The Effect of Applying International Financial Reporting Standards (IFRS) on the Development of the Conceptual Framework for the Accounting Dimensions of Sustainable Development: An Applied Study on Banks Listed on the Palestine Stock Exchange

Authors

Jehad Sharaf, University College of Science and Technology - PalestineFollow
Abdelrahman Rashwan, University College of Science and Technology - PalestineFollow

DOI

https://doi.org/10.35192/jjoas-h.v26i2.6

Abstract

This study aimed to identify the impact of applying International Financial Reporting Standards (IFRS) on developing the conceptual framework for Sustainable Accounting in banks listed on the Palestine Stock Exchange. It also seeks to understand Sustainable Accounting in terms of its reality, benefits, and role in achieving sustainable development. An analytical-descriptive approach was used to identify the problem and develop the theoretical framework of the study. The statistical program SPSS was employed to answer the study questions and test hypotheses. The researchers used a questionnaire in the field study, which was distributed to 39 general managers, financial managers, financial supervisors, and auditors working in banks listed on the Palestine Stock Exchange. The results of the study found that the implementation of IFRSs affects the development of accounting for the social dimension of sustainable development by 31%, impacts the development of accounting for the environmental dimension by 60%, and influences the development of accounting for the socio-economic sustainable dimension by 38.9%. In contrast, accounting for the technological dimension of sustainable development is affected by 30.6%. The study recommended that the conceptual framework for sustainable accounting be developed further to better measure and record accounting for the social, environmental, economic, and technological dimensions.

Recommended Citation

Sharaf, Jehad and Rashwan, Abdelrahman (2021) "The Effect of Applying International Financial Reporting Standards (IFRS) on the Development of the Conceptual Framework for the Accounting Dimensions of Sustainable Development: An Applied Study on Banks Listed on the Palestine Stock Exchange," Jordan Journal of Applied Science-Humanities Series: Vol. 26: Iss. 2, Article 6.
DOI: https://doi.org/10.35192/jjoas-h.v26i2.6
Available at: https://digitalcommons.aaru.edu.jo/jjoas-h/vol26/iss2/6