Advanced International Journal for Research

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Volume 6 Issue 6
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Key Influences on the Awareness and Adoption of International Financial Reporting Standards in West African Small and Medium Enterprises

Author(s) Eugene Agyemang-Yeboah Agyemang - Yeboah
Country Ghana
Abstract This study investigates the awareness, compliance, and challenges of IFRS adoption among SMEs in West Africa, revealing moderate levels of awareness and compliance with notable gaps in regular reviews and external audits. The study used an explanatory design for the quantitative approach, underpinned by a positivist philosophy. Data were gathered via structured questionnaires distributed both online and in person, subsequent to ethical approval from the university's ethics committee. The sample included respondents from SMEs across four West African countries: Ghana (347 respondents), Nigeria (70 respondents), Senegal (58 respondents), and Ivory Coast (42 respondents). Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to test hypotheses with the help of Smart PLS software. An asymmetric analysis was conducted using fsQCA software.
Coercive regulatory pressures negatively impact adoption, but mimetic and normative pressures have no significant influence; therefore, SMEs do not adopt IFRS based on peer imitation or professional norms. Challenges in implementation positively correlate with adoption, as heightened awareness of difficulties prompts SMEs to embrace IFRS, though compliance alone does not bridge the gap between awareness and action.
It is recommended that relevant regulatory bodies, such as national accounting boards and professional institutions, review and refine policies that impose compliance with IFRS. Furthermore, institutions should focus on providing comprehensive support systems to mitigate these challenges. This could involve setting up dedicated helpdesks or consultancies for SMEs that offer tailored assistance, making IFRS adoption more manageable. Furthermore, practical guides and tools should be developed to assist SMEs in understanding complex IFRS requirements.
Keywords IFRS, adoption, awareness, SMEs, SEM analysis, fsQCA, West Africa
Field Business Administration
Published In Volume 6, Issue 6, November-December 2025
Published On 2025-12-12
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E-ISSN 3048-7641
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