on the other hand, it is accepted by different countries and territories despite their political, cultural and economic diversity.