Financial statements user's Perceptions about acceptance and adaptation of International financial reporting standards (IFRS)

One of the final aims of the institutions working on transparency and standardization of financial statements, has been to set a uniform global set of standards. In 2013, the Board of the Tehran Stock Exchange permitted all listed companies to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). Also, all major companies accepted in Tehran Stock Exchange are required to prepare their financial reports based on IFRS after 20 March 2016. This study evaluates the point of view of users of financial statements about the adoption of IFRS.The results show that passing the usefulness (cost-benefit) test and education could significantly and positively help receive the perceived advantages of adopting IFRS. In other words, doing a serious costbenefit analysis before using IFRS, and providing education of IFRS at university level and through professional bodies, will increase the benefits of adopting IFRS, and hence, increasing reliability and integrity of the financial statements.