Perceptions regarding the implementation of International Financial Reporting Standards in Portugal and Brazil

This study responds to calls for further research on how the institutional context of code law rooted countries impeded or supported adoption International Financial Reporting Standards (IFRS). We contribute debate whether pre-IFRS Anglo-Saxon versus Continental European model persists under IFRS. The experiences Brazil and Portugal with respect IFRS are underexamined allow a comparison an advanced economy emerging market, thereby offering this topic. also helps overcome lack implementation by unlisted firms. Findings reveal that as many seven eight years after formally adopting IFRS, full de facto international accounting convergence in is not yet achieved. Evidence from both show coercive isomorphism being exerted mainly informal market forces rather than formal supervisory mechanisms. observation together enduring professional resistance low level development, most noticeably Brazil, consistent possibility decoupling loose coupling. cultural traits influenced continental adopted prior perpetuated countries, suggesting culture poses major obstacle complete