The Impact of Adoption of the International Financial Reporting Standards (IFRS)

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Research LimitationThis study aims to highlight the impact of adoption of the International Financial Reporting Standards (IFRS). For this purpose the study must use a case which may provide the real evidences of the benefits and challenges associated with the adoption of the IFRS. Thus, the researcher has focused on the adoption of IFRS and will discuss the benefits and challenges of adoption of IFRS. However, the researcher has faced several limitations and hurdles during the research. The very first limitation of the study was the lack of time and budget. Due to the nature of IFRS, the method followed will be qualitative one though this will largely depend on the availability of secondary data. However, so far State of Qatar Adoption of the IFRS is largely qualitative and that is the path this investigation will follows. According to this methodology, the researcher gathered the data from already published scholarly articles and then used that data to make strong analysis and strong conclusion of the research. In this way the research also maintained to complete the research without the requirement of any budget.Although this researcher will perform the research with full honesty and hard work but to conclusion the benefits and challenges associated with the adoption of IFRS is a difficult process. This is because it a vast topic which cannot be concluded in one research. The adoption of IFRS may be proven as different for different countries and that is why it is impossible to discuss the impact of adoption of IFRS by the countries all over the world in limited time frame. Thus, the research de-limit this hurdle by selected the specific portion of the study. For this purpose the researcher selected a specific region, Qatar, to evaluate that how the adoption of IFRS affected the economic condition of the Qatar. The researcher further specified the study by just discussing the benefits and challenges to Qatar associated with the adoption of IFRS.Also, IFRS is relatively modern area of accounting systems compared with GAAP. Thus, the main limitation of this investigation is the lack of coherent studies and findings as result of State of Qatar IFRS adoption. Indeed, the main obstacles will be data availability on the area specifically related to State of Qatar or for that matter the whole IFRS adoptions in the region.Research Question Q: what are the benefits and challenges of IFRS adoption in Kingdom of Saudi Arabia?OrWhat are the challenges or opportunities of Saudi Adoption of IFRS?MethodologyIntroduction paragraphThis study aims to examine and highlight the impact of the adoption of the International Financial Reporting Standards (IFRS) on the capital market integration in Qatar. The researcher has aimed to evaluate that how the different countries all over the world are adopting the IFRS and how this adoption is proving to be fruitful for those countries, or how the adoption of IFRS is bringing challenges for the adopters. For this purpose the focus must be on the integration of capital markets which can be defined as the comparable assets of different countries having correlated returns regardless of the location where they are traded. This integration of capital markets can be measured by comparing the generated identical cash flows and the returns of assets issues in countries.Research Method and Design AppropriatenessThis study will be a qualitative methodology based study which will focus on the research questions to get their answers. With the help of these answers, the study will conclude that how the adoption of the IFRS by any countries, especially by Saudi Arabia, can be proven as beneficial or may bring challenges to the adopting country. However, the answer of the research question about the adoption of IFRS cannot be obtained with the help of survey or interview and that is why the study will be based on the already published scholarly articles and online reports related to the adoption of IFRS by the Saudi Arabia or by the Qatar.PopulationThe study is based on the adoption of IFRS by the State, Qatar. That is why the sample population of this study is Qatar. The researcher collected the already published scholarly articles which discuss the benefits of the adoption of IFRS or the challenges associated with the adoption of the IFRS for Qatar. Initially a lot of literature was collected which is either discussing the benefits or the challenges of the adoption of IFRS. Some of these articles focused on the adoption of IFRS by Qatar, some discussed the adoption by the GCC countries, and some discussed the general challenges or the benefits associated with the adoption of the accounting standards to increase the international investment. However, the researcher filtered the collected data and then selected only some specific articles which specifically focus on the adoption of IFRS by Qatar and its benefits to the State. Moreover, the selected articles also focused on the challenges faced by Qatar when adopting the new International Financial Reporting Standards.Inclusion criteriaOnly those articles were selected which discuss either the benefits or the challenges or both associated with the adoption of IFRS by Qatar.Data CollectionFor this study, the primary and the secondary data is collected by different means. The primary data rely on the scholarly published articles which will respond to the questions, and then the study will conclude that what are the challenges associated with the adoption of IFRS by Qatar and how this adoption can be proven as beneficial for the state? This will also help to conclude that why the countries should adopt the International Financial Reporting Standards and how it helps them to make international investments. However, the secondary data will be obtained from secondary sources such as books, journals, and the thesis that are related to the subject of study. For the secondary data the Internet websites, such as Google, will be used. Moreover, the other resources, such as libraries and the already available books will also be used for the secondary resources.Data AnalysisQualitative data analysis refers to the processes of categorizing and making sense of the data obtained to bring a crucial understanding of the circumstance under study. The data analysis part refers to the involvement of total immersion to ensure that there is a thorough and pure description of the phenomenon. This stage is usually concerned with the interpretation and organisation of data with the aim of discovering any significant underlying trends and patterns. However, the data analysis involves the continuous focusing on the data in developing and identifying themes. The data collected during the study will be changed and modified to determine the benefits and challenges associated with the adoption of IFRS by Qatar. Finally, the data will be analysed in the statistical or the graphical form which will help to understand the benefits associated with the adoption of IFRS and to evaluate that what challenges may be faced by the countries which wish to adopt the IFRS.Ethical ConsiderationThe researcher understands the criticality of completing a moral and ethical study. All narratives will be collected and treated with sensitivity to the subject so as not to cause physical or emotional harm, or undue stress. Original narrative text will not be altered or changed in any way. All research will be conducted in an objective manner. All differences of opinion will be addressed in a fair and unbiased manner. Also, the researcher will gather the information from the free online available scholarly articles and the collected information will be stored in the password-protected computer to form the tables or the excel graphs. This data will be then analyzed to make conclusion of how the adoption of IFRS can be proven as beneficial or how it can bring challenges for the adopters of the IFRS.AnalysisInternational Financial Reporting Standards (IFRS) are the set of standards to provide a common global language to the global business. In this way, all companies’ accounts, no matter belonging to which country or region, will be understandable and comparable all over the World. The aim of these standards is to improve and increase the international shareholding and trading at International Level. These rules play an important role in maintaining the books of accounts at International level. In this way the books of accounts of every country, following IFRS, will be comparable, reliable, and understandable.These set of standards have maintained a level of trading and dealing globally and that is why several companies, throughout the world, have either adopted or willing to adopt these set of high quality accounting standards. In this way the IFRS has gained significant support by companies worldwide. The main reason of why the countries are adopting IFRS is that it has maintained a standard, according to which the companies, belonging to different countries, will be able to maintain their book of accounts via which they would enhance comparability and transparency of the financial information. This also helps in the decision making regarding to the International dealing, market investment, and trading with other countries.By using the financial data, the decision makers in the capital market will be able to compare the information and thus, they will have higher quality information in a rigorous and consistent manner (Daske et al., 2008). This set up of the finance standards will also create more integrated capital markets. This will support to a lower cost of capital, efficient allocation of funds, and a flow of foreign investments. This simply means that it will provide a platform to the countries to make strong economic decisions by using the information from account books and to make their investments at international level. In this way the countries can achieve the best possible targets or the profitable outcomes from their International investments. These outcomes are very important for every country, especially to the GCC countries because their capital markets are facing thin trading, lack of informational efficiency, and lack of liquidity.The adoption of IFRS is not an easy process, unfortunately, there exist several problems. This is because the adoption of these standards is associated with several problems assuring the different outcomes in different environments. These outcomes are highly based on the reporting incentives which may vary in different environments and this can impact on disclosure practices and observed reporting (Ball et al., 2000; Burgstahler, et al., 2006). Also, the reporting incentives in different environments or countries are formulated by environmental and institutional factors, such as ownership structure, financing arrangements, capital-market forces, enforcement regimes, governance mechanisms, and legal systems (Bruggemann, et .al., 2012). These factors play a very essential role in either helping or presenting obstacles to achieve the expected benefits and thus, these factors make it difficult for every country to adopt the IFRS.Challenges Associated with Adoption of IFRSThe adoption of IFRS in Qatar faces a lot of obstacles, such as inadequate knowledge of the professional accountants, and lack of technical skills, a regulatory framework to deal with social and economic, the difficulty in developing the accounting systems, and inadequate training and education of accountants (Shoaeb, 2017). This means that Qatar had great number as well as size of accounting firms, and it also faced the lack of regulation over auditing and accounting practices and standards. Thus, to adopt the IFRS, there was an urgent need to take the responsibility to develop a framework of auditing and accounting, and to set up a professional legislative body. Also Qatar faced great challenges in the establishment of Accountants and Auditors Association (LAAA), exercise of profession, Obligations of accountants and auditors, and to raise the standards of accountants academically, culturally and politically.Another challenge faced by the Qatar was the Accounting Education. Before upgrading the accounting system or before adopting the International Financial Reporting Standards, the Qatar’s account system had to be advanced and for that accounting education was the main challenge. These challenges include the outmoded accounting syllabuses and curricula, a lack of active professional societies, the scarcity of modern textbooks, the scarcity of references in Arabic, and insufficient knowledge regarding to the accounting.Along with this, economic system was also a challenge for the Qatar because the economy of Qatar was largely based on oil as the main source of wealth but the country focused on the development of non-oil sectors due to which the non-oil sectors were contributing over 70% of GDP of Qatar (Otman and Karlberg, 2005). That is why there was need to develop the oil sector to increase the GDP growth. Also, a proper development and establishment of legislation was required to make investments in the private sector. These private sectors included production, distribution and service activities in tourism, finance, commerce, transport, agriculture, and industry.This means the adoption of IFRS for Qatar was not an easy task instead it required development of the legislation, professional bodies, infrastructure, accounting education, and application of practice. This shows that the adoption of IFRS depends on the environment and development of the adopter otherwise a lot of challenges may be faced by the country to make its investors confident for international investment. Also, the international investment is not just dependent on the adoption of IFRS instead it require access to the latest technology, knowledge and skills to use the technology for making international investments and to adopt the IFRS completely. Although there exist several benefits of the adoption of IFRS, such as increasing chances to make international investment at low cost, increasing stock market integration, and so on but these benefits can only be achieved by making professional practice improvements to meet the challenges of the adoption of IFRS. This simply means that without combating with the challenges associated with the adoption, the country can never enjoy its benefits (Zakari, 2014).Benefits of the Adoption of IFRSAlmost more than 130+ countries belonging to the Kingdom of Saudi Arabia are adopting the International Financial Reporting Standards (IFRS). Today, almost all companies of the Saudi Arabia are following the accounting standards of the IFRS. However, the banks and insurance companies are regulated by the Monetary Authority of the Saudi Arabia. Now, Qatar has adopted the IFRS to maintain its accounts and auditing system. Before IFRS, the companies of Saudi Arabia, and of Qatar, used to follow the principles of Generally Accepted Accounting Principles (GAAP). However, to participate in the investment opportunities provided by the globalization, Qatar required adopting the IFRS. This is because the adoption of IFRS has become so essential for the countries in order to maintain their international investments and the stock market reputation. The reporting under the International Financial Reporting Standards (IFRS) is less costly for the investors to make a comparison of firms across the countries and international market. The reporting under the IFRS, also, facilitates cross-border investments for the countries adopting IFRS, and enhances the capital market integration (Aggarwal, Klapper and Wysocki, 2005). Moreover, the adoption of IFRS can be proven as highly beneficial for the countries because this would encourage the foreign investments of the countries which lower the cost of capital, improve the liquidity of the capital market and also improve the risk-sharing.In 2012, Tarca provided a review of the arguments for the adoption of International Financial Reporting Standards. The study discussed that the adoption of IFRS is beneficial for the countries for number of reasons. The first reason is that it supports the countries in getting benefits of the capital market. Specifically, the adoption of IFRS increases the market liquidity and provides great chances of international investments to the investors. Without adoption of the IFRS, it was difficult for the countries to make cross-border investments but with IFRS, the countries can make comparison and then can make decision that where should they invest and how should they invest which may decrease the cost of equity capital and can increase the efficiency and profitability of the investment (Tarca, 2012). Moreover, the adoption of IFRS is highly beneficial for the adopters and leaves a positive effect on the financial analysts’ information processing. Before the introduction and establishment of IFRS, the investments at international level were not an easy task.Furthermore, mandatory adoption of the IFRS creates a positive association between the market integration and the IFRS adoption. This positive association is based on the two dimensions; the speed of local stock returns global factors, and the global factors’ extension explaining local stock returns (Dhaliwal and Pereira, 2013). However, the adoption of accounting standards highly depend on the environmental factors, such as strong legislative system, advance technology, enforcement regimes, financing arrangements, capital market forces, and ownership structure. Once a country has developed these all factor according to the requirement then the country can adopt the International Financial Reporting Standards (IFRS) and can enjoy better chances of International investment and a great increase in the capital marketing. However, the benefits of this adoption are more than the challenges.The adoption of IFRS increases the market liquidity and provides great chances of international investments to the investors. In this way the countries can not only deal with the local financial stabilities but also can maintain a very strong position as an investor at international level (Cai and Wong, 2010). Thus, for the Qatar, the environmental factors may be different and thus the adoption of IFRS may bring several challenges but after dealing with these challenges, Qatar can enjoy great benefits of the IFRS adoption and can make its place at international market.Impact of IFRS adoption on QatarIn 2017, Qatar’s bank and the financial institutions decided to implement the International Financial Reporting Standards from the January 2018. This decision was made by the banks and the financial institutions to bring some specific changes in their system. Also, the institutions were willing to change the way they account for recognize revenue and loan losses and thus, the companies as well as banks decided to adopt the International Financial Reporting Standards (IFRS 9) which is some way is much simpler than any other accounting standards. The principles of the IFRS 9 are based on the logical approach instead of the rule based approach. Moreover, the very best part of the IFRS is that it enables the accounting or finance to reflect the nature of the financial asset, the business model of the company, and the risk management practices by the companies on the financial statements. Simply, IFRS is the most effective method to deal with the expected losses, such as loan losses and recognizing revenue.However, the implementation or the adoption of a new financial system is not an easy task for the Qatar and that is why it is arranging to educate the accounting related people about the new set of rules of standards of the IFRS and its implementation. For this purpose the workshops will be managed to provide Accounting based education to the related entities. These workshops will help the concerned departments to understand the impact of new accounting standards on Tax, Audit, and other financial assets. Moreover, the adoption of IFRS will help the Qatar’s banks and financial companies to determine their allowances and also will reflect the decision making process of the companies which are willing to make international investments.Qatar’s investment companies and financial departments decided to change their Reporting standards because IFRS is likely to result in the great loan loss and also it will help the companies to make international investments with useful information in credit risk exposure. The IFRS will also help the financial departments of the Qatar to establish a comprehensive framework which will help them to determine when to recognize revenue and how much revenue to recognize. Thus, the adoption of IFRS will affect almost all financial companies of Qatar because it covers revenue from the contracts with financial instruments, and other customers. This new set of standards will replace the existing way of recognizing the revenue and transaction specific requirements, and will introduce a new recognition model with new standard which will impact on the recognition of the revenue.The adoption of new standards will change the entire credit default which was initially done by the Qatar’s banks and other financial institutions. In Qatar, it is the business practice that no interest is being charged for the late payments or the delay payments for months. Moreover, the finance institutions and banks provide loans to the people at very low interest and some of the finance institutions do not charge any interest for the loan or the late payments. However, the IFRS will change this practice and will require an impairment provisioning on such assets (Das, 2018). It will introduce a system which will set a standard to charge the interest if the payments are late and will also define a specific amount on the return of the loans this will give time value to the money and thus will provide profit on the delay of the payments.Along with this, economic system of the Qatar need also be changed because the economy of Qatar was largely based on oil as the main source of wealth but the country focused on the development of non-oil sectors due to which the non-oil sectors were contributing over 70% of GDP of Qatar (Otman and Karlberg, 2005). That is why there was need to develop the oil sector to increase the GDP growth. Also, a proper development and establishment of legislation is required to make investments in the private sector. These private sectors included production, distribution and service activities in tourism, finance, commerce, transport, agriculture, and industry. Moreover, the unemployment in the region is a critical indicator of economic health and it plays an essential role as variable in estimating the expected losses.In this way, the impact of the adoption of IFRS helps the region beyond accounting. It not only deals with the financial institutions or investment companies of the country but also changes the entire system of the state. It provides better opportunities to the state to develop its economic education, to establish a strong legislation, to reduce the unemployment, to make investments, and to estimate the financial losses (KPMG, 2017). The adoption of IFRS increases the market liquidity and provides great chances of international investments to the investors. In this way the countries can not only deal with the local financial stabilities but also can maintain a very strong position as an investor at international level (Cai and Wong, 2010). Thus, for the Qatar, the environmental factors may be different and thus the adoption of IFRS may bring several challenges but after dealing with these challenges, Qatar can enjoy great benefits of the IFRS adoption.The adoption of IFRS is not an easy task for any state instead it brings a lot of challenges for the state too. For example it is really challenging for the small enterprises to change the way of examining the revenue, the way of calculating bad debt provision, and to adopt a new interest model or expected loss model. With the adoption of IFRS, the timing of the payment will directly affect the present value of the money and thus will also leave its impact on the amount of impairment loss. Thus, the clients will be affected by this adoption because the late payments will cause an amount of interest on the loan and thus they will have to face an impairment loss under IFRS. Somewhere, this will give value to the time in which money is invested and thus will also leave a very positive impact on the economy of the State. The best thing about the adoption of IFRS is that the management and auditor of Qatar will be well trained and so they will be able to quickly figure out the fundamental errors in the expected loss model. Also, the new standards of the IFRS will develop a system with lack of availability of historic default rates and then this system will make the management and auditors to watch out the relative incorporating forward-looking information into the provision matrix (Krishna, 2017). This was never positive with other accounting standards.ConclusionThis study aims to highlight the impact of adoption of the International Financial Reporting Standards (IFRS) on the State of Qatar. For this purpose the researcher focused on the challenges and the benefits associated with the adoption of IFRS by Kingdom of Saudi Arabia. This study is of great significance because it is helpful to evaluate that how the different countries all over the world are adopting the IFRS and how this adoption is proving to be fruitful for those countries, or how the adoption of IFRS is bringing challenges for the adopters. However, to make analysis of the challenges and benefits of the adoption of IFRS, the researcher followed the qualitative methodology which focused on the research questions to get their answers. With the help of these answers, the study will conclude that how the adoption of the IFRS by any countries, especially by Saudi Arabia, can be proven as beneficial or may bring challenges to the adopting country.International Financial Reporting Standards (IFRS) are the set of standards to improve and increase the international shareholding and trading at International Level. These set of standards have maintained a level of trading and dealing globally and that is why several companies, throughout the world, have either adopted or willing to adopt these set of high quality accounting standards. These standards, also, helps in the decision making regarding to the International dealing, market investment, and trading with other countries. Moreover, these standards will support to a lower cost of capital, efficient allocation of funds, and a flow of foreign investments.This simply means that it will provide a platform to the countries to make strong economic decisions by using the information from account books and to make their investments at international level. However, the adoption of IFRS is not an easy process, unfortunately, there exist several problems, such as inadequate knowledge of the professional accountants, and lack of technical skills, a regulatory framework to deal with social and economic, the difficulty in developing the accounting systems, and inadequate training and education of accountants (Shoaeb, 2017). This means the adoption of IFRS requires development of the legislation, professional bodies, infrastructure, accounting education, and application of practice. This shows that the adoption of IFRS depends on the environment and development of the adopter otherwise a lot of challenges may be faced by the country to make its investors confident for international investment.On the other hand, there are several benefits of the adoption of IFRS and that is why almost all companies of the Saudi Arabia are following the accounting standards of the IFRS. This is because the adoption of IFRS helps the countries to maintain their international investments and the stock market reputation. Moreover, the reporting under the International Financial Reporting Standards (IFRS) is less costly for the investors to make a comparison of firms across the countries and international market. The adoption of IFRS can, also, be proven as highly beneficial because this would encourage the foreign investments of the countries which lower the cost of capital, improve the liquidity of the capital market and also improve the risk-sharing. In this way the countries can not only deal with the local financial stabilities but also can maintain a very strong position as an investor at international level (Cai and Wong, 2010).When concerned about the adoption of IFRS by Qatar then this brings several challenges as well as benefits for the Kingdom of Saudi Arabia or the State of Qatar. The principles of the IFRS 9 are based on the logical approach instead of the rule based approach. That is why it enables the accounting or finance to reflect the nature of the financial asset, the business model of the company, and the risk management practices by the companies on the financial statements. It also helps the country to deal with its loan issues and to examine the revenue. These standards provide a time based value to the money, according to which, any delay in payment will cause an interest on the payment. However, the implementation or the adoption of new financial standards also brought new challenges for Qatar, such as arranging to educate the accounting related people about the new set of rules of standards of the IFRS and its implementation. However, the benefits of the adoption of IFRS for Qatar are more than the challenges because the adoption of IFRS will help the Qatar’s banks and financial companies to determine their allowances and also will reflect the decision making process of the companies which are willing to make international investments. Also, the adoption of IFRS will affect almost all financial companies of Qatar because it covers revenue from the contracts with financial instruments, and other customers.Conclusively, the adoption of IFRS will provide better opportunities to the state to develop its economic education, to establish a strong legislation, to reduce the unemployment, to make investments, and to estimate the financial losses (KPMG, 2017). It will increase the market liquidity and provides great chances of international investments to the investors. Although, the adoption of IFRS brings a lot of challenges for the state, such as changing the way of examining the revenue, the way of calculating bad debt provision, and to adopt a new interest model or expected loss model, but this will give value to the time in which money is invested and thus will also leave a very positive impact on the economy of the State.ReferencesAggarwal, R.L., Klapper and Wysocki, a.P. (2005) ‘Portfolio Preferences of Foreign Institutional Investors’, Journal of Banking and Finance , vol. 29, pp. 2919–2946.Alnodel, A. (2014) ‘The Effect of the Adoption of International Financial Reporting Standards on Capital Market Integration in the Gulf Cooperation Council Countries’, College of Business and Economics.Ball, R., S. P. Kothari, and A. Robin, (2000). “The Effect of International Institutional Factors of Properties of Accounting Earnings”.Journal of Accounting and Economics 29, 1–51Burgstahler, D., L. Hail, and C. Leuz, (2006). “The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms”.The Accounting Review 81, 983–1016.Bruggemann, U., J Hitz, and T. Sellhorn (2012). “Intended and Unintended Consequences of Mandatory IFRS Adoption: A Review of Extant Evidence and Suggestions for Future Research”SFB 649 Discussion PapeDaske, H., L. Hail, C. Leuz, and R. Verdi, (2008). “Mandatory IFRS Reporting around the World: Early Evidence on the Economic Consequences”. Journal of Accounting Research 46, 1085–1142.Cai, F. and Wong, H. (2010) ‘The effect of IFRS adoption on global market integration’, International Business and Economics Research Journal, vol. 9, no. 10, pp. 25-34.Daneiil, M. (2010) ‘Organizing Your Social Sciences Research Paper: Quantitative Methods’, USC Librarians.Das, B. (2018) ‘Impact of IFRS 9 implementation likely to be minimal on GCC banks’, Gulf New Banking.Defond, N. and Hung, M. (2011) ‘The impact of mandatory IFRS adoption on foreign mutual fund ownership: The role of comparability’, Journal of Accounting and Economics, vol. 51, no. 3, pp. 240-258.Dhaliwal, D. and Pereira, R. (2013) ‘Does Mandatory IFRS Adoption Facilitate Financial Market Integration.’, Consequences of IFRS Adoption, American Accounting Association, Annual meeting and Conferences, ANAHEIM, CALIFORNIA.KPMG (2017) ‘KPMG prepares Qatar’s businesses for updates to new International Financial Reporting Standards’, KPMG.Krishna, S. (2017) ‘IFRS 9: ready for impact’, Deloitte.PSU (2017) ‘Simple Random Sampling’, Pennsylvania University Press.Quinn, M. (2002) ‘Qualitative Research Method’, Medecins Sans Frontieres.Schleicher, T., Tahoun, A. and Walker, M. (2010) ‘IFRS adoption in Europe and investmentcash flow sensitivity: outsider versus insider economics’, The International Journal of Accounting, vol. 45, no. 2, pp. 143-68.Shoaeb, M. (2017) Qatar banks to comply with ‘IFRS 9’ from next year, [Online], Available: https://thepeninsulaqatar.com/article/09/10/2017/Qatar-banks-to-comply-with-%E2%80%98IFRS-9%E2%80%99-from-next-year [16 Apr 2018].Tarca, A. (2012) ‘The Case for Global Accounting Standards: Arguments and Evidence’, SSRN eLibrary.Trochim, W.M.K. (2016) ‘Research Methodology’, Research methods Knowledge Based.Wyce, S.E. (2011) ‘What’s the difference between qualitative and quantitative research?’, Snap Survey.Zakari, D.M.A. (2014) ‘Challenges of International Financial Reporting Standards (IFRS) Adoption in Libya’, International Journal of Accounting and Financial Reporting, vol. 4, no. 2, Available: ISSN 2162-3082.

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