Description:
This paper critically examines the underlying dynamics and invisible linkages among the beneficiaries of IFRS adoption in OHADA countries, the latest and largest bloc of IFRS adopters. The globalisation of accounting standards through the adoption of International financial reporting standards (IFRS) is promulgated on the idea of improving capital markets and strengthening local accounting systems, particularly in developing countries. However, the rationale and dynamics of IFRS adoption in Africa remain questionable. Therefore, this paper critically examines the underlying dynamics and invisible linkages among the beneficiaries of IFRS adoption in OHADA countries, the latest and largest bloc of IFRS adopters. We employ the regulatory capture and network theories in case study setting to explain the dynamics of IFRS adoption in the region. Qualitative data from interviews were collected and analysed to support the case study. Our results identify a homogeneous group of three actors with convergent interests as beneficiaries of IFRS adoption in OHADA countries: the Big4, the World Bank and multinational firms. Consistent with regulatory capture and network theories, we identify the invisible relationships between these actors and their coordinated institutional pressure on IFRS adoption in OHADA countries