Abstract
Proper adoption of International Financial Reporting Standard (IFRS) has been inextricably linked to global financial market penetration and economic development. Yet most of the developing countries still face some challenges in its adoption. Various studies have examined the benefits and challenges of IFRS adoption.
 The organization and culture, resistance to change, knowledge of IFRS and government policy has dominated the discourse on the challenges of IFRS adoption in developing countries. As we consider the shift in discourse towards the developing countries, this paper explore the empirical analysis studies that analyzing the challenges hindering the proper adoption of IFRS, and its implication for financial market development and economic growth. This paper develops the main issues that pose a challenge to IFRS adoption in developing country like Iraq by reviewing the existing empirical evidence in the literature
Highlights
The issue of International Financial Reporting Standards (IFRS)/IAS adoption issue has been ignored at the secondary level in Iraq, as no adequate researches have been conducted about IFRS/IAS at this level due to many multidimensional challenges and obstacles that lead to impeding the proper adoption, and implementation of IFRS/IAS in Iraq
Harkening back to the 2005 when IFRS adoption gained momentum in Europe, there was a clear recognition that as a result of the pace of globalization and integration of International financial market, it becomes necessary for the countries around the world to integrate globally on the same financial reporting standard, so as to enable the countries that adopt the standard to have access to international financial market
The literature presented in this paper has highlighted some salient issues in the adoption and implementation of IFRS, most especially in the developing countries like Iraq
Summary
The issue of IFRS/IAS adoption issue has been ignored at the secondary level in Iraq, as no adequate researches have been conducted about IFRS/IAS at this level due to many multidimensional challenges and obstacles that lead to impeding the proper adoption, and implementation of IFRS/IAS in Iraq. IFRS/IAS is the most important issue for the Iraq business organizations, accounting professional association, government, academic institutions, as for the national economic development is directly related to the effective and successful adoption and implementation of IFRS/IAS. This paper attempts to distill some of these issues in adoption and implementation of IFRS and provide new analysis from the recurring discussions on the challenges and benefits of adoption and implementation of IFRS in Iraq. It will focus on three of the fundamental issues that have permeated the adoption and implementation of IFRS as follows:. Each of the following section examines those issues in the adoption and implementation of IFRS based on the literature
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