An Analysis Of IFRS 15 – Impact On The Work Of The Accountant And Practical Difficulties In Implementing And Monitoring

Abstract

This research study scrutinizes the major challenges and problems that may arise during the implementation and monitoring of IFRS 15, as well as the overall impact on the work of accountants. Previous research on IFRS 15 lacks a detailed understanding of the implementation and monitoring process and the problems encountered, as it was conducted before companies had fully implemented the standard. Therefore, this research aims to provide profound insights into the problems encountered during implementation and the overall impact of IFRS 15 on organizations three years after its implementation.

A qualitative approach was adopted for this research, utilizing a constructivist paradigm. The researcher conducted 15 semi-structured in-depth interviews with auditors in Ireland who possess sound knowledge of IFRS 15 and accountants responsible for its implementation. The interview code book was developed based on previous research papers, theoretical frameworks, and identified knowledge gaps.

The findings suggest that IFRS 15 is one of the most challenging financial reporting standards to understand, and its impact on accountants' work and the practical challenges encountered during implementation and monitoring vary among companies but have affected all companies to some degree. Specific industries may be impacted more significantly. These findings align with previous studies on the impact and practical difficulties of IFRS 15.

The study has limitations, including reliance on responses from the sample population. Additionally, the impact of the COVID-19 situation may have influenced participants' opinions.