DETERMINANTS OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) COMPLIANCE: ANALYSIS OF STAKEHOLDER ATTRIBUTES

Abstract

This study examines how creditors affect a company's ability to meet the requirements of the International Accounting Standards Board (IASB). In addition, we analyzed IFRS compliance norms using panel data collected from 292 Iraqi organizations. According to our findings, there is a link between the characteristics of stakeholder companies and the application of IFRS. In general, companies scored between 70 and 90 on our scale, with the lowest scoring firm receiving just a score of 62 and the highest scoring business receiving an 85. We've noticed a connection between the ACC's workforce and the credibility of their audits (AOB). The present international accounting standards, such as IFRSs 3 and 7, and 13 are rarely followed. In the country, IAS 17, 19, 36, and 37 can be problematical provisions. According to our findings, enforcement has been better over time. Having chartered accountants on a company's board is beneficial to the company, and audit committees often play an important role in the company's compliance with international standards. According to our findings, competent accountants are critical to an entity's IFRS enforcement efforts. The conclusions of this study add to those of previous studies on Islamic finance and bring them up to speed with what has been learned from Iraq's financial sector. A chartered accountant serving on a company board can have a significant impact on a company's implementation of International Financial Reporting Standards (IFRS).