International Financial Reporting Standards Compliance: Evidence from Ghana

Abstract

Ghana adopted International Financial Reporting Standards (IFRSs), in place of Ghana National Accounting Standards (GNASs) from 1st January, 2007, for all listed companies including government business enterprises, banks, insurance companies, security brokers, pension funds, and public utilities. This study examines the extent of compliance with IFRSs disclosure requirements, by analysing annual reports of listed companies on the Ghana Stock Exchange. The study also investigates factors associated with the level of compliance. Findings reveal a high level of (83%) compliance with IFRSs disclosure requirements with leverage and multiple listing statistically associated with the level of compliance. Although, the listed companies complied with more than 60% of the IFRSs disclosure requirements, regulatory intervention is needed to ensure full compliance.