Challenges and opportunities emerging from adoption of International financial reporting standards in Tanzania
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Date
2008
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Publisher
University of Dar es salaam
Abstract
In 2004 the National board of accountants and Auditors (NBAA) made a decision to fully adopt the International Financial reporting standards (IFRS) and pronounced the cut-off date for adoption and migration of Tanzania entities being 1st July 2005. The main objective of the study was to explore the challenges or rather problems that entities encountered during migration and implementation of IFRS in Tanzania as a result of this pronouncement. Likewise to see if there are any opportunities that might emerge out of the changes. In getting information regarding the challenges and opportunities, the study employed statistical research methods and involved accountants and few CEOs from commercial organisations, NGOs consulting firms and Government agencies who were asked to fill the questionnaires as well as discussions. Finding indicate that people in Tanzania do accept IFRS and recognize its global outlook in terms of credibility and robustness in presenting financial information and for comparison purposes. It also foster economic competitiveness, attracts foreign investments and cross-borders trades as credibility and transparency of financial statements increases confidence. From the research results is recommended to have improved performance of IFRS practice and compliance in Tanzania, generally it needs greater and joint efforts especially from regulatory bodies and practioners. It further suggests a change in mind-set among the practioners users of the financial reports.
Description
Available in print form, East Africana Collection, Dr. Wilbert Chagula Library, Class mark (THS EAF HF5681.B2W36)
Keywords
Financial statements, Tanzania
Citation
Wangwe, C.M (2008) Challenges and opportunities emerging from adoption of International financial reporting standards in Tanzania.Master dissertation, University of Dar es Salaam, Dar es Salaam.