A STUDY ON THE COSTS AND BENEFITS OF IFRS IMPLEMENTATION IN THE UK AND ITALY

Abstract

The International Financial Reporting Standards (IFRS) are the conditions for businesses and organizations worldwide to apply accounting principles to the preparation of financial statements. With IFRS continually adapting and changing, an analysis of the IFRS implementation experiences of larger listed companies is useful to assess whether stakeholders from different cultures, traditions, economies and societies have different experiences, costs and benefits of the IFRS implementation. This article compares the implementation of IFRS in UK (including Ireland) and Italy – the two nations which represent different extremes on cultures, legal and the change of IFRS for relevant parties in each nation. Also, this article refers to the advantages and disadvantages of Viet Nam’s enterprises.