Challenges in the Adoption of International Financial Reporting Standards by Rural District Councils in Zimbabwe; case for Nkayi, Lupane and Hwange Rural District Councils
Mudimba Leonard, Tariro Grace Mswazi
Journal Title:Journal of Economics and Finance
The study is on the challenges faced by rural district councils (RDCs) in the adoption of International Financial Reporting Standards (IFRS) in Zimbabwe: cases of Nkayi, Lupane and Hwange. The main research objective was to assess challenges hindering, the councils in effective adoption of IFRS. The study adopted a positivism research philosophy with quantitative research design however supported by qualitative where narrative was required on interview responses. The study used the questionnaire and interviews for data collection. The study population was 300 people from which a sample size of 50 was selected using purposive sampling technique. The major findings for the study were that, Nkayi, Lupane and Hwange have no proper financial reporting framework and they have not either adopted IFRS. The study`s major recommendations were that, authorities should draw more sensitization programs on use and application of IFRS in presenting reliable financial statements.