The impact of the determinants of the transition to the International Financial Reporting Standards (IFRS) on fulfilling the requirements of the transition to the international standards: a field study in audit offices in the state of Khartoum – Sudan

Abstract

The study examined International Financial Reporting Standards (IFRS), the factors influencing their adoption in the Sudanese business environment, and proposed solutions. The aim was to identify the requirements for adopting these standards in the Sudanese business environment. In addition, to identify the determinants that hinder the transition to these standards from an auditor's perspective by using a descriptive analytical approach. These determinants were divided into categories represented by the Accounting and Auditing Profession Regulatory Council in Sudan, companies, the securities market, and educational institutions. A questionnaire was used to collect study data from the study population which represented in the audit offices in the state of Khartoum – Sudan, and the study sample consisted of (220) participants. The main study findings are: the most important requirement for fulfilling the transition to international standards for the preparation of financial reports in the Sudanese business environment is to enhance the accounting knowledge of international standards for the preparation of financial reports among the practitioners of the accounting profession. There are also several determinants that have led to a lack of interest in adopting international standards for preparing financial reports in the Sudanese business environment, the most prominent of which are the absence of a clear national plan to partially adopt these standards or their compatibility with local standards, the high costs of switching to applying and adopting international financial reporting standards, In addition to apprehension about the additional disclosure requirements of the International Financial Reporting Standards.