IFRS adoption: A costly change that keeps on costing

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14 Citations (Scopus)


This paper documents the results of a study exploring the transitionary and ongoing costs incurred by Australian companies from their use of IFRS. A longitudinal survey approach was adopted. Challenging the underlying logic of convergence, survey results highlighted that IFRS is costly for firms both in the lead up to adoption and thereafter. Specifically, the transition to IFRS imposed significant AIS, staff training and development, financial statement user education, and financial statement adjustment costs on many firms. Furthermore, many firms perceived that IFRS adoption has resulted in an ongoing increase of 20% or more on annual accounting and compliance costs.

Original languageEnglish
Pages (from-to)116-131
Number of pages16
JournalAccounting Forum
Issue number2
Early online dateMar 2017
Publication statusPublished - Jun 2017


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