The study quantitatively investigated the factors influencing the support for a mandatory\ntransition to the International Financial Reporting Standard (IFRS) by grouping survey data\nas critical driving factors (benefits) and critical inhibiting factors (obstacles). A strong\ncorrelation was found between the level of support, and the benefits, suggesting that the\nsupport for IFRS depends on awareness and perceptions about key benefits- ease of financial\nreporting, transparency, and costs reduction compared to GAAP. Two key obstacles found\nare the cost and the complexity of transition. Awareness and perceptions about IFRS differ\nsignificantly according to scope of business operation. National only companies (NOCs) are\nnot enthusiastic about the advantages of IFRS compared to National and International\nCompanies (NAICs). This study concludes that the advantages of IFRS surpass the\ndisadvantages signifying a greater support. It shows there is a greater possibility for a U.S.\nmandatory transition to IFRS comes 2015. Further studies are recommended on the\neffectiveness of the IFRS Adoption Prediction Model (IAPM) that resulted from this study.
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