Challenges of implementing IFRS in Kosovo

Abstract

Purpose: This research aims to present the process of adoption of International Financial Reporting Standards (IFRS) by large enterprises in Kosovo and main challenges faced during the implementation.

Methodology: We conducted a quantitative research through a customized questionnaire regarding the challenges presented during the implementation period ,which was addressed to 138 companies which are required by law to report under IFRS of which 100 valid for research, which were completed by the accountants of those companies.

Findings: Based on data analysis, we have identified that the main challenges faced during this process are related to the lack of knowledge of accountants and no continues professional development as well as lack of training and it is evident that the process of implementing IFRS is complex.

Originality/Value: The findings of the study provide empirical evidence in the application of IFRS from development countires as well as challanges during adaption phase of IFRS.