International Financial Reporting Standard Adoption and Implementation and Challenges in Ethiopia: The Case of Insurance Companies

The general objective of the study is to assess International Financial Reporting Standard Implementation and Challenges in Ethiopia: The Case of Insurance Companies. The data collected from 158 employee and leaders of insurance. Both primary and secondary data collection instruments were used to collect data. Closed-ended questionnaires along with interviews were used for the purpose of data collection. The selections of the employee and leaders carried out by using census sampling techniques. The quantitative data analyzed with, frequency, percentages and mean. The study indicated the current implementation of International Financial Reporting Standard were at poor level. Regarding management constraints of insurance companies in implementing IFR, the study indicted there is lack of competent human resource with IFRS knowledge was the major practical implementation challenges of IFRS. Regarding education and training constraints of insurance companies in implementing IFR, the study conclude there is lack of education and training constraints insurance companies in implementing IFR. Regarding technical constraints of insurance companies in implementing IFR, the study conclude there is lack of technical constraints in insurance companies in implementing IFR. Regarding institutional constraint of insurance companies in implementing IFR, the study concludes there is lack of institutional constraint in insurance companies in implementing IFR. 4