Assessment of the Adoption of International Financial Reporting Standards (IFRS): A Case of Anglogold Ashanti Iduapriem Limited

Abstract

The study examined AngloGold Ashanti Ghana Ltd.'s IFRS implementation's benefits, challenges, and successes (Iduapriem Mine). The study used descriptive design and quantitative approach. The study used questionnaires to acquire relevant data. Tables and percentages were used to process the raw data the study revealed that Ghana's economic development, legal system, external financial environment, and inadequate accounting norms impact IFRS adoption. Inadequate competent expertise, expensive prices for external IFRS advice and audits, and IFRS implementation issues were also noted. Thus, AngloGold Ashanti Ghana Ltd.’s management should hire IFRS specialists on a permanent basis to avoid high fees and attract the best investors from around the world, predict future product value, build strong standards that leave no room for fraud, and align IFRS principles with its principles and objectives. Finally, leaders of the company should create, maintain, and apply well-documented IFRS policies to its financial operations.