A recent study by Effah, N. A. A. (2024) titled “A bibliometric review of IFRS adoption and compliance research in Africa” published in the Journal of Business and Socio-economic Development, shows that there are existing collaborations among authors in the field, but more research is needed to enhance the intellectual structure of the domain.
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While collaborations exist in IFRS adoption research in Africa, more studies are needed to strengthen its intellectual structure.– Effah, N. A. A. 2024
The study aims to identify and review existing studies on the adoption and compliance of International Financial Reporting Standards (IFRS) in Africa. The study involves focusing on studies conducted with an African sample, using a bibliometric method and data from the Web of Science (WoS) database. Visualizations from VOSViewer and Biblioshiny software are employed to identify the dominant authors, journals, and countries contributing to research in the region. The study reveals existing collaborations among authors in the field and emphasizes the need for additional research to enhance the intellectual structure of the research domain. The study underscores the importance of collaboration among corporations, experts, and regulatory agencies involved in IFRS adoption and compliance in Africa. By fostering collaborative efforts and knowledge-sharing, practitioners can enhance their understanding, streamline implementation processes, and improve compliance methods. This review is one of the few to explicitly conduct a bibliometric review of IFRS adoption and compliance studies in Africa, providing a foundation for future research to determine the current direction of IFRS studies in this region.
How the Study was Conducted
The author employed the Web of Science (WoS) database to gather relevant studies and focused on articles that specifically dealt with IFRS adoption and compliance in Africa. The search was confined to the “Topic” field, using terms like “IFRS,” “International Financial Reporting Standards,” “IFRS adoption,” and various African regions and countries. This yielded an initial set of 98 articles, which was refined to 83 articles after applying filters for business, finance, economics, and management categories. The articles were further screened to include only those that focused exclusively on IFRS adoption in Africa, resulting in a final sample of 60 articles. The study utilized VOSviewer and Biblioshiny software to create visualizations. These tools helped identify dominant authors, journals, and countries contributing to the research, as well as the most cited documents and keywords. The author conducted a network analysis and visualization of prior research, focusing on collaborations among authors, citations, sources of publications, keyword analysis, and regional contributions of authors, and also examined the social, intellectual, and conceptual structure of the research domain.
The study was guided by three main research questions:
How do key journals, dominant authors, and contributing countries influence IFRS adoption research in Africa? How does the current research exhibit a social (collaborative) and intellectual (citation) structure? How do popular evolving themes manifest in IFRS adoption research, and what areas necessitate further studies? This comprehensive approach allowed the researchers to map out the intellectual landscape of IFRS adoption and compliance research in Africa and identify areas for future investigation.
What the Author Found
The author found that there are existing collaborations among authors in the field, but more research is needed to enhance the intellectual structure of the domain. The majority of related documents are concentrated within twenty articles with at least one citation. The review identified the dominant authors, journals, and countries contributing to IFRS research in Africa. This information helps map out the intellectual landscape of the field and highlights the key contributors.
Why is this important?
Enhanced Understanding: By reviewing existing research on IFRS adoption and compliance in Africa, the study provides a comprehensive understanding of the current state of knowledge. This helps identify gaps and areas that need further exploration, which is crucial for advancing the field.
Collaboration and Knowledge Sharing: The study highlights the importance of collaboration among corporations, experts, and regulatory agencies. By fostering cooperative efforts and sharing knowledge, stakeholders can improve their understanding of IFRS, streamline implementation processes, and enhance compliance methods.
Practical Implications: The findings have practical implications for practitioners involved in IFRS adoption and compliance. By understanding the challenges and best practices identified in the study, practitioners can develop more effective strategies for implementing and complying with IFRS.
Policy Formulation: Policymakers can use the insights from this study to formulate policies that align with international standards and address regional issues. This can promote successful IFRS adoption and compliance, ultimately leading to improved financial reporting quality and transparency.
Future Research Directions: The study provides a foundation for future research by identifying dominant authors, journals, and countries contributing to IFRS research in Africa. It also suggests potential areas for further investigation, such as the impact of IFRS adoption on financial reporting quality, corporate governance, and economic growth.
What the Author Recommended
- The author emphasizes the importance of collaboration among corporations, experts, and regulatory agencies involved in IFRS adoption and compliance in Africa. By fostering cooperative efforts and knowledge-sharing, stakeholders can enhance their understanding, streamline implementation processes, and improve compliance methods.
- The author highlights the need for additional research to enhance the intellectual structure of the IFRS adoption and compliance domain. This includes exploring new areas and addressing gaps in the existing literature.
- Policymakers are encouraged to use the insights from this study to formulate policies that align with international standards and address regional issues. This can promote successful IFRS adoption and compliance, ultimately leading to improved financial reporting quality and transparency.
- The study underscores the practical implications of IFRS adoption and compliance. Practitioners involved in these processes can benefit from understanding the challenges and best practices identified in the study, which can help develop more effective strategies for implementation and compliance.
- The authors suggest potential areas for further investigation, such as the impact of IFRS adoption on financial reporting quality, corporate governance, and economic growth. They also recommend exploring the effects of IFRS adoption on social disclosure, corporate social responsibility (CSR) reporting, and other disclosures.
In conclusion, Effah’s bibliometric review provides invaluable insights into the current state of IFRS adoption and compliance research in Africa. By mapping the intellectual structure, identifying key contributors, and highlighting gaps in the existing literature, the study lays a robust foundation for future research. It emphasizes the critical role of collaboration among stakeholders, including corporations, experts, and regulatory agencies, in advancing the adoption and compliance of IFRS. Moreover, the study underscores the practical implications for policymakers and practitioners, offering strategies to enhance financial reporting quality, transparency, and alignment with international standards. As the field continues to evolve, these findings and recommendations serve as a guiding framework to foster growth, innovation, and improved financial practices across the African continent.
The African Research (AR) Index is a comprehensive scholarly directory and database focused explicitly on journal publishers that publish and disseminate African research.
