The objective of the study was to identify benefits and challenges associated with the\nimplementation of International Financial Reporting Standard (IFRSs) in Ghana from account\nand business managers� perspective. The study used purposive sampling to collect data from\n187 accounting professionals and managers in all business sectors of Ghana. Data was\nanalysed using descriptive and inferential statistics. A Kruskal-Wallis H non-parametric tests\n(KW) was conducted to determine whether there are statistically significant differences of\nperception among five groups of the level of professional affiliation and six groups of role\nand position. The results revealed that the adoption of the IFRSs has among other benefits,\nincrease the quality of accounting information, increased investors� confidence, increase\ncomparability of financial statement among companies both nationally and internationally,\nreduced the cost of equity capital, made the preparation and auditing of financial statement\nvery transparent and easier. The findings also revealed that though the cost of implementation\nwas very high and accounts and business managers� faced some challenges in the\nimplementation of the standards, the benefit derived from its implementation outweighed the\nchallenges. Respondents perceived that IFRSs is too complicated for adoption by SMEs.\nThey recommend that more training is needed to equip professionals in the effective\nimplementation of IFRSs.\nThe paper recommends that ICAG should conduct regular training for their members, other\nimplementers as well as owners and operators of SMEs on the IFRSs especially on the\nemerging standards.
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