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Academic Perspectives about the Application of IFRSs in Jordan

Apr 20, 2017

DOI:

Published in: International Journal of Economic Research

Publisher: Serials Publications Pvt. Ltd

The purpose of this study is to measure the importance of the international financial accounting standards (IFRSs) and the degree of suitability with the Jordanian environment. Furthermore measuring the degree of importance of teaching all standards academically in Jordanian universities, to achieve the goal a questionnaire was designed and distributed to 53 faculty members in public and private universities, 30 questionnaires were retrieved with a rate of response of 57%. The study found a number of results; of the most important were the presence of a significant difference in the degree of importance of teaching international accounting standards and international financial reporting standards in the Jordanian universities by the Jordanian academics point of view. The statistical analysis stated that the most important standards to the Jordanian environment were those regarding the presentation of financial statement, inventory, cash flow statement and property, plant and equipment. Moreover, the statistical analysis also shows that those least important standards to the Jordanian environment are those regarding the accounting for government grants, the reporting for the retirement benefits and cost of employee benefits. The study also found that those standards taught and covered thoroughly in lectures were a minority. Among those prominent standards; statement of cash flows standard, intangible assets, changes in accounting policies and events subsequent to the balance sheet date and finally the revenue standard.

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