A SURVEY OF CURRENT CHALLENGES AND OPPORTUNITIES IN THE ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS IN EGYPT
Keywords:adoption, challenges, opportunities, international finance reporting standards, Egypt
This study seeks to examine the future of the adoption of International Financial Reporting Standards by the Arab Republic of Egypt. The study focuses on the most significant challenges and opportunities inherent that facing this adoption in the current Egyptian environment. In order to answer research questions which have been formulated, a questionnaire data was used in analysis using the statistical tools such as Descriptive statistics and related documents were discussed qualitatively. The results revealed that the adoption of IFRS in the Egyptian economy face difficult challenges in the present time regardless to its benefits to the economy. The religious, language, culture factor, the need to good training are listed among the most significant challenges to the adoption process, also poor libraries facilities and insufficient student experience, as well as the legislative systems in Egypt and weak of culture for majority of accountants represented in the misunderstanding to the nature and purposes of IFRS, have a big influence on the adoption process. The results also indicate that the role of governments and professional bodies in Egypt should play a significant part in the ability to improve the performance of Egyptian accountants toward IFRS application in order to meet the needs of the Egyptian economy as a whole.
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