BENEFITS AND CHALLENGES OF INTERNATIONAL

FINANCIAL REPORTING STANDARD ADOPTION

IN REMITTANCE CENTER SERVICES
IN DIGOS CITY

HAZEL ARENAS

THESIS OUTLINE SUBMITTED TO THE FACULTY OF

INSTITUTE OF BUSINESS EDUCATION AND
GOVERNANCE (IBEG) OF THE DAVAO DEL
SUR STATE COLLEGE, MATTI DIGOS
CITY, DAVAO DEL SUR

BACHELOR OF SCIENCE IN ACCOUNTING

INFORMATION SYSTEM

JUNE 2022
 APPROVAL SHEET

This thesis outline entitled “BENEFITS AND CHALLENGES OF

INTERNATIONAL FINANCIAL REPORTING STANDARD ADOPTION
IN REMITTANCE CENTER SERVICES IN DIGOS CITY” prepared and
submitted by Hazel Arenas in partial fulfillment of the requirements for
the degree of Bachelor of Science Accounting Information System.

JAN CHRISTIAN D. ENERO, MBA JINEFER F. FLORENTINO,

DBM
Member Member
_____________________
_______________________
Date Signed Date Signed

NOREEN FAITHE L. PUZON, CPA EnP RHODA M. HILIS,

MABM
Adviser Chairman
________________________ ______________________

Date Signed Date Signed

Accepted and approved in partial fulfillment of the requirements for the

degree of Bachelor of Science in Accounting Information System

CHERRY ANN P. ROXAS, DBA

Dean
Institute of Business, Entrepreneur and Governance
Davao del Sur State College (DSSC)
Brgy. Matti, Digos City

ii
 ____________
Date Signed
TABLE OF CONTENTS

PRELIMINARY PAGES PAGE

TITLE PAGE i
APPROVAL SHEET ii
TABLE OF CONTENTS iii
LIST OF FIGURES iv
LIST OF APPENDICES v
DUMMY TABLES vi
CHAPTER
I THE PROBLEM AND ITS BACKGROUND
Background of the Study 1
Objectives of the Study 3
Significance of the Study 4
Scope and Limitations of the Study 4
Definition of Terms 5

II REVIEW OF RELATED LITERATURE

Related Literature 7
International Financial Reporting Standards 7
IFRS for SMEs 8
Small and Medium Enterprises that have Adopted IFRS 9
Benefits of International Financial Reporting Standard 11
Quality Accounting System 12
Benefits of Conversion to IFRS 13
Challenges of the Implementation IFRS 14
Troublesome Aspect of IFRS 15
Cost of Conversion of IFRS 15
Relationship Between Demographic Profile and 16
Benefits of Adopting IFRS

iii
 Relationship Between Demographic Profile and 17
Difficulties of Adopting IFRS
Conceptual Framework
20
Hypothesis
21
III METHODOLOGY
Research Locale 22
Research Respondent 23
Research Design 24
Sampling Design and Technique 25
Research Instrument 25
Data Gathering Procedures 28
Statistical Tools 29
References 32
Informed Consent 36
IV APPENDICES 38

iv
 LIST OF FIGURES

FIGURE PAGE

1 Conceptual Framework of the Study Showing 20

the Relationship among Variables

2 Location of the SMES in Digos City 22

v
 LIST OF APPENDICES

APPENDIX PAGE

1 Informed Consent 36

2 Survey Questionnaire 38

vi
 DUMMY TABLES

DUMMY TABLE PAGE

1 Socio-Demographic Profile 43

2 Benefits of Adopting IFRS 44

3 Difficulties of Adopting IFRS 46

vii