accurate and transparent information in order to make informed decisions. It is argued that awidely accepted
set of accounting standards will likely improve the ability to compare financial reports prepared in different
countries. Further it is expected that they will remove barriers to international capital flows by reducing differences
in financial reporting requirements, and reduce financial reporting costs (Deegan, 2012; Nobes and
Parker, 2012). Numerous efforts have been made by the International Accounting Standards Board (IASB) to
harmonise accounting standards throughout theworld since its establishment in 2001. Thewidespread adoption
of IFRS is aimed at increasing the transparency and quality of financial statements. To date the IFRS have
been adopted in over 120 countries (Deloitte Touche Tohmatsu, 2008).