Asseessment of the modeling and adoption challenges that accountants face in that adoption of IFRS 17

Abstract

The objectives of this study are; to examine the relationship between socio-demographic factors, socio-economic factors and the extent for which software and IT systems need changes, to assess the relationship between individual factors, Assessment of the readiness of your organization as the system and infrastructure, Challenges in integrating data sources in IFRS 17 and Remedies to curb modeling challenges accountants face. This study was carried out on primary data and it adopted an experimental design involving numerical data, which employed a quantitative method. A self-administered questionnaire was used in obtaining the data on the assessment of the modeling and adoption challenges that Accountants face in the adoption of IFRS 17 which was sent via different social platforms to gather information such as whatsapp groups. 49 respondents were interviewed and In conclusion, a total of 49 respondents participated in the study and all of the respondents gave a positive response. The study produced that modeling and adoption challenges faced by Accountants are significant with p values 0.046 and 0.026 respectively less than 0.05 hence statistically having an effect on the extent for which software and IT systems need changes. From this study, organizations are required to employ experts, carryout online trainings, and thorough research to easily mitigate the challenges that Accountants face in the adoption of IFRS 17.