Empirical evidence of the suitability of IFRS in emerging markets Ghassan H. Mardini, Rula S. Wadi and Osama A. Mah’d College of Business and Economics, Qatar University, Doha, Qatar Abstract Purpose – The purpose of this study was to assess the suitability of International Financial Reporting Standards (IFRS) in emerging markets such as Qatar. The current research attempts to obtain insights into the advantages and disadvantages of IFRS implementation in Qatar based on the perceptions of top management, academics in accounting and external auditors. Design/methodology/approach – A questionnaire survey was the main tool used in this research. A total of 120 questionnaires were distributed to financial managers, academics and external auditors. Of the 97 replies (80 per cent), 91 completed questionnaires were analysed. Findings – The results suggest that IFRS implementation is suitable for the business environment of Qatar because the adoption of IFRS provides many advantages to the Qatari business environment, regulations and stock market without incurring additional major costs. Moreover, IFRS imposes no major constraints on the business environment or Islamic social responsibility and education in Qatar. Practical implications – The results of this research paper will help regulators in Qatar and other Gulf Cooperation Council (GCC) countries develop accounting regulations. Originality/value – This paper provides empirical evidence of the suitability of IFRS in emerging markets in general and the GCC region in particular and enhances the level of understanding of IFRS worldwide. Keywords IFRS, Suitability, Emerging markets, GCC, Qatar, Qatar Exchange Paper type Research paper 1. Introduction Financial information is the most important source of information for internal and external users (Gordon, 2008; Jermakowicz and Gornik-Tomaszewski, 2006; Callao et al., 2007; Rahman et al., 2014; Houqe and Monem, 2016; Tahat et al., 2016; Mohammadi and Mardini, 2016; Mardini and Tahat, 2017). It provides qualitative and quantitative data about an entity and its economic situation that aids financial information users in their decision-making (Benjamin and Stanga, 1977). To meet users’ decision-making needs, financial information must be relevant and reliable. Accordingly, after its founding in June 1973, the International Accounting Standards Committee (IASC) issued a set of International Accounting Standards (IASs) and later published a conceptual framework in 1989 to enhance the qualitative characteristics of financial information (relevant, reliable, understandable and comparable). In 2001, IASC was succeeded by the International Accounting Standards Board (IASB), and some of the IASs were subsequently replaced with the new International Financial Reporting Standards (IFRS). In 2005, a study by Kathryn (2005) reported that approximately 100 countries had begun publishing their listed companies in accordance with IFRS. In September 2010, IASB released its “Conceptual Framework for Financial Reporting (the IFRS Framework)” (International Accounting Standards Board, 2010). This Suitability of IFRS 553 Received 3 April 2017 Revised 20 September 2017 Accepted 27 October 2017 Accounting Research Journal Vol. 32 No. 4, 2019 pp. 553-567 © Emerald Publishing Limited 1030-9616 DOI 10.1108/ARJ-04-2017-0065 The current issue and full text archive of this journal is available on Emerald Insight at: www.emeraldinsight.com/1030-9616.htm