Ghanaian leaders decided to adopt the International Financial Reporting Standards (IFRS) in 2007. To date many corporate leaders in the country continue to struggle with the IFRS conversion because no prior implementation guidelines exist as the conversion is the first of its kind. Additionally, no study has been conducted on the few IFRS conversions in the country for lessons to be drawn to serve as implementation guidelines for other corporate leaders to follow. This qualitative, phenomenological research study explored perceptions of 15 selected participants involved in IFRS conversions in Ghana. The following five themes emerged: (i) formation of an IFRS conversion team, (ii) planning the IFRS conversion to achieve a structured approach, (iii) strong leadership support involving top management commitment and right leadership style, (iv) acceptance of the IFRS conversion as a company-wide activity, and (v) regulatory concerns. The themes provide lessons that corporate leaders in Ghana can learn to undertake the current IFRS conversion and future accounting standards conversions.
展开▼
