International Journal of Accountancy
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Item Issues and challenges in IFRS adoption: Perceptions of the Professional Accountants in Sri Lanka(Department of Accountancy, University of Kelaniya, Sri Lanka., 2023) Vidanage, K. R.; Rajakaruna, I. R. H. M. T. P.; Kumari, J. S.This study mainly focused on identifying the IFRS adoption issues and challenges in the perception of Sri Lankan professional accountants. Professional Accountants face many obstacles when adopting the IFRS and identifying those issues and challenges and finding significant factors for them is mainly focused on his study. This study directly identifies what are the issues and challenges faced by Sri Lankan Professional Accountants and how the Accountants’ perception of issues and challenges are varied with the geometric characteristics. The quantitative research approach was used in the study and the questionnaire survey method was used to collect data from the Professional Accountants. The study used the convenience sampling technique to identify the sample for the study while ensuring representativeness. The sample size was 200 accountants. The Likert scale questionnaire was based on the literature and expert opinion on Sri Lankan IFRS adoption issues and challenges. To identify the major issues & challenges faced when adopting the IFRSs in the perceptions of professional accountants and identify the difference in perceptions on IFRS adoption issues and challenges of Accountants based on demographic characteristics Descriptive statistics and independent t – tests have been used. The study's findings particularly demonstrated that the accountants recognized every problem except one as having an impact on their work. A number of demographic factors were also examined, including gender, experience level, highest academic degree earned, professional certifications, and the sector. The study addresses the research gap in understanding the problems with IFRS adoption in Sri Lanka while offering useful insights for policymakers.Item Does Board Structure in Commercial Banks Impact their Performance?(Department of Accountancy, University of Kelaniya, Sri Lanka., 2021) Jayathilaka, P. G. A. T.; Kumari, J. S.This study aims to determine the Impact of Board Structure on the Performance of listed Commercial Banks on the Colombo Stock Exchange. This study examines the relationship between Board Structure and Corporate Financial Performance of listed commercial banks using a sample of 12 banks listed on the Colombo Stock Exchange, based on data from 2015 to 2019. Descriptive, correlation and regression analyses were performed to achieve the study objectives. This study uses the company's performance based on the following financial performance measures: return on assets (ROA) and return on equity (ROE) and board structure consisting of board size, female board members, non-executive directors, and frequency of board meetings. Bank capital is used as the control variable in this study. The study's findings suggest that the frequency of board meetings and non-executive directors have a negative and substantial influence on ROE, while the frequency of board meetings has a significant and negative impact on ROA. Additionally, bank capital has a positive and significant impact on ROA. However, the board size, female board members, and bank capital have no significant impact on ROE while board size, non-executive directors, and female board members have no significant impact on ROA of CSE-listed commercial banks. This study contributes to the literature on corporate governance and firm performance by providing the framework that affects the relationship between board structure and firm performance in the context of listed commercial banks. The findings of the study are important for policymakers, investors, regulators, and other bankers of the country. Commercial banks listed in Colombo Stock Exchange would put more attention on the structure and quality of the board to improve their performance. Concerning the study's scope, the present study only included CSE-listed commercial banks. Thus, additional research is needed to study the entire Sri Lankan banking system and 20 business sectors. Further, this study only looked at accounting-based measures such as ROA and ROE. Tobin's Q, for example, can be employed as a dependent variable. Future studies should be done by including cross-border analysis of developing and developed countries.Item The Level of Effective Internal Control System of Licensed Commercial Banks in Anuradhapura District of Sri Lanka: A Comparative Study(Department of Accountancy, University of Kelaniya, Sri Lanka., 2021) Vidanage, K. R.; Kumari, J. S.Globalization has resulted in complex business procedures and activities as a result of global organizations. In the case of banking sector procedures, complicated banking transactions and an increase in banking activity fraud have prompted a focus on the Banking Sector's Internal Control System. Every organization relies on an effective Internal Control System. Accordingly, the purpose of this research is to examine and compare the level of effective internal control systems of state-owned and private domestic commercial banks in the Anuradhapura district. The level of effectiveness of the Internal Control System was assessed using the five components of the Committee of Sponsoring Organizations (COSO) framework (Control Environment, Risk Assessment, Information and Communication System, Control Activities, and Monitoring Activities). Structured questionnaires were used to collect data from fifty respondents from state-owned and thirty respondents from private domestic commercial banks, respectively. Managers (76.25 percent response rate) and secondary officers were the most common respondents (response rate was 23.75 percent). Descriptive analysis with one-sample t-test and independent sample t-test were used to analyze the data. The results of the study indicated that the level of the effective control environment, information and communication systems, and control activities are different between State- Owned and Private Domestic Commercial Banks in Anuradhapura district, whereas the level of effective risk assessment and monitoring activities are not different between State-Owned and Private Domestic Commercial Banks in Anuradhapura district. The findings of this study will help practitioners as a guideline to get the maximum benefit of their Internal Control System.