Author(s): Maryam Alsamkari, Ayman Zerban, Momen Ataf
This research focuses on the challenges and benefits encountering the implementation of IFRS in the Kingdom of Saudi Arabia. Many possible effects can be recognized, and many motives exists for countries adopting IFRS. In today global business environment, the application of a single system of accounting can enhance the understanding of financial statements, allowing for more effective comparison and consequently facilitate movement of capital and increase economic development. The adoption of IFRS can be associated with difficulties and costs for different countries worldwide and Saudi Arabia is not different. Our research is based on quantitative method to record findings and access impacts of the implementation of IFRS. Primary data was acquired through interviews. From the findings of this research, we can conclude that implementation of IFRS would increase the level of transparency, efficiency and reduced forecasting errors, satisfaction associated with accounting in multinational companies and enhancing diversity in the economy of Saudi Arabia.