Next Article in Journal
Green Finance and Regional Technological Innovation in China: The Mediating Role of R&D Investment
Previous Article in Journal
The Influence of Bank Loans and Deposits on Ecuador’s Economic Growth: A Cointegration Analysis
 
 
Search for Articles:
Title / Keyword
Author / Affiliation / Email
Journal
Article Type
 
 
Advanced Search
 
Section
Special Issue
Volume
Issue
Number
Page
 
Journals
IJFS
Volume 13
Issue 2
10.3390/ijfs13020077
ijfs-logo
Submit to this Journal Review for this Journal Propose a Special Issue
► Article Menu

Article Menu

share Share announcement Help format_quote Cite question_answer Discuss in SciProfiles
first_page
settings
Order Article Reprints
Font Type:
Arial Georgia Verdana
Font Size:
Aa Aa Aa
Line Spacing:
Column Width:
Background:
Review

Voluntary International Financial Reporting Standards Application: A Bibliometric Review and Future Research Directions

by
Ngoc Giau Nguyen
1,2 and
Ngoc Tien Nguyen
1,*
1
School of Finance and Accounting, Industrial University of Ho Chi Minh City, Ho Chi Minh 70000, Vietnam
2
School of Economics and Finance, Thu Dau Mot University, Binh Duong 75000, Vietnam
*
Author to whom correspondence should be addressed.
Int. J. Financial Stud. 2025, 13(2), 77; https://doi.org/10.3390/ijfs13020077
Submission received: 26 February 2025 / Revised: 9 April 2025 / Accepted: 22 April 2025 / Published: 3 May 2025
Browse Figures
Versions Notes

Abstract

:
This study aims to review research on voluntary IFRS application and future research directions. This study presents a bibliometric review of 185 studies on voluntary IFRS application using Web of Science data and R software. Four research clusters are identified: (i) determinants of IFRS voluntary application, (ii) corporate disclosure, (iii) voluntary disclosure, and (iv) economic consequences, with detailed analysis and future research question extraction. These research clusters enable us to extract future research questions, highlighting the avenues where further investigation is needed. This study provides practical insights for policymakers and practitioners. Researchers can leverage our work to grasp the current state of knowledge, identifying active and impactful research areas. This guidance can inform their investigations, though this study relies solely on data from the Web of Science database. This study provides a comprehensive overview of the existing literature on voluntary IFRS application, helping researchers, practitioners, and policymakers understand the current state of research in this field.

1. Introduction

Commencing in 2005, the European Union (EU) embraced the International Financial Reporting Standards (IFRS) regulations, requiring their utilization in the formulation of consolidated accounts for companies listed within the EU, which extended to encompass insurers and banks (Jermakowicz & Gornik-Tomaszewski, 2006). The IFRS, introduced by the International Accounting Standards Board (IASB), aims to standardize global financial reporting (Ismail, 2017). The IFRS is increasingly recognized as the global standard for financial reporting (Ball, 2016). Many countries have already adopted the IFRS as their primary accounting framework, and more are considering it (Boolaky et al., 2018). Companies operating internationally or with global ambitions may choose to adopt the IFRS to align with global reporting norms (Wagenhofer, 2009). Initial investigations into the IFRS indicate a correlation between its implementation and substantial economic and financial advantages for adopting entities and nations (De George et al., 2016). These advantages encompass heightened transparency, diminished capital expenses, augmented cross-border investments, improved comparability of financial statements, and an increased presence of specialized foreign analysts (De George et al., 2016). Dinh et al. (2020) found that the IFRS requires more extensive disclosure than most local accounting standards. Prior literature has supported the view that more comprehensive information disclosure can reduce information asymmetry and enhance market liquidity (Bushee & Leuz, 2005). Given these benefits, the topic of IFRS adoption has garnered global research interest (Ahmed et al., 2013; André et al., 2012; Chua et al., 2012; Matonti & Iuliano, 2012; Moya & Oliveras, 2006; Paananen & Lin, 2009; Sakawa et al., 2021; Yang, 2014; Zeghal et al., 2012).
Daske et al. (2008) categorized IFRS adoption into three groups: mandatory adoption, early voluntary adoption, and late voluntary adoption. Early voluntary adoption refers to firms transitioning to the IFRS before their host country announces plans for mandatory adoption, whereas late voluntary adoption occurs after the announcement but before IFRS reporting becomes obligatory (Daske et al., 2008). Loureiro and Taboada (2012) defined voluntary IFRS adoption strictly as companies adhering to the IFRS before the mandatory adoption year in the host country. Kim and Shi (2012a) defined it as companies applying the IFRS before it becomes officially required. Kim and Shi (2012b) defined it as the probability of a company adopting the IFRS voluntarily or applying it before being mandated by the state. Previous review studies on IFRS adoption exist, covering a range of topics. For example, Soderstrom and Sun (2007) conducted a review assessing the repercussions of altering accounting standards and delving into determinants of accounting quality following IFRS adoption. Jamal et al. (2008) provided a comprehensive overview of the shift from GAAP to the IFRS. Ramanna (2013) undertook an extensive analysis of IFRS studies across multiple countries. Păşcan (2015) conducted an examination of how the shift from national accounting standards to the IFRS influenced accounting quality. De George et al. (2016) presented a summary of global studies on IFRS adoption.
As seen in the above summary, existing literature reviews on IFRS adoption primarily concentrate on both voluntary and mandatory adoption scenarios. However, there is a notable scarcity of reviews specifically delving into voluntary IFRS application. Although these studies offer academics several insights, a bibliometric examination of voluntary IFRS application as a whole is currently lacking. Hence, we employ bibliometric network analysis and topic modeling to elucidate the interconnections within the voluntary adoption of the IFRS and to explore its overarching structure. With this study, we assert that we have made at least three significant contributions to the current body of knowledge. First, this is the first endeavor to analyze the literature on voluntary adoption of IFRS since its inception. Analyzing the dynamics and structure of scholarly works pertaining to voluntary IFRS adoption contributes significantly to the extensive research on this topic. Second, by conducting a bibliometric analysis of scholarly publications related to the voluntary adoption of the IFRS, we contribute to the expansion of bibliometric research in this field. Third, by focusing exclusively on academic publications concerning the voluntary adoption of the IFRS, this study enhances the existing literature in this domain. Specifically, this study attempt to address the following research questions:
RQ1. How has the research on the voluntary adoption of the IFRS progressed since its inclusion in the Web of Science database?
RQ2. What are the main areas of focus for scholars and the underlying structure of knowledge, including the relationships between concepts, as evidenced by the selected publications?
RQ3. Which authors and publications stand out as the most prominent in the field of the voluntary adoption of the IFRS?
RQ4. Which scholars and institutions display the strongest collaboration in the voluntary adoption of the IFRS?
RQ5. What future research directions can be identified through bibliometric analysis?
The organization of this article is as follows: Section 2 details the research methodology, while Section 3 provides the outcomes of the bibliometric analysis. In Section 4, we pinpoint research clusters and outline potential future research directions. Following this, Section 5 delves into the research findings, culminating in the drawing of conclusions.

2. Research Methodology

2.1. Bibliometric Analysis

Bibliometric analysis is a prominent research method in library and information science, providing valuable insights into the landscape of scientific research (Donthu et al., 2021). It serves as an essential resource for researchers, practitioners, and policymakers, helping them make informed decisions about resource allocation and future research directions (Aria & Cuccurullo, 2017). A key difference between systematic literature reviews and bibliometric analysis lies in their outputs: systematic reviews synthesize findings from studies (Popay et al., 2006), while bibliometric analysis produces statistics and visual representations of trends in publication, citation, and collaboration within a field (Mejia et al., 2021). Bibliometric analysis examines published scholarly works and employs descriptive statistics related to citation data, along with network analysis, to explore relationships among authors, journals, institutions, countries, and keywords (Liang & Liu, 2018).
Figure 1 illustrates the sequential approach to conducting a bibliometric review. It commences with data collection through a systematic literature search. The next phase entails a thorough field assessment employing bibliometric citation analysis and network analysis. The aim is to discern patterns in publications; pinpoint the most impactful journals, studies (including books and other publications), institutions, and authors; and uncover collaborative ties and relationships. Following this, bibliographic coupling is employed to identify research clusters, and cluster analysis is conducted to map the sub-cluster system. The final step entails synthesizing the findings and uncovering potential research directions.

2.2. Research Data

In defining the scope of this study, we applied the following criteria: (i) inclusion of studies published before August 2023, (ii) inclusion of studies published in peer-reviewed research journals and books, and (iii) inclusion of studies written in the English language. Various databases, including Web of Science, were utilized to gather prior empirical evidence. The keywords were searched for in the title, abstract, and keyword fields in the selected database. These keywords included “Voluntary IFRS”, “Voluntary International Financial Reporting Standards”, “Voluntary adoption of IFRS”, and “Voluntary adoption of International Financial Reporting Standards”. The total number of articles collected from the above keywords was 616 research articles, and after removing duplicate studies and studies not directly related to the research topic, a total of 185 relevant studies were identified. Further details regarding the keyword search in Web of Science and Scopus can be found in Table 1.

2.3. Research Method

In this study, we employ bibliometric analysis to review voluntary IFRS application using R software. Bibliometric analysis, a methodology for conducting literature reviews, entails the statistical and quantitative examination of published studies (Broadus, 1987). Widely considered more objective and reliable than other literature review techniques, bibliometric reviews, when properly conducted, demonstrate qualities of systematicity, transparency, and reproducibility (Aria & Cuccurullo, 2017). Initially used for assessing studies based on publication and citation counts, recent advancements in bibliometric methods and software, such as R software and Bibliometrix, have enabled the mapping of scientific fields through techniques like co-citation analysis and keyword co-occurrence (Aria & Cuccurullo, 2017).

3. Results

3.1. Examination of the Dataset

Scheme 1 presents a summary of annual scientific production on the voluntary adoption of the IFRS. Recently, the number of such documents has increased, possibly due to the growing process of global economic integration. This expansion implies a greater need for a common standard to evaluate the activities of outstanding enterprises compared to that in the past.
The need to reduce asymmetric information through the voluntary adoption of the IFRS in countries worldwide is gaining popularity due to the positive benefits it brings to businesses. The change is particularly evident in the significant increase in the number of publications on voluntary IFRS adoption from 2006 to 2023, as depicted in Scheme 1. Furthermore, the research trend regarding the voluntary adoption of the IFRS in emerging countries is gaining increased attention due to the positive benefits it offers to businesses in those nations (as can be seen in Scheme 1).
The data analysis results are encapsulated through descriptive statistics, outlined in Table 2. Based on the results obtained, it can be concluded that the voluntary adoption of the IFRS is a subject of significant interest within the academic community. This is substantiated by the presence of 185 articles and an average of more than 23 citations per article.
Scheme 2 illustrates the average annual citation count. Notably, Scheme 2 reveals that the peak average citation count per year occurred in 2008, reaching 60 citations/year. Surprisingly, despite the anticipated benefits associated with IFRS adoption, there were only 14 citations in 2010, followed by a consistent decline until 2023. The decline in research on voluntary IFRS application is attributed to the official adoption of mandatory IFRS in many countries since the period after 2010. Examples include Canada, Japan, Qatar, and others.
Scheme 3 illustrates the dominant themes in research trends from 2011 to 2016, primarily focused on the assessment of generally applied accounting principles (GAAP) and the transition from local financial reporting to the IFRS (Although the first IFRS framework was issued before 2006, its development and refinement continued. By around 2011, several important standards had been issued and began to be more widely applied—for example, IFRS 10, IFRS 11, IFRS 12, and IFRS 13 were all issued in 2011. The greater stability and clarity of the standards may encourage more in-depth studies of their impact. Therefore, in this study, we identify trends over periods from 2011 to 2023 as the subsequent analysis). In 2017, the research landscape continued to explore the ramifications of transitioning to the IFRS, with a particular focus on topics such as GAAP, the voluntary adoption of the IFRS, and the evaluation of corporate capital structures.
In 2018, research interests shifted toward investigating the impact of IFRS application on information disclosure, economic consequences, and the costs associated with IFRS adoption. Subsequent to that, in 2019, research streams delved into the influence of IFRS application on corporate income management.
Moving forward to 2020, the research spotlight turned to the role of voluntary IFRS adoption in shaping information sources, particularly in the context of voluntary information disclosure and information quality. In 2021, strong research themes began to emerge regarding the factors influencing the choice to adopt the IFRS, both on a voluntary and mandatory basis.
By 2022, research trends extended to encompass new factors, including governance activities and ownership structures that impact the voluntary adoption of the IFRS. As of August 2023, the trend in voluntary research related to IFRS application continues to be of interest in individual countries.

3.2. Performance Analysis

As noted by Heradio et al. (2016), citation analysis serves as the predominant approach to evaluating research performance. Put simply, the higher the number of citations a paper receives, the more significant its impact within the respective field. The h-index is recognized as a suitable metric for gauging both the quantity and impact of a researcher’s scientific contributions.

3.2.1. Authors with the Highest Impact

Figure 2 ranks the authors by their impact. It is evident that Christensen H. B., Hail L., Leuz C., Ng. J., Tsang A., and Walker M. have the highest impact, each having an h-index of 3. This implies that each of these authors has at least three articles with a minimum of three citations each, totaling at least nine publications (as shown in Figure 2).
The primary institutional affiliations are depicted in Figure 3, revealing that the University of Kansas and Massey University are the two most productive institutions, each having published four articles in the analyzed dataset. Following closely are institutions such as the Egyptian Knowledge Bank, Essca Ecole De Management, Hong Kong Polytechnic University, University of Manchester, and University of Portsmouth, each with three articles to their credit.

3.2.2. Key Documents and the Most Frequently Utilized Words in the Dataset

Documented in Table 3 are the publications garnering the highest citation counts within this study. The top-cited works are attributed to Daske et al. (2008) with 960 citations, securing the first position, and Daske et al. (2013) in second place with 332 citations—both featured in the Journal of Accounting Research. Securing the third position, Horton et al. (2013) accrued 253 citations in the journal Contemporary Accounting Research. A substantial citation count for an article can significantly influence researchers, prompting further development within the considered field (Kaklauskas, 2015).
Figure 4 displays the words that appear with the highest frequency in the dataset. The initial five words are associated with the terms found in the search string, presented in ascending order of prevalence: “earnings management”, “voluntary disclosure”, “quality”, “determinants”, and “information”. This underscores the important role of the IFRS in enhancing information quality in financial statements and managing earnings.

3.3. Scientific Mapping Analysis

The concept of “strength of association” is a common measure employed in the creation of bibliometric maps, as demonstrated in studies by Cobo et al. (2011). This measure facilitates the construction of diverse scientific maps, serving to depict the structural and dynamic aspects of data derived from scientific research, as exemplified by Börner et al. (2003). According to Cobo et al. (2011), these maps offer insights into the development of a particular field of study, allowing for the tracing of the field’s conceptual structure through co-occurrence analysis

3.3.1. Co-Occurrence Network Mapping

Bibliometric mapping was conducted to analyze the keywords used by the authors, providing a better understanding of the conceptual structure. In addition to the “Voluntary adoption of IFRS” keyword itself, this analysis highlights keywords related to performance, voluntary disclosure, ownership, and determinants. The co-occurrence analysis results are presented in Figure 5.
Examining keyword co-occurrence serves as a valuable method for comprehending knowledge structures and identifying research trends (Rojas-Sánchez et al., 2023). In the depicted figure, researchers are encouraged to initially discern clusters based on their size, indicative of the number of associated documents. The lines connecting two clusters denote the relationship between these groups, representing the co-occurrence of two keywords (Guo et al., 2019). A shorter path indicates a stronger connection, while a longer one implies the opposite.
Within this bibliometric analysis, the initial cluster prominently features the following keywords: “information”, “earnings management”, “cost”, and “international accounting”. Each cluster corresponds to a keyword and highlights the most frequently associated and recurrent terms in the publications. All clusters are color-coded. In Figure 5, a distinction can be observed between the blue color of this cluster and the green color representing the following key keywords: “determinants”, “voluntary disclosure”, and “management”. The red cluster features the following key keywords: “performance”, “corporate governance”, and “earnings quality”. The purple cluster showcases the following key keywords: “US-GAAP”, “equity”, and “accruals”. Lastly, the yellow cluster displays the following primary keywords: “ownership” and “firm”. Since this bibliometric study uncovered a limited number of articles, the number of concurrent links between keywords was not extensive. As depicted in Figure 5, two groups have the closest relationship: “Voluntary adoption of IFRS” and “Quality of financial reporting information”.

3.3.2. Mapping the Productivity of Items Across Countries

Referring to Figure 6, the author found that the main keywords, including “earnings management”, “mandatory IFRS adoption”, “information”, “quality”, “incentives”, “cost”, and “voluntary disclosure”, demonstrate strong connections with countries such as the USA, Germany, France, and the UK. Furthermore, the universities listed in the final column reflect scientific relationships related to the topic of the voluntary adoption of the IFRS.

4. Clusters of Research and Future Directions

In the context of voluntary IFRS application, we employed bibliographic coupling analysis to examine four clusters: (i) determinants of voluntary IFRS application, (ii) corporate disclosure, (iii) voluntary disclosure, and (iv) economic consequences (as shown in Figure 7). These clusters are interrelated and form a foundation for each other. Additionally, we conducted a thorough review of the content of bibliographically coupled studies within each cluster, leading to the identification of sub-clusters addressing common research topics. This process allowed us to extract pertinent future research directions (as shown in Table 4).

4.1. Determinants of Voluntary IFRS Application

4.1.1. Firm Characteristics

Alruwaili et al. (2023) identify significant firm-specific characteristics during the pre-IFRS adoption period, emphasizing the crucial role of IFRS adoption in enhancing the financial reporting quality of companies and promoting a favorable economic environment in Saudi Arabia. Chung and Park (2017) demonstrate a negative impact of the number of years a business has been in operation on the voluntary adoption of the IFRS. Dawd (2018) establishes a positive correlation between company size and the voluntary disclosure of IFRS information. André et al. (2012) observed that one primary characteristic of businesses voluntarily adopting the IFRS may be their relatively low capital intensity. As a result, they predict and confirm that companies with a significant portion of assets invested in fixed assets are less likely to adopt the IFRS.
Future research: Earlier research has explored how firm characteristics impact the voluntary adoption of the IFRS. However, certain industries may possess unique incentives or constraints that influence their decisions to adopt the IFRS voluntarily (Christensen et al., 2015). Therefore, future research should aim to examine how the impact of firm characteristics on voluntary IFRS adoption varies across different industries.

4.1.2. Corporate Governance

Oussii and Klibi (2020) found that the ratio of financial experts on the audit committee is positively associated with voluntary IFRS application, and this relationship is even clearer when firms are audited by a Big4 audit firm. Mensah and Boachie (2023) concluded that voluntary IFRS application is a key factor in improving the quality of corporate governance.
Abdelqader et al. (2021) explored the impact of corporate governance mechanisms on the level of IFRS disclosure. Zaid (2023) found that the influence of professional shareholders on IFRS compliance levels is more significant than that when firms have a high ratio of independent managing directors. Nahar et al. (2020) investigated the effect of voluntary IFRS application on the relationship between risk disclosure and governance characteristics. Boateng et al. (2022) observed that voluntary IFRS application results in lower levels of voluntary disclosure, but corporate governance characteristics such as the size of the company board and governance structure are important factors influencing the level of corporate voluntary disclosure.
Future research: Corporate governance is positively associated with voluntary IFRS adoption, with a focus on business executives, audit committees, and board size. Additionally, ownership structure, particularly the distribution of voting rights, can determine who has control over the company’s strategic decisions (Thomsen & Pedersen, 2000). Hence, forthcoming studies should investigate the impact of corporate governance mechanisms, including board structure, ownership concentration, and the involvement of institutional investors, on the voluntary adoption of the IFRS and its subsequent implications.

4.2. Corporate Disclosure

Morris and Tronnes (2018) found that overall strategic disclosure is more popular in areas with higher levels of financial transparency, such as New York. Filip et al. (2022) confirmed that the institutional context plays a significant role in corporate disclosure for analysts. Nguyen (2022) suggested that integrated report disclosure varies between regions, and the level of integrated reporting is related to voluntary IFRS application.
Cormier et al. (2022) concluded that a portion of the IFRS and US-GAAP is positively related to a reduced level of information asymmetry. Zhu et al. (2022) confirmed that corporate trends have led to a higher incidence of voluntary earnings management compared to that in the period before the IFRS became mandatory.
Future research: A company’s financial health and performance can influence the extent and nature of disclosures (Dragomir, 2010). High-performing companies may be more inclined to share positive financial information to attract investors (Hassanein et al., 2019), while struggling companies might be less transparent to avoid raising concerns. In light of this, future research should explore how firm characteristics influence the extent and nature of disclosures made by companies that voluntarily adopt the IFRS. Are there differences in disclosure patterns based on firm characteristics? Furthermore, future research should investigate how the extent and quality of a firm’s corporate disclosure practices influence its decision to voluntarily adopt the IFRS. This can help determine whether firms with more transparent and informative disclosures are more likely to adopt the IFRS voluntarily.

4.3. Voluntary Disclosure

4.3.1. Corporate Performance

Renders and Gaeremynck (2007) explored the implications of implementing the IFRS, finding that it results in increased disclosure and, consequently, the diminishment of private benefits for corporate insiders. The extent of this diminution is influenced by institutional environmental characteristics (Renders & Gaeremynck, 2007). Lapointe-Antunes et al. (2006) confirmed that voluntary disclosure increases through IFRS application, improving actual earnings management. Chen et al. (2017) focused on the level of voluntary disclosure due to differences between the IFRS and GAAP and examined the positive association between voluntary disclosure and mandatory financial information. Lakhal and Dedaj (2020) examined how voluntary IFRS application contributes to the role of behavioral monitoring in earnings management. Weerathunga et al. (2020) suggested that IFRS convergence creates opportunities for managers to cope with legal pressure by disclosing more corporate social information. Hlel et al. (2020) confirmed that the relationship between IFRS application and efficient corporate governance contributes to the accuracy of management prediction. Yoo and Kim (2023) concluded that earnings management is weaker after the IFRS application period than before due to the greater need for corporate information disclosure. However, Ofoegbu and Odoemelam (2018) indicated that the level of information disclosure according to the IFRS is not related to corporate performance. Kassamany et al. (2023) argued that the adoption of the IFRS may enhance the impact of risk disclosure on market liquidity and financial efficiency. Fiechter et al. (2018) discovered that firms with a higher proportion of internal owners experience less pronounced net benefits from the adoption of the IFRS.
Future research: Strong corporate performance can enhance a company’s credibility in the eyes of stakeholders (Sirgy, 2002). To maintain and further build this credibility, companies may opt for transparent and comprehensive disclosures. This, in turn, can foster trust and confidence among investors, customers, and partners (Pruzan, 2001). Therefore, future research should analyze the interaction between corporate performance and voluntary IFRS adoption to understand their combined influence on voluntary disclosure outcomes.

4.3.2. Regulatory Environment

Crawford et al. (2014) examined the relationship between cost disclosure and voluntary disclosure after the IFRS application period, revealing that firms in New Zealand have a lower level of voluntary cost disclosure compared to firms in Australia, both before and after IFRS application (Crawford et al., 2014). Furthermore, firms with losses exhibit a higher level of cost disclosure than others (Crawford et al., 2014).
Goh et al. (2016) examined how investors analyzed option costs positively, with a higher level of information disclosure, in response to the convergence of the IFRS. Mazzi et al. (2017) found a negative relationship between implicit capital costs and information disclosure compliance with respect to the mandatory application of IFRS. Oxelheim (2019) highlighted the role of the institutional environment in international corporate governance, particularly focusing on information asymmetry through voluntary IFRS application. Z. Gu et al. (2019) demonstrated that the increased degree of earnings management reporting after voluntary IFRS application is lower than that in countries where IFRS is mandatory. Furthermore, a higher level of IFRS compliance diminishes the positive impact of IFRS application on voluntary disclosure (Z. Gu et al., 2019). Visani et al. (2020) confirmed that the use of non-GAAP financial measures trends downward due to a strong institutional system but increases through IFRS application. Sarquis et al. (2021) investigated the correlation between the extent of joint venture engagement and the degree of compliance with IFRS disclosure requirements, revealing a positive relationship. Zaro et al. (2022) concluded that integrated reporting disclosure is negatively associated with equity costs, and this negative impact is more pronounced for firms located in environments with stricter law enforcement.
Future research: Regulations set the legal framework within which businesses must operate (Shaffer, 2009). Companies must ensure compliance with various laws and regulations (Wymeersch, 2006). Failure to comply can result in legal consequences, fines, and reputational damage. In this context, future research should explore how the regulatory and institutional environment in a country influences voluntary IFRS adoption. Specifically, it should examine how differences in enforcement, investor protection, and legal systems affect these dynamics.

4.4. Economic Consequences

Kim et al. (2011) examined how voluntary IFRS application attracts foreign borrowers to engage with lending institutions. According to Kim and Shi (2012), the voluntary adoption of the IFRS is proposed to enhance the alignment of corporate information with stock prices. Additionally, Guerreiro et al. (2012) contended that firms, when contemplating the adoption of the IFRS, assess the advantages associated with the change in light of legal considerations. Christensen (2012) studied the relationship between the benefits and costs of IFRS application in the context of managers’ accounting standard choices. Horton et al. (2013) confirmed that mandatory IFRS application improves the quality of intermediate information in capital markets, and the corporate information environment enhances both information quality and accounting comparability. Wang (2014) indicated that the alignment of accounting standards (IFRS and GAAP) facilitates the transfer of information across nations and highlighted the role of accounting comparability as a direct mechanism. Bassemir and Novotny-Farkas (2018) observed an improvement in earnings quality and confirmed increased information disclosure following IFRS application for start-up firms. Shimamoto and Takeda (2020) examined the positive association between voluntary IFRS application and the ratio of foreign investors among shareholders. DeFond et al. (2020) explored the moderating effect of fair value accounting on the relationship between net income and cash holdings after voluntary IFRS application. Chia-Ling and Horng (2020) suggested a positive influence of IFRS application on earnings management.
Christensen et al. (2015) confirmed that voluntary IFRS application can enhance the quality of financial statements. Capkun et al. (2016) argued that early voluntary IFRS application is intended to increase transparency in financial reporting to attract external capital. Stent et al. (2017) employed a survey relating to the costs and benefits of IFRS application and found that voluntary IFRS application can bring out more benefits for firms. Downes et al. (2018) found that voluntary IFRS application can lead to lower financial costs. Hessayri and Saihi (2018) observed an increase in equity capital after voluntary IFRS application. Kouki (2018) suggested that opting for voluntary IFRS application does not elevate the relevance value of accounting information. Nevertheless, it has the potential to enhance the overall quality of information content. Kashiwazaki et al. (2019) found that firms engaged in trading M&A have a higher voluntary IFRS application probability than others employing local accounting standards. At the same time, from other perspectives, authors such as Cameran and Campa (2020) confirmed the positive impact of voluntary IFRS application on financial reporting quality and reducing debt cost. Opare et al. (2021) found that voluntary IFRS application leads to increased comparability of financial statements and reduced stock equity cost. Kulshrestha and Patro (2021) argued that the number of companies employing intelligent capital reporting increases after IFRS application, but their reports also significantly decrease in quality. Bertrand et al. (2021) argued that firms voluntarily applying the IFRS reissue more private debt than unlisted firms. J. Gu (2021) found that voluntary IFRS application with positive motivation is reduced by the modification of earnings management.
Future research: While many studies have demonstrated the benefits of voluntary IFRS adoption, the specific benefits that companies take into account when adopting the IFRS voluntarily have not received widespread attention. Therefore, future research should aim to identify and quantify the specific benefits that companies perceive or realize from voluntary IFRS adoption. These benefits may include improved access to global capital markets, enhanced comparability, cost savings, or increased transparency. Additionally, future research should investigate how the perceived benefits influence companies’ motivation to voluntarily adopt the IFRS and examine whether the expectation of realizing specific benefits drives the decision to apply the IFRS voluntarily.

5. Conclusions

This study presents a comprehensive bibliometric review of 185 studies related to voluntary IFRS application. The key findings of this study include the identification of influential articles, authors, and institutions, providing valuable insights into the scholarly contributions in the domain. The analysis in this study further clusters the literature into distinct research areas, such as determinants of voluntary IFRS application, corporate disclosure, voluntary disclosure, and economic consequences. These research clusters enable us to extract future research questions, highlighting the avenues where further investigation is needed.
The development of research on IFRS adoption, since its inclusion in the Web of Science and Scopus databases, has revealed several distinct phases of scholarly progress. In the early stages, studies primarily focused on documenting adoption rates and compliance issues across various jurisdictions. As the field matured, a second wave of research emerged, moving beyond mere documentation to examine the economic consequences of voluntary adoption. These studies developed more sophisticated empirical approaches to measure impacts on capital markets, information quality, and firm valuation. The current third phase of research has shifted toward exploring the contextual factors that influence both adoption decisions and outcomes. Recent studies increasingly recognize the importance of institutional context, firm characteristics, and implementation quality in determining the effectiveness of IFRS adoption.
Additionally, publication trends indicate a growing diversity in the types of journals that publish research on IFRS adoption. While early studies were primarily published in specialized accounting journals, more recent research has appeared in broader finance, economics, and management publications. This trend reflects the increasing acknowledgment of IFRS adoption as a significant topic that extends beyond the accounting field. However, studies indicate that the benefits of voluntary adoption are not evenly distributed among all adopters. The positive effects often depend on both firm-specific factors and the broader country context. At the firm level, factors such as firm size, growth opportunities, existing international exposure, and ownership structure significantly influence both the likelihood of voluntary adoption and the extent of benefits received. At the country level, organizational characteristics play an important role in shaping adoption decisions and outcomes. Previous studies have found that higher rates of voluntary adoption occur in countries with strong enforcement, developed capital markets, and close links between tax and financial reporting systems. The economic consequences of voluntary adoption are also more pronounced in countries with robust legal and regulatory frameworks that support credible implementation
The practical contributions of this study extend to policymakers and practitioners alike. Researchers can benefit from our work by understanding the current state of knowledge and by identifying the research areas with the most activity and impact. This can guide them toward relevant topics and future directions for their investigations. Institutions and countries can use the benchmark data to assess their research output and identify potential collaboration opportunities.
Policymakers and decision-makers in the field of financial reporting and IFRS adoption can leverage our findings to inform decisions regarding resource allocation and research funding. This study enhances transparency by offering a data-driven analysis of the existing literature, thus facilitating more informed choices. Moreover, as an educational and training resource, this study can be a valuable reference for students, researchers, and professionals aiming to delve into the intricacies of voluntary IFRS application.
In essence, this study contributes to a deeper understanding of the research landscape surrounding voluntary IFRS application. By highlighting key contributors, research focus areas, and future research directions, it plays a pivotal role in guiding and shaping the future of research in this crucial domain. As the field continues to evolve, we trust that our study will serve as a foundation for further investigations and provide valuable support for those engaged in research, practice, and policy development related to IFRS adoption.

Author Contributions

Conceptualization, N.G.N. and N.T.N.; methodology, N.T.N.; software, N.G.N.; formal analysis, N.G.N.; investigation, N.T.N.; data curation, N.G.N.; writing—original draft preparation, N.G.N. and N.T.N.; writing—review and editing, N.T.N. All authors have read and agreed to the published version of the manuscript.

Funding

This research received no external funding.

Institutional Review Board Statement

Not applicable.

Informed Consent Statement

Informed consent was obtained from all subjects involved in the study.

Data Availability Statement

The data presented in this study are available on request from the corresponding author.

Conflicts of Interest

The authors declare no conflicts of interest.

References

  1. Abdelqader, M., Nimer, K., & Darwish, T. K. (2021). IFRS compliance in GCC countries: Do corporate governance mechanisms make a difference? International Journal of Disclosure and Governance, 18(4), 411–425. [Google Scholar] [CrossRef]
  2. Ahmed, A. S., Neel, M., & Wang, D. (2013). Does mandatory adoption of IFRS improve accounting quality? Preliminary evidence. Contemporary Accounting Research, 30(4), 1344–1372. [Google Scholar] [CrossRef]
  3. Alruwaili, W. S., Ahmed, A. D., & Joshi, M. (2023). IFRS adoption, firms’ investment efficiency and financial reporting quality: A new empirical assessment of moderating effects from Saudi listed firms. International Journal of Accounting & Information Management, 31(2), 376–411. [Google Scholar] [CrossRef]
  4. André, P., Walton, P. J., & Yang, D. (2012). Voluntary adoption of IFRS: A study of determinants for UK non-listed firms. In Comptabilités et Innovation. Available online: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1978986 (accessed on 3 September 2023).
  5. Aria, M., & Cuccurullo, C. (2017). Bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959–975. [Google Scholar] [CrossRef]
  6. Ball, R. (2016). IFRS–10 years later. Accounting and Business Research, 46(5), 545–571. [Google Scholar] [CrossRef]
  7. Bassemir, M., & Novotny-Farkas, Z. (2018). IFRS adoption, reporting incentives and financial reporting quality in private firms. Journal of Business Finance & Accounting, 45(7–8), 759–796. [Google Scholar]
  8. Bertrand, J., de Brebisson, H., & Burietz, A. (2021). Why choosing IFRS? Benefits of voluntary adoption by European private companies. International Review of Law and Economics, 65, 105968. [Google Scholar] [CrossRef]
  9. Boateng, R. N., Tawiah, V., & Tackie, G. (2022). Corporate governance and voluntary disclosures in annual reports: A post-International Financial Reporting Standard adoption evidence from an emerging capital market. International Journal of Accounting & Information Management, 30(2), 252–276. [Google Scholar]
  10. Boolaky, P. K., Omoteso, K., Ibrahim, M. U., & Adelopo, I. (2018). The development of accounting practices and the adoption of IFRS in selected MENA countries. Journal of Accounting in Emerging Economies, 8(3), 327–351. [Google Scholar] [CrossRef]
  11. Börner, K., Chen, C., & Boyack, K. W. (2003). Visualizing knowledge domains. Annual Review of Information Science and Technology, 37(1), 179–255. [Google Scholar] [CrossRef]
  12. Broadus, R. N. (1987). Toward a definition of “bibliometrics”. Scientometrics, 12, 373–379. [Google Scholar] [CrossRef]
  13. Bushee, B. J., & Leuz, C. (2005). Economic consequences of SEC disclosure regulation: Evidence from the OTC bulletin board. Journal of Accounting and Economics, 39(2), 233–264. [Google Scholar] [CrossRef]
  14. Cameran, M., & Campa, D. (2020). Voluntary IFRS adoption by unlisted European firms: Impact on earnings quality and cost of debt. The International Journal of Accounting, 55(3), 2050013. [Google Scholar] [CrossRef]
  15. Capkun, V., Collins, D., & Jeanjean, T. (2016). The effect of IAS/IFRS adoption on earnings management (smoothing): A closer look at competing explanations. Journal of Accounting and Public Policy, 35(4), 352–394. [Google Scholar] [CrossRef]
  16. Chen, E., Gavious, I., & Lev, B. (2017). The positive externalities of IFRS R&D capitalization: Enhanced voluntary disclosure. Review of Accounting Studies, 22, 677–714. [Google Scholar] [CrossRef]
  17. Chia-Ling, C., & Horng, S. M. (2020). The Effects of Relaxing the Reconciliation Requirement in Foreign Private Issuers’ SEC Filings on Earnings Management Strategies: IFRS Adopters versus US GAAP Adopters. Tai Da Guan Li Lun Cong, 30(2), 71. [Google Scholar] [CrossRef]
  18. Christensen, H. B. (2012). Why do firms rarely adopt IFRS voluntarily? Academics find significant benefits and the costs appear to be low. Review of Accounting Studies, 17, 518–525. [Google Scholar] [CrossRef]
  19. Christensen, H. B., Lee, E., Walker, M., & Zeng, C. (2015). Incentives or standards: What determines accounting quality changes around IFRS adoption? European Accounting Review, 24(1), 31–61. [Google Scholar] [CrossRef]
  20. Chua, Y. L., Cheong, C. S., & Gould, G. (2012). The impact of mandatory IFRS adoption on accounting quality: Evidence from Australia. Journal of International Accounting Research, 11(1), 119–146. [Google Scholar] [CrossRef]
  21. Chung, H., & Park, S. O. (2017). Voluntary adoption of the IFRS and industry-level comparability: Evidence from Korean unlisted firms. Emerging Markets Finance and Trade, 53(7), 1654–1666. [Google Scholar] [CrossRef]
  22. Cobo, M. J., López-Herrera, A. G., Herrera-Viedma, E., & Herrera, F. (2011). Science mapping software tools: Review, analysis, and cooperative study among tools. Journal of the American Society for Information Science and Technology, 62(7), 1382–1402. [Google Scholar] [CrossRef]
  23. Cormier, D., Teller, P., & Dufour, D. (2022). The relevance of XBRL extensions for stock markets: Evidence from cross-listed firms in the US. Managerial Finance, 48(5), 689–705. [Google Scholar] [CrossRef]
  24. Crawford, L., Lont, D., & Scott, T. (2014). The effect of more rules-based guidance on expense disclosure under International Financial Reporting Standards. Accounting & Finance, 54(4), 1093–1124. [Google Scholar] [CrossRef]
  25. Daske, H., Hail, L., Leuz, C., & Verdi, R. (2008). Mandatory IFRS reporting around the world: Early evidence on the economic consequences. Journal of Accounting Research, 46(5), 1085–1142. [Google Scholar] [CrossRef]
  26. Daske, H., Hail, L., Leuz, C., & Verdi, R. (2013). Adopting a label: Heterogeneity in the economic consequences around IAS/IFRS adoptions. Journal of Accounting Research, 51(3), 495–547. [Google Scholar] [CrossRef]
  27. Dawd, I. (2018). Aggregate financial disclosure practice: Evidence from the emerging capital market of Kuwait. Journal of Applied Accounting Research, 19(4), 626–647. [Google Scholar] [CrossRef]
  28. DeFond, M., Hu, J., Hung, M., & Li, S. (2020). The effect of fair value accounting on the performance evaluation role of earnings. Journal of Accounting and Economics, 70(2–3), 101341. [Google Scholar] [CrossRef]
  29. De George, E. T., Li, X., & Shivakumar, L. (2016). A review of the IFRS adoption literature. Review of Accounting Studies, 21, 898–1004. [Google Scholar] [CrossRef]
  30. Dinh, T., Schultze, W., List, T., & Zbiegly, N. (2020). R&D disclosures and capitalization under IAS 38—Evidence on the interplay between national institutional regulations and IFRS adoption. Journal of International Accounting Research, 19(1), 29–55. [Google Scholar]
  31. Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133, 285–296. [Google Scholar] [CrossRef]
  32. Downes, J. F., Flagmeier, V., & Godsell, D. (2018). Product market effects of IFRS adoption. Journal of Accounting and Public Policy, 37(5), 376–401. [Google Scholar] [CrossRef]
  33. Dragomir, V. D. (2010). Environmentally sensitive disclosures and financial performance in a European setting. Journal of Accounting & Organizational Change, 6(3), 359–388. [Google Scholar]
  34. Fiechter, P., Halberkann, J., & Meyer, C. (2018). Determinants and consequences of a voluntary turn away from IFRS to local GAAP: Evidence from Switzerland. European Accounting Review, 27(5), 955–989. [Google Scholar] [CrossRef]
  35. Filip, A., Liu, J., & Moraru-Arfire, A. (2022). Shaping the information environment: International evidence on financial reporting frequency and analysts’ earnings forecast errors. Journal of Accounting, Auditing & Finance, 39, 0148558X221141568. [Google Scholar] [CrossRef]
  36. Goh, L., Joos, P., & Soonawalla, K. (2016). Determinants and valuation implications of compulsory stock option disclosures in a weak regulatory setting—The case of France. Journal of International Financial Management & Accounting, 27(1), 26–64. [Google Scholar] [CrossRef]
  37. Gu, J. (2021). Voluntary IFRS adoption and accounting quality: Evidence from Japan. Economic Research-Ekonomska Istraživanja, 34(1), 1985–2012. [Google Scholar] [CrossRef]
  38. Gu, Z., Ng, J., & Tsang, A. (2019). Mandatory IFRS adoption and management forecasts: The impact of enforcement changes. China Journal of Accounting Research, 12(1), 33–61. [Google Scholar] [CrossRef]
  39. Guerreiro, M. S., Rodrigues, L. L., & Craig, R. (2012). Voluntary adoption of International Financial Reporting Standards by large unlisted companies in Portugal–Institutional logics and strategic responses. Accounting, Organizations and Society, 37(7), 482–499. [Google Scholar] [CrossRef]
  40. Guo, Y. M., Huang, Z. L., Guo, J., Li, H., Guo, X. R., & Nkeli, M. J. (2019). Bibliometric analysis on smart cities research. Sustainability, 11(13), 3606. [Google Scholar] [CrossRef]
  41. Hail, L., Leuz, C., & Wysocki, P. (2010). Global accounting convergence and the potential adoption of IFRS by the US (Part I): Conceptual underpinnings and economic analysis. Accounting Horizons, 24(3), 355–394. [Google Scholar] [CrossRef]
  42. Hassanein, A., Zalata, A., & Hussainey, K. (2019). Do forward-looking narratives affect investors’ valuation of UK FTSE all-shares firms? Review of Quantitative Finance and Accounting, 52, 493–519. [Google Scholar] [CrossRef]
  43. Heradio, R., De La Torre, L., Galan, D., Cabrerizo, F. J., Herrera-Viedma, E., & Dormido, S. (2016). Virtual and remote labs in education: A bibliometric analysis. Computers & Education, 98, 14–38. [Google Scholar]
  44. Hessayri, M., & Saihi, M. (2018). Ownership dynamics around IFRS adoption: Emerging markets context. Journal of Accounting in Emerging Economies, 8(1), 2–28. [Google Scholar] [CrossRef]
  45. Hlel, K., Kahloul, I., & Bouzgarrou, H. (2020). IFRS adoption, corporate governance and management earnings forecasts. Journal of Financial Reporting and Accounting, 18(2), 325–342. [Google Scholar] [CrossRef]
  46. Horton, J., Serafeim, G., & Serafeim, I. (2013). Does mandatory IFRS adoption improve the information environment? Contemporary Accounting Research, 30(1), 388–423. [Google Scholar] [CrossRef]
  47. Ismail, R. (2017). An overview of International Financial Reporting Standards (IFRS). International Journal of Engineering Science Invention, 6(5), 15–24. [Google Scholar]
  48. Jamal, K., Benston, G., Carmichael, D., Christensen, T., Colson, R., Moehrle, S., Rajgopal, S., Stober, T., Sunder, S., & Watts, R. (2008). A perspective on the SEC’s proposal to accept financial statements prepared in accordance with international financial reporting standards (IFRS) without reconciliation to U.S. GAAP. Accounting Horizons, 22, 241–248. [Google Scholar] [CrossRef]
  49. Jermakowicz, E. K., & Gornik-Tomaszewski, S. (2006). Implementing IFRS from the perspective of EU publicly traded companies. Journal of International Accounting, Auditing and Taxation, 15(2), 170–196. [Google Scholar] [CrossRef]
  50. Kaklauskas, A. (2015). Biometric and intelligent decision making support (Vol. 81). Springer. [Google Scholar]
  51. Kashiwazaki, R., Sato, S., & Takeda, F. (2019). Does IFRS adoption accelerate M&A? The consequences of different goodwill accounting in Japan. International Advances in Economic Research, 25, 399–415. [Google Scholar]
  52. Kassamany, T., Harb, E., Louhichi, W., & Nasr, M. (2023). Impact of risk disclosure on the volatility, liquidity and performance of the UK and Canadian insurance companies. Competitiveness Review: An International Business Journal, 33(1), 30–61. [Google Scholar] [CrossRef]
  53. Kim, J. B., & Shi, H. (2012). IFRS reporting, firm-specific information flows, and institutional environments: International evidence. Review of Accounting Studies, 17, 474–517. [Google Scholar] [CrossRef]
  54. Kim, J. B., Tsui, J. S., & Yi, C. H. (2011). The voluntary adoption of International Financial Reporting Standards and loan contracting around the world. Review of Accounting Studies, 16, 779–811. [Google Scholar] [CrossRef]
  55. Kouki, A. (2018). IFRS and value relevance: A comparison approach before and after IFRS conversion in the European countries. Journal of Applied Accounting Research, 19(1), 60–80. [Google Scholar] [CrossRef]
  56. Kulshrestha, A., & Patro, A. (2021). Intellectual capital reporting and mandatory adoption of post-IFRS–An empirical analysis using computational linguistic tools. Journal of Intellectual Capital, 22(6), 1147–1179. [Google Scholar] [CrossRef]
  57. Lakhal, N., & Dedaj, B. (2020). R&D disclosures and earnings management: The moderating effects of IFRS and the global financial crisis. Journal of Financial Reporting and Accounting, 18(1), 111–130. [Google Scholar] [CrossRef]
  58. Lapointe-Antunes, P., Cormier, D., Magnan, M., & Gay-Angers, S. (2006). On the relationship between voluntary disclosure, earnings smoothing and the value-relevance of earnings: The case of Switzerland. European Accounting Review, 15(4), 465–505. [Google Scholar] [CrossRef]
  59. Liang, T. P., & Liu, Y. H. (2018). Research landscape of business intelligence and big data analytics: A bibliometrics study. Expert Systems with Applications, 111, 2–10. [Google Scholar] [CrossRef]
  60. Loureiro, G., & Taboada, A. G. (2012). The impact of IFRS adoption on stock price informativeness. Available online: https://www.efmaefm.org/0efmameetings/efma%20annual%20meetings/2012-Barcelona/papers/IFRS-Adoption_and_Stock_Price_Informativeness-5-7-2012.pdf (accessed on 14 September 2023).
  61. Matonti, G., & Iuliano, G. (2012). Voluntary adoption of IFRS by Italian private firms: A study of the determinants. Eurasian Business Review, 2, 43–70. [Google Scholar] [CrossRef]
  62. Mazzi, F., André, P., Dionysiou, D., & Tsalavoutas, I. (2017). Compliance with goodwill-related mandatory disclosure requirements and the cost of equity capital. Accounting and Business Research, 47(3), 268–312. [Google Scholar] [CrossRef]
  63. Mejia, C., Wu, M., Zhang, Y., & Kajikawa, Y. (2021). Exploring topics in bibliometric research through citation networks and semantic analysis. Frontiers in Research Metrics and Analytics, 6, 742311. [Google Scholar] [CrossRef]
  64. Mensah, E., & Boachie, C. (2023). Analysis of the determinants of corporate governance quality: Evidence from sub-Saharan Africa. International Journal of Disclosure and Governance, 20, 431–450. [Google Scholar] [CrossRef]
  65. Morris, R. D., & Tronnes, P. C. (2018). The determinants of voluntary strategy disclosure: An international comparison. Accounting Research Journal, 31(3), 423–441. [Google Scholar] [CrossRef]
  66. Moya, S., & Oliveras, E. (2006). Voluntary adoption of IFRS in Germany: A regulatory impact study. Corporate Ownership & Control, 3(3), 138–147. [Google Scholar]
  67. Nahar, S., Azim, M. I., & Hossain, M. M. (2020). Risk disclosure and risk governance characteristics: Evidence from a developing economy. International Journal of Accounting & Information Management, 28(4), 577–605. [Google Scholar]
  68. Nguyen, H. C. (2022). Interim financial reporting disclosure by listed firms in the Asia-Pacific region and influencing factors. Pacific Accounting Review, 35(2), 218–248. [Google Scholar] [CrossRef]
  69. Ofoegbu, N. G., & Odoemelam, N. (2018). International financial reporting standards (IFRS) disclosure and performance of Nigeria listed companies. Cogent Business & Management, 5(1), 1542967. [Google Scholar] [CrossRef]
  70. Opare, S., Houqe, M. N., & Van Zijl, T. (2021). Meta-analysis of the impact of adoption of IFRS on financial reporting comparability, market liquidity, and cost of capital. Abacus, 57(3), 502–556. [Google Scholar] [CrossRef]
  71. Oussii, A. A., & Klibi, M. F. (2020). The impact of audit committee financial expertise on de facto use of IFRS: Does external auditor’s size matter? Corporate Governance: The International Journal of Business in Society, 20(7), 1243–1263. [Google Scholar] [CrossRef]
  72. Oxelheim, L. (2019). Optimal vs satisfactory transparency: The impact of global macroeconomic fluctuations on corporate competitiveness. International Business Review, 28(1), 190–206. [Google Scholar] [CrossRef]
  73. Paananen, M., & Lin, H. (2009). The development of accounting quality of IAS and IFRS over time: The case of Germany. Journal of International Accounting Research, 8(1), 31–55. [Google Scholar] [CrossRef]
  74. Păşcan, I. D. (2015). Measuring the effects of IFRS adoption on accounting quality: A review. Procedia Economics and Finance, 32, 580–587. [Google Scholar] [CrossRef]
  75. Popay, J., Roberts, H., Sowden, A., Petticrew, M., Arai, L., Rodgers, M., Britten, N., & Duffy, S. (2006). Guidance on the conduct of narrative synthesis in systematic reviews. Journal of Epidemiology and Community Health, 1(1), b92. [Google Scholar]
  76. Pruzan, P. (2001). Corporate reputation: Image and identity. Corporate Reputation Review, 4, 50–64. [Google Scholar] [CrossRef]
  77. Ramanna, K. (2013). The international politics of IFRS harmonization. Accounting, Economics and Law, 3(2), 1–46. [Google Scholar] [CrossRef]
  78. Renders, A., & Gaeremynck, A. (2007). The impact of legal and voluntary investor protection on the early adoption of International Financial Reporting Standards (IFRS). De Economist, 155(1), 49–72. [Google Scholar] [CrossRef]
  79. Rojas-Sánchez, M. A., Palos-Sánchez, P. R., & Folgado-Fernández, J. A. (2023). Systematic literature review and bibliometric analysis on virtual reality and education. Education and Information Technologies, 28(1), 155–192. [Google Scholar] [CrossRef] [PubMed]
  80. Sakawa, H., Watanabel, N., & Gu, J. (2021). The internationalization and voluntary adoption of international accounting standards by Japanese MNEs. Management International Review, 61, 713–744. [Google Scholar] [CrossRef]
  81. Sarquis, R. W., dos Santos, A., Lourenço, I., & Oscar Braunbeck, G. (2021). Joint venture investments: An analysis of the level of compliance with the disclosure requirements of IFRS 12. Journal of International Financial Management & Accounting, 32(2), 207–232. [Google Scholar] [CrossRef]
  82. Shaffer, G. C. (2009). How business shapes law: A socio-legal framework. Connecticut Law Review, 42(1), 147. [Google Scholar]
  83. Shimamoto, K., & Takeda, F. (2020). IFRS adoption and accounting conservatism of Japanese firms with governance system transition. International Advances in Economic Research, 26, 161–173. [Google Scholar] [CrossRef]
  84. Sirgy, M. J. (2002). Measuring corporate performance by building on the stakeholders model of business ethics. Journal of Business Ethics, 35, 143–162. [Google Scholar] [CrossRef]
  85. Soderstrom, N. S., & Sun, K. J. (2007). IFRS adoption and accounting quality: A review. European Accounting Review, 16(4), 675–702. [Google Scholar] [CrossRef]
  86. Stent, W., Bradbury, M. E., & Hooks, J. (2017). Insights into accounting choice from the adoption timing of International Financial Reporting Standards. Accounting & Finance, 57, 255–276. [Google Scholar]
  87. Thomsen, S., & Pedersen, T. (2000). Ownership structure and economic performance in the largest European companies. Strategic Management Journal, 21(6), 689–705. [Google Scholar] [CrossRef]
  88. Visani, F., Di Lascio, F. M. L., & Gardini, S. (2020). The impact of institutional and cultural factors on the use of non-GAAP financial measures. International evidence from the oil and gas industry. Journal of International Accounting, Auditing and Taxation, 40, 100334. [Google Scholar] [CrossRef]
  89. Wagenhofer, A. (2009). Global accounting standards: Reality and ambitions. Accounting Research Journal, 22(1), 68–80. [Google Scholar] [CrossRef]
  90. Wang, C. (2014). Accounting standards harmonization and financial statement comparability: Evidence from transnational information transfer. Journal of Accounting Research, 52(4), 955–992. [Google Scholar] [CrossRef]
  91. Weerathunga, P. R., Xiaofang, C., Nurunnabi, M., Kulathunga, K. M. M. C. B., & Swarnapali, R. M. N. C. (2020). Do the IFRS promote corporate social responsibility reporting? Evidence from IFRS convergence in India. Journal of International Accounting, Auditing and Taxation, 40, 100336. [Google Scholar] [CrossRef]
  92. Wymeersch, E. (2006). The enforcement of corporate governance codes. Journal of Corporate Law Studies, 6(1), 113–138. [Google Scholar] [CrossRef]
  93. Yang, D. (2014). Exploring the determinants of voluntary adoption of IFRS by unlisted firms: A comparative study between the UK and Germany. China Journal of Accounting Studies, 2(2), 118–136. [Google Scholar] [CrossRef]
  94. Yoo, J., & Kim, S. (2023). Impact of IFRS adoption on the disclosure of management forecasts by industry concentration. Applied Economics, 56, 674–691. [Google Scholar] [CrossRef]
  95. Zaid, M. A. (2023). Do professional shareholders matter for corporate compliance with IFRS reporting requirements: The moderating effect of board independence. International Journal of Accounting & Information Management, 31(4), 647–675. [Google Scholar]
  96. Zaro, E., Flores, E., Fasan, M., Murcia, F. D. R., & Zaro, C. S. (2022). Voluntary adoption of integrated reporting, effective legal system and the cost of equity. Corporate Governance: The International Journal of Business in Society, 22(6), 1197–1221. [Google Scholar] [CrossRef]
  97. Zeghal, D., Chtourou, S. M., & Fourati, Y. M. (2012). The effect of mandatory adoption of IFRS on earnings quality: Evidence from the European Union. Journal of International Accounting Research, 11(2), 1–25. [Google Scholar] [CrossRef]
  98. Zhu, N. Z., Wang, K. T., & Wilson, M. (2022). The effect of conditional management earnings forecast mandates on voluntary disclosure and analyst forecast properties. Abacus, 58(3), 479–522. [Google Scholar] [CrossRef]
Ijfs 13 00077 g001
Figure 1. The framework of the literature review. Source: authors’ suggestion.
Figure 1. The framework of the literature review. Source: authors’ suggestion.
Ijfs 13 00077 g001
Ijfs 13 00077 sch001
Scheme 1. Annual scientific production. Source: collected by the authors.
Scheme 1. Annual scientific production. Source: collected by the authors.
Ijfs 13 00077 sch001
Ijfs 13 00077 sch002
Scheme 2. Average citations per year. Source: collected by the authors.
Scheme 2. Average citations per year. Source: collected by the authors.
Ijfs 13 00077 sch002
Ijfs 13 00077 sch003
Scheme 3. Trending topics. Source: collected by the authors.
Scheme 3. Trending topics. Source: collected by the authors.
Ijfs 13 00077 sch003
Ijfs 13 00077 g002
Figure 2. Authors’ local impact by h-index. Source: collected by the authors.
Figure 2. Authors’ local impact by h-index. Source: collected by the authors.
Ijfs 13 00077 g002
Ijfs 13 00077 g003
Figure 3. Most relevant affiliations. Source: collected by the authors.
Figure 3. Most relevant affiliations. Source: collected by the authors.
Ijfs 13 00077 g003
Ijfs 13 00077 g004
Figure 4. Most relevant words. Source: collected by the authors.
Figure 4. Most relevant words. Source: collected by the authors.
Ijfs 13 00077 g004
Ijfs 13 00077 g005
Figure 5. Keywords plus co-occurrence network. Source: collected by the authors.
Figure 5. Keywords plus co-occurrence network. Source: collected by the authors.
Ijfs 13 00077 g005
Ijfs 13 00077 g006
Figure 6. Mapping the productivity of items across countries. Source: collected by the authors.
Figure 6. Mapping the productivity of items across countries. Source: collected by the authors.
Ijfs 13 00077 g006
Ijfs 13 00077 g007
Figure 7. Research clusters. Source: collected by the authors.
Figure 7. Research clusters. Source: collected by the authors.
Ijfs 13 00077 g007
Table 1. Keyword search in the database.
Table 1. Keyword search in the database.
Keyword SearchNumber of Articles
“Voluntary IFRS”182
“Voluntary International Financial Reporting Standards”186
“Voluntary adoption of IFRS”145
“Voluntary adoption of International Financial Reporting Standards”103
Source: collected by the authors.
Table 2. Inspection of the analyzed dataset.
Table 2. Inspection of the analyzed dataset.
DescriptionResults
Duration2006:2023
Origin (journals, books, etc.)95
Publication185
Annual growth rate %13.01
Document average age4.46
Average citations per document23.25
References8545
Keywords plus (ID)500
Author’s keywords (DE)539
Contributors449
Authors of single-authored docs29
Co-authors per doc2.72
Percentage of international co-authorships41.62
Source: collected by the authors.
Table 3. Documents with the highest number of citations.
Table 3. Documents with the highest number of citations.
AuthorsTitleSourceTotal CitationsTotal Citations per Year
Daske et al. (2008)Mandatory IFRS reporting around the world: Early evidence on the economic consequencesJournal of Accounting Research96060
Daske et al. (2013)Adopting a label: Heterogeneity in the economic consequences around IAS/IFRS adoptionsJournal of Accounting Research33230.18
Horton et al. (2013)Does mandatory IFRS adoption improve the information environment?Contemporary Accounting Research25323
Hail et al. (2010)Global accounting convergence and the potential adoption of IFRS by the US (Part I): Conceptual underpinnings and economic analysisAccounting horizons20214.42
Christensen et al. (2015)Incentives or standards: What determines accounting quality changes around IFRS adoption?European Accounting Review15917.66
Source: collected by the authors.
Table 4. Summary of the topics covered in each cluster, along with their respective key research questions.
Table 4. Summary of the topics covered in each cluster, along with their respective key research questions.
ClusterTopicMain Research Questions
RedDeterminants of IFRS voluntary adoptionHow do firm characteristics influence the voluntary adoption of the IFRS?
What is the relationship between corporate governance factors and the voluntary adoption of the IFRS?
GreenCorporate disclosureWhat is the relationship between corporate disclosure activities and the voluntary adoption of the IFRS?
PurpleVoluntary disclosureHow does the voluntary adoption of the IFRS affect corporate performance through voluntary disclosure activities?
How does the regulatory environment influence voluntary disclosure activities?
BlueEconomic consequencesWhat challenges or benefits do firms encounter after voluntary adoption of the IFRS?
Source: collected by the authors.
Disclaimer/Publisher’s Note: The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of MDPI and/or the editor(s). MDPI and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.

Share and Cite

MDPI and ACS Style

Nguyen, N.G.; Nguyen, N.T. Voluntary International Financial Reporting Standards Application: A Bibliometric Review and Future Research Directions. Int. J. Financial Stud. 2025, 13, 77. https://doi.org/10.3390/ijfs13020077

AMA Style

Nguyen NG, Nguyen NT. Voluntary International Financial Reporting Standards Application: A Bibliometric Review and Future Research Directions. International Journal of Financial Studies. 2025; 13(2):77. https://doi.org/10.3390/ijfs13020077

Chicago/Turabian Style

Nguyen, Ngoc Giau, and Ngoc Tien Nguyen. 2025. "Voluntary International Financial Reporting Standards Application: A Bibliometric Review and Future Research Directions" International Journal of Financial Studies 13, no. 2: 77. https://doi.org/10.3390/ijfs13020077

APA Style

Nguyen, N. G., & Nguyen, N. T. (2025). Voluntary International Financial Reporting Standards Application: A Bibliometric Review and Future Research Directions. International Journal of Financial Studies, 13(2), 77. https://doi.org/10.3390/ijfs13020077

Note that from the first issue of 2016, this journal uses article numbers instead of page numbers. See further details here.

Article Metrics

Back to TopTop