The costs and benefits of implementing International Financial Reporting Standards (IFRS) in practice can now be examined as more countries adopt IFRS. Our survey-based study provides unique insights into the perceptions of the preparers of 305 Australian company financial reports, when companies were preparing Australian equivalents to IFRS financial statements for the first time. We analyze preparers' perceptions of the costs of the implementation process and the likely benefits arising for their companies. Our results reveal a very negative tone among respondents reflecting concerns about the problems of IFRS implementation and the low level of expected benefits. We show that the primary sources of these concerns about IFRS were the difficulties associated with specific accounting issues, the ongoing monetary costs involved, and the perceived limited capital market impact of the changes introduced.

Data Availability: Data used in the study are available from the authors upon request.

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