Empirically Exploring Investors’ Perceptions Toward IFRS Adoption: Further Evidence from Saudi Arabia
About this article
Keywords:
IFRS; Saudi Arabia; Investors’ PerceptionsAbstract
This study investigates investors’ perceptions toward IFRS adoption in Saudi Arabia and whether investors in the Saudi Stock Market (Tadawul) value IFRS-based corporate reports for their decision-making purposes. The study employs a web-based questionnaire. The results reveal that investors in the Saudi Stock Market rely on the annual report as an essential source of information. However, they are indecisive regarding the impact of IFRS on the readability of corporate reports. We found that investors are aware of the major features and benefits of IFRS. For instance, they agree on the international comparability of corporate reports to encourage foreign investments as they support fair value measurements for equity valuation. On the other hand, investors comprehend the potential consequences of IFRS adoption, especially in the national context. Investors do not expect uniformity of practice under IFRS. They realize that the inherent latitude in IFRS as principle-based standards undermines the cross-country comparability and gives rise to earnings management. Investors also recognize the threats to the reliability of fair value models. Investors have demonstrated an understanding of the general impact of IFRS adoption on corporate reporting.
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