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Implementing IFRSs in the UK devolved administrations

Wall, Anthony and Connolly, Ciaran (2015) Implementing IFRSs in the UK devolved administrations. Accounting, Auditing and Accountability Journal, 29 (2). pp. 198-225. [Journal article]

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URL: http://dx.doi.org/10.1108/AAAJ-07-2014-1780

DOI: 10.1108/AAAJ-07-2014-1780

Abstract

Purpose – Utilising concepts drawn from the governmentality literature, the purpose of this paper isto examine the adoption of International Financial Reporting Standards (IFRSs) in the UK’s devolved administrations of Northern Ireland, Scotland and Wales in order to assess why they were adopted and how their introduction has been governed.Design/methodology/approach – This research applies a combination of three differentapproaches, namely: a content analysis; an anonymous online questionnaire; and semi-structuredinterviews.Findings – These include: the transition has had minimal impact upon policy setting and theinformation produced to aid budgeting and decision making; IFRSs are not entirely appropriate forthe public sector; the time, cost and effort involved outweighed the benefits; public sector accounting has become overly-complicated; and the transition is not perceived as part of a wider privatisation programme.Research limitations/implications – As this study focuses upon the three UK devolvedadministrations, the findings may not be applicable in a wider setting.Practical/implications – Public sector change must be adequately resourced, carefully planned,with appropriate systems, trained staff and interdisciplinary project teams; accounting change should be based on value for money; and a single, coherent financial regime for the way in which government uses budgets, presents estimates to Parliament and publishes its resource accounts should be implemented.Originality/value – This study highlights that accounting change is not just a technical issue and,while it can facilitate a more business-like environment and enhance accountability, all those affected by the changes may not have the requisite skills to fully utilise the (new) information available.Paper type - Research paper

Item Type:Journal article
Keywords:Governmentality, New public management (NPM), International Financial Reporting Standards (IFRSs)
Faculties and Schools:Ulster Business School > Department of Accounting, Finance and Economics
Ulster Business School
Research Institutes and Groups:Business and Management Research Institute
ID Code:33353
Deposited By: Mr Anthony Wall
Deposited On:04 Mar 2016 14:53
Last Modified:17 Oct 2017 16:21

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