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Interpretation and Application of “New” and “Complex” International Financial Reporting Standards: Implications for Convergence of Accounting Standards
Parmod Chand,
Macquarie University
Chris Patel, Macquarie University
Arvind Patel, University of South Pacific
ABSTRACT. This study extends prior research on professional accountants’ judgments by examining the effects of “new” and “complex” accounting standards on judgments of professional accountants. The primary objective is to test whether there are differences in judgments of the big 4 and non–big 4 professional accountants in Fiji when applying the selected International Financial Reporting Standards (IFRSs). This research is important because a significant within-country difference in judgments of professional accountants has serious implications for convergence of accounting standards. We find strong support for differences in judgments of big 4 and non–big 4 professional accountants when provided with “new” accounting standards that require “complex” judgments. The results of this study are likely to be of interest to stakeholders at a time when IFRSs are increasingly being adopted throughout the world and standard setters are struggling to promote compliance with those standards.
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