*2.4. Empirical Literature*

Several studies have been carried out in different parts of the world on the benefits of IFRS and on the perception of accounting practitioners on the transition and convergence to the IFRS (Mohamed et al. 2019; Dabbicco and Mattei 2020; Albu et al. 2020; Ntoung et al. 2020; Muraina 2020; Sharairi 2020; Joshi et al. 2008; Ionascu et al. 2014).

A study by Mohamed, Yasseen and Omarjee (Mohamed et al. 2019) on the perception of South African accounting practitioners on the post-implementation of the IFRS for SMEs in institutionalised environment suggests that the approval of the IFRSs was accepted by all SMEs, and significant advantages were uniformly associated with the IFRS for SMEs. Pallavi Gupta et al. (2015) add that accounting experts are optimistic towards the benefits associated with the implementation of the IFRS, while at the same time they are concerned about the significant costs and challenges such as inadequate training of staff, changes required to process, changes in information technology infrastructure and other costs that are associated with the implementation of the IFRS. This conclusion was arrived at using a closed-ended questionnaire to collect responses from 200 accounting experts. The objectives of the study were to identify the perception of accounting experts regarding the benefits and challenges of IFRS based the Kruskal–Wallis Test, and descriptive statistical tools were also used for data analysis.

Meanwhile, Dabbicco and Mattei (2020) carried out a comparative study of Italy and the UK. These authors claim that uniformity and aliment of practices in public finance reporting systems aids in the understanding of the relationship between financial reporting and budgeting processes. Albu et al. (2020) examined the impact of the IFRSs in the institutional context of the Central and Eastern European (CEE) with national or multinational regional insights both at the firm-level financial reporting benefits and country-level benefits, together with the cost-benefits relationship involved. Their study suggests that the accounting and auditing profession was the most valuable resource in the IFRS adoption process in CEE. A serious adoption process at the micro-level, signalled by high levels of perceived difficulties and regulatory impediments, along with resources available at the country-level and enforcement initiatives, is associated with financial reporting benefits. Country-level benefits are perceived to have materialised to a greater extent in countries with a lower quality of institutions, but with more organisational enablers available at the micro-institutional level. Benefits are perceived to exceed costs to a lesser extent in larger countries and those with more influential institutions.

A similar study was carried out by Muraina (2020) who examined the effects of the implementation of the International Public Sector Accounting Standards (IPSAS) on Nigeria's financial reporting quality. The study employed a survey research design to determine the effects of the implementation of the IPSAS on Nigeria's financial reporting quality. Partial Least Square 3 (SmartPLS 3) technique of analysis was applied to achieve the research objective. The study found that accountability positively and significantly affects the quality of financial reporting in Nigeria. Specifically, IPSAS has improved the level of accountability, which in turn improved Nigeria's financial reporting quality. Sharairi (2020) investigated the factors that influenced the current adoption of the International Financial Reporting Standards (IFRS) by Islamic banks in the UAE. This paper examined the relationship between the

theoretical aspects and practical components. This paper revealed that factors such as religion, culture and local investors might have limited influence on the current adoption of accounting standards in the Islamic banks. Furthermore, this paper uncovered a concern among respondents of issues that developed when Islamic banks commenced the adoption of IFRS.

P.L Joshi et al. (2008) studied the perception of accounting professionals on the adoption and implementation of a single set of global accounting standards in Bahrain. The data for the study were collected using a pre-tested survey plan containing demographic information and professional qualifications—the study aimed at examining the perceptions of accounting professionals on adopting a single set of global standards. The results of the study proved that the accountants were optimistic about the harmonisation of accounting standards, and they felt that it is worth the while. Despite the conclusion drawn, the study was limited in its number of respondents. This conclusion may have been altered if more accountants responded.

There has been much discussion on the relationship that exists between the accounting standards and accounting quality. A study by Barth et al. (2008) sought to examine whether the application of International Accounting Standards is associated with higher accounting quality. The study used accounting quality metrics for a broad sample of firms across 21 countries that adopted IAS from 1994 to 2003. The accounting quality was compared with that of the non-US firms that do not apply the IAS. The study used inferential statistical tools and arrived at the conclusions that the firms of 21 countries which were applying IAS showed evidence of less earnings management, more timely loss recognition and more value relevance of accounting amounts. The author also compared the accounting quality for IAS firms before and after they adopted the IAS and concluded that accounting quality improved between the pre- and post-adoption periods. The period before and after they adopted IAS found that accounting quality was enhanced between the pre- and post-adoption periods.

The perception of accountants on the implementation of IFRS is quite essential in the implementation of the IFRS. A study by (Ionascu et al. 2014) was carried out on the adoption of IFRS by developing countries in the case of Romania. The paper attempted to research the fundamental proof with respect to the advantages and costs of adopting IFRS in Romania. The outcomes acquired demonstrate that, regardless of consistency issues, the Romanian economic environment was open to IFRS and idealistic about their potential to an extent.
