ABSTRACT
The study evaluated the challenges and success of implementation of International Financial Reporting Standards (IFRS) in AngloGold Ashanti Ghana Ltd (Iduapriem Mine). The study employed the descriptive design and the quantitative approach. The targeted population was AngloGold Ashanti Ghana Ltd. The study conducted a census survey and primary data was collected through questionnaires. Furthermore, the data were analysed using tables and percentages. The study found that factors such as the economic growth and the legal system of Ghana, the external financial environment as well as the ineffectiveness of the previous accounting standards influence the adoption of the IFRS standards. Also, it was found out that, the challenges associated with implementing IFRS are inadequate professional specialists, spending high fees on external IFRS consultancy and auditing. It is therefore, recommended that Management of AngloGold Ashanti Ltd can rely on the benefits of IFRS to attract the best investors from the world, predict future value for their products, build strong standards that give no room for fraud in the future by aligning the principles of IFRS with the core values and mission statements, the management of AngloGold Ashanti Ghana Ltd should permanently employ staff specialised in the IFRS standards to avoid paying high fees for IFRS consultancy and related services. Finally, the management of the company should formulate, keep and implement well-documented policies on incorporating the IFRS standards into the company’s financial operations.
NYAME, E (2021). INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTION AND FINANCIAL REPORTING AT ANGLOGOLD ASHANTI GHANA LTD. Afribary. Retrieved from https://tracking.afribary.com/works/international-financial-reporting-standards-adoption-and-financial-reporting-at-anglogold-ashanti-ghana-ltd
NYAME, EVANS "INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTION AND FINANCIAL REPORTING AT ANGLOGOLD ASHANTI GHANA LTD" Afribary. Afribary, 02 Apr. 2021, https://tracking.afribary.com/works/international-financial-reporting-standards-adoption-and-financial-reporting-at-anglogold-ashanti-ghana-ltd. Accessed 25 Nov. 2024.
NYAME, EVANS . "INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTION AND FINANCIAL REPORTING AT ANGLOGOLD ASHANTI GHANA LTD". Afribary, Afribary, 02 Apr. 2021. Web. 25 Nov. 2024. < https://tracking.afribary.com/works/international-financial-reporting-standards-adoption-and-financial-reporting-at-anglogold-ashanti-ghana-ltd >.
NYAME, EVANS . "INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTION AND FINANCIAL REPORTING AT ANGLOGOLD ASHANTI GHANA LTD" Afribary (2021). Accessed November 25, 2024. https://tracking.afribary.com/works/international-financial-reporting-standards-adoption-and-financial-reporting-at-anglogold-ashanti-ghana-ltd