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Dr P.Gurusamy, Dr P. Gurusamy. "International Financial Reporting Standards (IFRS)." Indian Journal of Applied Research 3, no. 7 (October 1, 2011): 427–28. http://dx.doi.org/10.15373/2249555x/july2013/130.
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Tashnazarov, Samiddin. "Transition To International Financial Reporting Standards In Developing Countries: Possibilities And Analysis Of Implementation." American Journal of Interdisciplinary Innovations and Research 03, no. 05 (May 7, 2021): 135–41. http://dx.doi.org/10.37547/tajiir/volume03issue05-23.
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This article highlights the importance of IFRSs in developing countries, including Uzbekistan , based on the urgency of the transition to International Financial Reporting Standards ( IFRSs ) , and the factors that determine its necessity and potential . The most important one of the possibilities, the companies x International stock markets , currency exchange, capital markets and other markets in the world for the International Financial Reporting Standards , or GAAP financial reporting, and to provide in that country. The research work of the transition to IFRS to ensure the quality of the work must be done , the application of IFRS for the first time or before the transformation of the financial report based on national standards, environmental conditions, and production of composition and its contents were revealed .
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Richards, Glenn, and Chris van Staden. "The readability impact of international financial reporting standards." Pacific Accounting Review 27, no. 3 (August 3, 2015): 282–303. http://dx.doi.org/10.1108/par-08-2013-0086.
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Purpose – This paper aims to compare the readability of narrative annual report disclosure pre- and post-International Financial Reporting Standards (IFRS) adoption using a computational linguistics programme to determine if annual report disclosures have become more difficult or easier to read following the adoption of IFRS. Design/methodology/approach – This paper empirically measures narrative annual report disclosure readability pre- and post-IFRS adoption using a computational linguistics programme. In this analysis, the authors control for variables that have been identified as relevant to the understanding of financial disclosures, such as size, business volatility, financial leverage and industry. Findings – Significant relationships have been identified between IFRS adoption and reduced readability indicators using readability formulas, and also using other factors such as increased length of annual report disclosures and increased use of tables. Findings suggest that the adoption of IFRS has added complexity and resulted in reduced readability of annual report disclosures. Practical implications – Academic backing to claims of IFRS’s negative implications for financial statements and their ultimate users should encourage action on the part of standard setters and report preparers to address the negative impacts of IFRS adoption. Originality/value – This paper is the first to provide evidence that New Zealand equivalents to IFRS adoption have resulted in not only longer disclosures but also more complicated disclosures.
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V N, Sruthiya. "International Financial Reporting Standards Implementation in India: Benefits and Problems." IRA-International Journal of Management & Social Sciences (ISSN 2455-2267) 6, no. 2 (March 9, 2017): 292. http://dx.doi.org/10.21013/jmss.v6.n2.p13.
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<p><em>International Financial Reporting Standard (IFRS) introduced by the International Accounting Standards Board (IASB is international financial reporting standard. IFRS is a single set of high quality, understandable and enforceable global accounting standards. It is a "principles based" set of standards which are drafted lucidly and are easy to understand and apply. IFRSs were adopted first time in 2005 by EU (European Union) and are now accepted or required in more than 120 countries. In India, this is in an implementation stage. This paper tries to study the implementation problems in India and make suggestions to solve the problems. The important implementation problems are cost, lack of awareness about IFRS among investors, and no uniformity in accounting guidance issued by various regulators (SEBI, IRDA, RBI) in India. The suggestions are to provide proper training and education to accounting professionals and employees about IFRS; Government has to reform the taxation system to match with IFRS. </em></p>
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Ter Hoeven, Ralph, G. Ubels, and D. Zwagerman. "Boek-/marktwaarderatio en International Financial Reporting Standards." Maandblad Voor Accountancy en Bedrijfseconomie 83, no. 11 (November 1, 2009): 337–55. http://dx.doi.org/10.5117/mab.83.12843.
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In dit onderzoek wordt onderzocht of de boek-/marktwaarderatio groter is geworden door de invoering van International Financial Reporting Standards (IFRS). De boek-/marktwaarderatio wordt hierbij door ons gedefinieerd als ‘de ratio van het boekhoudkundige eigen vermogen ten opzichte van de marktwaarde van een onderneming.’ De aard van de probleemstelling vraagt om een empirisch/statische benadering. Aan de hand van statistische toetsen kan worden geconcludeerd dat deze ratio volgens Dutch GAAP significant verschilt van de ratio volgens IFRS voor de jaren 2004, 2005 en 2006. De vergelijking met 2007 levert echter een niet-significant verschil op vergeleken met het referentiejaar 2004. Wij trekken dan ook de – voorzichtige en geclausuleerde – conclusie dat de boek-/marktwaarderatio kleiner is geworden door de invoering van de IFRS. Ten slotte is ook de afstand tot de 100 procent boek-/ marktwaarderatio getoetst. Hierbij wordt rekening gehouden met ondernemingen met een boek-/marktwaarderatio die zowel hoger als lager is dan 100 procent. De afstand volgens Dutch GAAP blijkt significant te verschillen met de afstand volgens IFRS in 2006. Voor de overige jaren is dit verschil niet significant. Door een verschuiving van de waarderingsgrondslagen richting reële waarden in plaats van de traditionele waardering tegen verkrijgings- of vervaardigingsprijs, is het te verwachten dat het verschil tussen de boekwaarde en de marktwaarde van het eigen vermogen wordt verkleind, hetgeen gepaard gaat met een hogere boek-/marktwaarderatio. Uiteraard kunnen deze uitkomsten worden verklaard door andere determinanten dan de IFRS-adoptie. Niettemin achten wij de onderzoeksuitkomsten van belang, omdat de richting van de uitkomsten op zijn minst verrassend is te noemen.
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Yalkın, Yüksel Koç, Volkan Demir, and Lutfiye Defne Demir. "International financial reporting standards (IFRS) and the development of financial reporting standards in Turkey." Research in Accounting Regulation 20 (2008): 279–94. http://dx.doi.org/10.1016/s1052-0457(07)00216-0.
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Lawal, Adedoyin Isola, Yinka D. Olufemi, IfeOluwa Adewuyi, and Olubukoye Opeyemi Oye. "The Impact of International Financial Reporting Standards on Financial Performance." Indonesian Journal of Business Finance and Accounting 1, no. 1 (January 10, 2018): 20. http://dx.doi.org/10.32455/ijbfa.v1i1.12.
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Globalization, capital market crash and the Enron’s case led the accounting profession to insist on the need for a single set of high quality reporting standards. International Financial Reporting Standards (IFRS) were first adopted in 2005 by EU countries while Nigeria agreed to adopt in 2012. The question is: How does IFRS adoption improve the monetary relevance of accounting information? Several studies have explored the monetary relevance of IFRS adoption; however, they are based on foreign countries while Nigerian researches do not contain empirical evidence as they are mostly theoretical. This study therefore seeks to investigate the effect of IFRS adoption on financial performance. The study used correlation research design and data on Earnings per Share (EPS), Change in Earnings per Share (CEPS), Book Value per Share (BVPS) and net profit margin
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Ehoff Jr., Clemense, and Dov Fischer. "Should The SEC Adopt International Financial Reporting Standards?" Review of Business Information Systems (RBIS) 16, no. 1 (December 29, 2011): 15–20. http://dx.doi.org/10.19030/rbis.v16i1.6760.
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In 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) formally began a process to converge Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). By the end of 2011, the SEC will likely decide on whether to adopt International Financial Reporting Standards as the financial reporting system for U.S. public companies, continue with the convergence project, or reject IFRS altogether. This paper examines the benefits and drawbacks of each option and formulates a recommendation as to which option is in the best interest of U.S. investors.
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Mills, Roger. "Financial Reporting and Financial Economics Draw Closer." Henley Manager Update 16, no. 4 (June 2005): 5–15. http://dx.doi.org/10.1177/174578660501600402.
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The introduction of the International Financial Reporting Standards (IFRS) represents a significant change to the ways companies will have to account and report on their value and performance. Roger Mills reviews the standard with a focus on practice. In doing so he gives companies guidelines on how to account for value. He concludes by offering both listed and non-listed companies practical advice on how to embrace the standard.
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Yallapragada, RamMohan R. "Incorporating International Financial Reporting Standards Into The United States Financial Reporting System: Timeline And Implications." International Business & Economics Research Journal (IBER) 11, no. 3 (February 15, 2012): 283. http://dx.doi.org/10.19030/iber.v11i3.6860.
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In the United States of America (US), all the accounting procedures and guidelines for measurement and reporting by business firms are governed by a body of principles and concepts known as Generally Accepted Accounting Principles (GAAP). These GAAP are presently issued by the Financial Accounting Standards Board (FASB) with the authority delegated by the Securities and Exchange Commission (SEC). Historically, each country developed its own GAAP and there was no uniformity among the GAAPs of different countries. Comparison of financial statements issued by business firms from different countries has become impossible leading toward suboptimal capital allocation across countries in the world. Gradually, with the advent of multinational corporations, there emerged a global demand for convergence of GAAP of different countries into a single set uniform accounting standards applicable to all countries. Initiative for uniform global accounting standards came from International Accounting Standards Committee (IASC) which was established in 1973. The IASC formed International Accounting Standards Board (IASB) in 2001 which began issuing International Financial Accounting Standards (IFRS). Till now about 100 countries have adopted IFRS for their financial reporting purposes. The SEC has yielded to the global pressure to adopt IFRS in the US. SEC has set a timeline for US business firms to change over from US GAAP to IFRS. This paper presents the background and development of the movement of IFRS, timeline for the change in US and the implications involved in the adoption of IFRS in the US.
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Hosseiniol Asl, Mohsen, Farzaneh Heidarpoor, and Yadollah Tariverdi. "The Islamic Financial Reporting Goals and convergence with International Financial Reporting Standards (IFRS." Iranian journal of Value and Behavioral Accounting 4, no. 7 (September 1, 2019): 343–80. http://dx.doi.org/10.29252/aapc.4.7.343.
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Syafei, Jasmina. "INVESTIGASI PERSEPSI MAHASISWA AKUNTANSI TERHADAP INTERNATIONAL FINANCIAL REPORTING STANDARDS." JURNAL AL-IQTISHAD 11, no. 1 (April 12, 2017): 1. http://dx.doi.org/10.24014/jiq.v11i1.3119.
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Penelitian ini adalah untuk menginvestigasi persepsi mahasiswa akuntansi terhadap International Financial Reporting Standars (IFRS). Hasilnya menunjukkan tidak terdapat perbedaan tingkat pengetahuan mahasiswa,terhadap pemahaman IFRS. Berdasarkan usia tidak terdapat perbedaan tingkat pengetahuan antar kelompok usia dalam memahami IFRS. Berdasarkan tahun masuk universitas, ada perbedaan tingkat pengetahuan mahasiswa terhadap pemahaman IFRS. Dalam analisis regresi tingkat pengetahuan berpengaruh negative dan signifikan terhadap keinginan untuk mengambil kelas tentang IFRS. Sedangkan untuk variabel INTEREST, minat berpengaruh positif dan signifikan terhadap keinginan mengambil kelas. Begitu pula dengan Persepsi mahasiswa mengenai dampak IFRS terhadap kinerja keuangan (PERCEPTION1) berpengaruh positif terhadap keinginan mengambil kelas. Sedangkan variabel PERCEPTION2, berkiatan dengan persepsi kinerja finansial akan menimbulkan keinginan untuk mengambil kelas terhadap IFRS. Namun hasil pengujian tidak signifikan Hasil yang serupa juga ditunjukkan oleh variabel PERCEPTION3, variabel persepsi mahasiswa mengenai pengaruh terhadap stakeholder tidak berpengaruh secara signifikan.
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Agyei-Mensah, Ben Kwame. "Adoption of International Financial Reporting Standards (IFRS) in Ghana and the Quality of Financial Statement Disclosures." International Journal of Accounting and Financial Reporting 3, no. 2 (January 16, 2014): 269. http://dx.doi.org/10.5296/ijafr.v3i2.4489.
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According to the IASB's IFRS framework, qualitative characteristics are the attributes that make the information provided in financial statements useful to others. This study was conducted to investigate the quality of financial reports before and after adopting IFRSs in Ghana, and also the influence of firm-specific characteristics which include firm size, profitability, debt equity ratio, liquidity and audit firm size on the quality of financial information disclosed by firms listed on the Ghana Stock Exchange.The research was conducted through detailed analysis of the pre-official adoption period, (2006) and post adoption period, (2008) financial statements of the listed firms. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis which forms the main data analysis. The results of the quality of financial information disclosure mean of 76.80% (pre adoption) and 87.09% (post adoption) for the two years indicate that the quality of financial reports has improved significantly after adopting IFRSs. The study thus confirms that the implementation of IFRSs generally reinforce accounting disclosure quality. It also indicates listed firms' overwhelming compliance with the IASB's IFRS Framework.The results of the multiple regression analysis show that company size, represented by net assets and Auditor type were found to be associated at a statistically significant level with the quality of financial information disclosed. With the improvement in the quality of the financial reports after adopting IFRS users are assured of useful information for financial decision-making.Keywords: Quality of financial reports' disclosure, Firm-specific characteristics, International Financial Reporting Standards, Mandatory disclosure, Ghana. JEL Classifications: M40, M41, M48
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Krismiaji, Y. Anni Aryani, and Djoko Suhardjanto. "International Financial Reporting Standards, board governance, and accounting quality." Asian Review of Accounting 24, no. 4 (December 5, 2016): 474–97. http://dx.doi.org/10.1108/ara-06-2014-0064.
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Purpose The purpose of this paper is to discuss empirical research examining the impact of International Financial Reporting Standard (IFRS) adoption and board governance on the accounting quality, in terms of relevance and faithful representation. Design/methodology/approach The research uses a sample of 454 observations of publicly listed companies on the Indonesian Stock Exchange for the fiscal year that ends on December 31, 2008 through 2011. Relevance is measured by predictive value, whereas faithful representation is measured by absolute discretionary accrual as an inverse measure. Board governance is measured by the board of commissioner score whereas IFRS adoption is measured by the percentage of IFRS adopted. The data used in this study are obtained both from Indonesian Capital Market Directory, Indonesian Stock Exchange database, and from company annual reports. Findings This research found evidence of a positive association of IFRS adoption on the relevance of accounting information quality. With respect to faithful representation, this study proves a positive association after IFRS adoption. This research also found that board governance has a positive impact on accounting information quality after IFRS adoption both in relevance and faithful representation. This result is in line with investor’s expectations that fair value IFRS adoption enhances the relevance of accounting information. Originality/value This study provides further evidence on the effect of IFRS adoption and board of governance on accounting information quality using data from Indonesia. Moreover, this study measures and tests both dimensions of earnings quality which are relevance and faithful representation and portrays a complete story about the quality of earnings. This study uses the qualitative characteristics of accounting information as proxies for accounting quality, so that it enriches the accounting literature about the role of accounting standards in financial reporting quality.
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Mala, Rajni, and Parmod Chand. "Confidence of accountants in applying international financial reporting standards." Corporate Ownership and Control 13, no. 1 (2015): 56–65. http://dx.doi.org/10.22495/cocv13i1p6.
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Research on how accountants could increase their confidence in interpreting and applying International Financial Reporting Standards (IFRS) is lacking. This study examines whether the accuracy of judgments made by accountants varies as a consequence of their level of confidence, and whether their confidence in exercising judgments could be enhanced by greater familiarity with IFRS. The results of the study support that accountants who are more confident make judgments that better reflect the economic substance of a transaction than accountants who are less confident. The results further indicate that familiarity with IFRS enhances the confidence of accountants and the most accurate judgments are made by those accountants who are not only familiar with IFRS but also have confidence in their judgments.
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Haslam, Colin. "International Financial Reporting Standards (IFRS): Stress Testing in Financialized Reporting Entities." Accounting, Economics, and Law: A Convivium 7, no. 2 (October 26, 2017): 105–8. http://dx.doi.org/10.1515/ael-2017-0016.
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Abstract These remarks deal with financialisation of accounting. Financialisation is a process by which windfall capital market gains are crystallised from future earnings over and above those available from current earnings and profit. Accounting numbers reported by business firms are increasingly including the product of windfall gains from capital markets into those accounting numbers. Thus a significant disturbance in market valuations embedded in firm’s assets and earnings could have a significant and material impact upon firm-level financial stability.
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Hoon Yuk, Jee, and Wook Bin Leem. "The effects of the International Financial Reporting Standards (IFRS) adoption on earnings quality: evidence from Korea." Investment Management and Financial Innovations 14, no. 3 (November 13, 2017): 243–50. http://dx.doi.org/10.21511/imfi.14(3-1).2017.08.
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This study investigates whether earnings quality of Korean listed firms was substantially improved after the IFRS adoption in long-term aspect and which firms listed in KOSPI or KOSDAQ market had been more enjoyed the benefit. Prior studies related to this subject don’t provide consistent results and have a limitation of insufficiency of research periods. Therefore, this study analyzes the positive effect of the IFRS adoption in Korea using long-term based approach and comparative analysis on each Korean stock market. Furthermore, this study considered Korean specific institutional environment in which main financial statements prepared and disclosed by listed firms were changed from individual financial statements to consolidated financial statements after the IFRS adoption. Results of the study found that earnings quality of Korean listed firms had been significantly improved during 5 years after the IFRS adoption. In addition, earnings quality on consolidated financial statements of KOSDAQ listed firms has improved more than that of KOSPI listed firms. The results provide meaningful implications to evaluate the effects of IFRS adoption on earnings quality and to assess accomplishment of fundamental purpose of the IFRS adoption in Korea.
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Ezenwoke, Omotola, and Williams Tion. "International financial reporting standards (IFRSs) adoption in Africa: Abibliometric analysis." Cogent Social Sciences 6, no. 1 (January 1, 2020): 1801370. http://dx.doi.org/10.1080/23311886.2020.1801370.
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Luchko, Mykhaylo, and Nataliya Melnyk. "IFRS-reporting: practical aspects of transition." Herald of Ternopil National Economic University, no. 4(94) (December 3, 2019): 42–53. http://dx.doi.org/10.35774/visnyk2019.04.042.
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Introduction. Currently, the adoption of IFRS has become both an objective reality and a legal requirement for many domestic enterprises. International standards are a prerequisite for the formation of common approaches and objectives of financial statements, IFRS are focused on the presentation of real and objective accounting and reporting information about the financial position, as well as allow an impartial assessment of the opportunities and prospects of the enterprise. However, the implementation of IFRS requires amendments to the applicable regulations, national standards, clarification of terminology, development of practical recommendations, definition of tools and timing of the transition. As a significant expansion of the IFRS reporting segment is underway in Ukraine, new challenges, tasks, risks for practitioners and the professional accounting community are emerging. Purpose. The purpose of the article is to study the issues, practical aspects and methods of transition to the International Financial Reporting Standards, taking into account the requirements and changes of the current legislation, research of the categories, composition and structure of IFRS reporting. Methods. The methodological and informational basis of the research are regulations, scientific works, periodicals, open data from the Internet. Methods based on general and specific approaches to the study of economic phenomena, facts and processes were applied in the study, in particular: the dialectical cognition method (when summarizing the factors influencing the formation of IFRS financial statements), inductive (to transit from empirical data to practical use of IFRS requirements for systematic reporting, generalizations and conclusions that give an overview of the issues of IFRS reporting) and deductive (in the process of theoretical comprehension of the objectivity of the transition to IFRSs and obtaining partial conclusions to address the practical problems of such transition). Results. As a result of the study, the authors outlined the legal requirements for the content and structure of the first IFRS financial statements and their impact on the consistency and order of IFRS reporting; the practical stages of transition to IFRS have been identified and characterized; parallel accounting, translation and transformation have been described and critically evaluated as methods of financial reporting in the transition to IFRSs. It is emphasized that the transition to IFRS is not only associated with technical difficulties, but also complicates the organization of accounting services at the enterprise and influences management processes that rely on accounting reports and indicators. The problems of hiring qualified personnel, accountants training or involvement of outsourcing consultancies are considered. Recent developments concerning the Financial Reporting System (FRS) in electronic format on the XBRL standard for entities transitioning to IFRS have been analyzed. Discussion. Further research should be performed on the basis of domestic and international experience, taking into account the impact of IFRS implementation synergistic effect for different categories of businesses, and issues of practical implementation of financial reporting systems (FRS) in electronic format on the XBRL standard.
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Khoma, S., Yu Chuchuk, T. Savchuk, and O. Stepanyuk. "Taxonomy of financial reporting in compliance with international standards: practical aspects." Galic'kij ekonomičnij visnik 67, no. 6 (2020): 114–21. http://dx.doi.org/10.33108/galicianvisnyk_tntu2020.06.114.
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Financial reporting is an important part of economic life. The order of preparation and submission of financial reporting is formed under the influence of various factors, including the following ones: the state of the economy, the level of information technology development, the needs of stakeholders, and others. Strengthening of the trends in digital transformation of economy resulted in the emergence of new trends in financial reporting or certain modification of existing ones. The place and role of electronic format for submitting the financial recording according to XBRL Taxonomy in compliance with International Financial Reporting Standards are investigated in this paper. Creation of digital, unambiguous, accurate, and multiple versions of financial reporting is one of the main features of XBRL standard. Theoretical and methodological statements of XBRL format application for reporting based on IFRS Taxonomy are determined, its defining features and advantages are investigated. The prospects of XBRL technology use are proved, since business reports in this format facilitate the search of data for financial reporting on the Internet and the possibility of their automatic analysis. IFRS Taxonomy improves communication between compliers and users of financial reporting that comply with IFRS Standards. The distinctive feature of financial reporting based on XBRL electronic format is its flexibility, and therefore XBRL reporting is becoming more popular. The transition of domestic companies that are required to report under IFRS to statutory report in the XBRL Taxonomy format requires the assessment of their technical and resource capacities. Problematic issues on the way of introduction the taxonomy of financial reporting UA XBRL IFRS are outlined. Particularly, the need to develop software products adapted to the Ukrainian taxonomy is highlighted. Therefore, in Ukraine there is the growing need to train specialists with sufficient level of knowledge in both XBRL and IFRS. Further maintaining the trend of priority of the electronic reporting format will contribute.
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Amissah, Edmond, Paul Hammond, and Reginald Djimatey. "The Effects of International Financial Reporting Standards on Reporting Quality of Financial Institutions in Ghana." International Journal of Accounting and Financial Reporting 10, no. 2 (July 2, 2020): 94. http://dx.doi.org/10.5296/ijafr.v10i2.16851.
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This study sought to examine the reporting quality of financial institutions in Ghana after adopting International Financial Reporting Standard (IFRS) as its official national reporting standard. Using a fixed effect logistic regression, the study compares the earnings management of banks and insurance firms before and after IFRS adoption on reporting quality. The data used was drawn from 51 financial institutions made up of 23 universal banks and 28 insurance companies observed over the period 2003 to 2014. The empirical results indicate that financial institutions exhibit more earnings management during the post-adoption era which is interpreted as a decline in the quality of financial reporting among financial institutions in Ghana. The results documented in this study add to the dearth of literature and contributes to the debate on IFRS adoption and its related impact on reporting quality (earnings management) among financial institutions from the perspective of an emerging market. The study is unique in the sense that it includes the insurance industry where the literature is largely silent especially, on the impact of IFRS adoption by countries on the African continent. Furthermore, unlike previous studies, this paper considers both listed and non-listed firms.
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Zhuravka, Fedir. "Problem aspects of transformation in financial reporting of business entities in Ukraine." Geopolitics under Globalization 1, no. 1 (March 17, 2016): 36–44. http://dx.doi.org/10.21511/gg.01(1).2017.05.
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In many countries International Financial Reporting Standards (IFRS) have become part of the domestic law or common practice. Ukraine has also taken the first steps to the use of IFRS taking into account its national peculiarities. However, problems occur in the adaptation of international standards, which need to be solved. The proposed article is devoted to the research of specific problems arising during the implementation of IFRS in Ukraine. The author substantiates the expediency of implementing International Financial Reporting Standards in Ukraine, studies the prospects of using international standards in the national accounting practices and defines the principle of transformation as a priority. It determines the stages of IFRS implementation in Ukraine and the problems that arise on each of these stages. As a result, the study highlights the shortcomings of the national accounting system’s reform and ways of optimizing the process of IFRS implementation in Ukraine.
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S., Ezeani Nneka, and Oladele Rotimi. "Adoption of International Financial Reporting Standards ( IFRS ) to Enhance Financial Reporting in Nigeria Universities." Oman Chapter of Arabian Journal of Business and Management Review 2, no. 3 (October 2012): 70–85. http://dx.doi.org/10.12816/0002253.
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Thuy Van, Ha Thi, Vu Thi Kim Anh, and Nguyen Dang Huy. "International Financial Reporting Standards and Orientation of Vietnam: “Roadmap & International Experience”." Accounting and Finance Research 7, no. 4 (November 20, 2018): 167. http://dx.doi.org/10.5430/afr.v7n4p167.
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Currently, the Ministry of Finance is implementing Decision 480/QD-TTG dated 03/18/2013 of The Prime Minister on approving the Strategy Accounting - Audit 2020, Vision 2030 and implementing the Resolution 35/NQ-CP of the Government dated 16.05.2016 related to the support and development of enterprises by 2020. Accordingly, the development and improvement the legal framework of Financial Reporting standards in Vietnam is one of the key tasks and urgent needs to be developed to meet the requirements of the economy in the period of integration. The system of International Accounting Standards, including the International Accounting Standards (IAS) and the standards of international financial reporting (IFRS) was issued, adjusted, updated and replaced by The International Accounting Standards Board. International Accounting Standards is an important condition to ensure that companies and organizations around the world can apply uniform accounting principles in the work of preparing and presenting financial statements. Currently, many countries around the world such as USA, Japan and European countries, Asia Pacific are approaching IFRS convergence trend. In the trend of globalization of accounting, Vietnam will not be outside the process of integration with the system of International Financial Reporting Standards. This article will review the process of formation and development of IFRS, the IFRS trends and the advantages and disadvantages of applying IFRS in Vietnam.
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Venkataramulu, Panduranga. "International Financial Reporting Standards (IFRS): Is India Gearing Up?" Adarsh Journal of Management Research 3, no. 1 (March 1, 2010): 76. http://dx.doi.org/10.21095/ajmr/2010/v3/i1/88381.
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Hamidah, Hamidah. "ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) IN INDONESIA." Journal of Economics, Business, and Accountancy | Ventura 16, no. 2 (August 1, 2013): 355. http://dx.doi.org/10.14414/jebav.v16i2.191.
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Ehoff Jr., Clemense, and Dov Fischer. "Why The SEC Is Delaying Adoption Of International Financial Reporting Standards." International Business & Economics Research Journal (IBER) 12, no. 2 (January 31, 2013): 223. http://dx.doi.org/10.19030/iber.v12i2.7635.
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In 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) formally began a process to converge Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). The SEC has repeatedly delayed its decision on whether to adopt International Financial Reporting Standards as the financial reporting system for U.S. public companies, continue with the convergence project, or reject IFRS altogether. This paper will examine several key reports issued by the SEC and the Financial Accounting Foundation to gain further insight into 1) why the SEC has repeatedly delayed its decision, and 2) what the SEC will ultimately decide.
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Hilliard, Theresa DiPonio, and Presha Neidermeyer. "The Impact of International Financial Reporting Standards (IFRS): Evidence from Canada." Studies in Business and Economics 11, no. 2 (August 1, 2016): 51–57. http://dx.doi.org/10.1515/sbe-2016-0020.
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Abstract The Canadian transition to IFRS provides a valuable IFRS learning opportunity. The Canadian transition and implementation of IFRS provides a unique opportunity to examine the conversion of financial reporting from a similar set of financial reporting rules as U.S. GAAP in a similar economic and business environment. The implementation and adoption of IFRS is not a monolithic event. Our ability to comprehensively understand and assess IFRS requires transparent disclosures such as those mandated by IFRS 1 and disaggregation of the equity components to observe and measure the impact of IFRS as it pertains to discretionary management implementation choices, material reclassifications, and GAAP-to-GAAP differences. Comprehensive knowledge of IFRS 1, First Time Adoption of International Financial Reporting Standards is crucial to our ability to assess the transitory and future impact of IFRS. IFRS 1 sets the precedent for financial reporting under IFRS, overrides transitional provisions included in other IFRS, and prescribes detailed disclosures. This detailed “rules-based” standard permits discretionary management policy choices which have material impact on transitory reporting as well as future financial results.
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Dékán Tamásné Orbán, Ildikó. "Reporting companies’ performance – in respect of the international financial reporting standards (IFRS)." Applied Studies in Agribusiness and Commerce 7, no. 4-5 (December 30, 2013): 107–12. http://dx.doi.org/10.19041/apstract/2013/4-5/15.
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The role of information became more important due to rapidly changing technical conditions, market and economic regulations in our globalizing world. Several regulations tend to provide the framework for reporting performance and income of the companies, but in different statements performance is inconsistently presented and many kind of evaluation method exist in the practice. These facts led to the demand of properly assess the financial health of an organization, and created a commonly accepted rule-system, which name was International Financial Reporting Standards (IFRS). In this paper I tend to present the statements, definitions and factors, which can have great influence in representing the performance, income of the company in the frame of the IFRS, and reveal the differences between the other accounting regulations (EU directives, Hungarian Accounting Act) in this field.
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Shkurti, Rezarta, and Brunilda Duraj. "THE ACCOUNTING STANDARDS AND FINANCIAL REPORTING IN ALBANIA." CBU International Conference Proceedings 4 (September 20, 2016): 092–97. http://dx.doi.org/10.12955/cbup.v4.748.
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Albania implemented its first set of 14 National Accounting Standards (NAS), which were prepared in compliance with the International Financial Reporting Standards, in 2009. The 15th standard, specifically the Accounting Standard for financial reporting by micro-entities, was added to this set in 2011 and a 16th standard, relating to the reporting for non-profit enterprises, was added in 2015. In 2014, the National Accounting Council of Albania (NACA) performed a major revision of this existing framework of NAS. The focus of this paper is to analyze the current status, as well as the development of accounting and financial reporting in Albania for the Small and Medium Enterprises (SMEs). An international standard of financial reporting for SMEs was issued by the International Accounting Standards Board but was not fully endorsed by the European Community, nor by the NACA, who instead chose to revise their current NAS. In this study, we provide a general overview of the accounting regime and platforms currently applied in Albania, by focusing on the changes over the recent years. We also depict the main differences between the IFRS for SMEs and the NAS in Albania in treatment of several elements of the financial statements.
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Zakari, Mohamed Abulgasem. "Challenges of International Financial Reporting Standards (IFRS) Adoption in Libya." International Journal of Accounting and Financial Reporting 1, no. 1 (November 2, 2014): 390. http://dx.doi.org/10.5296/ijafr.v4i2.6302.
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This study investigates the challenges that face implementing of International Financial Reporting Standards (IFRS) by Libyan firms. In particular, this paper analyses the effect of legal, economic, accounting education and culture structures on adopting of IFRS in the Libyan context. A questionnaire was used to collect data regarding the effect of some selected challenges on IFRS adoption in Libya. The results of the study indicate that IFRS adoption by Libyan companies has faced some obstacles such as accounting education and economic issues. This research extends accounting literature by studying the challenges of IFRS in Libya (a developing country), focusing on the impact of legal, accounting education, economic and culture in IFRS implementation.
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Kędzior, Marcin, Malgorzata Cyganska, and Dimitrios Syrrakos. "Determinants of Voluntary International Financial Reporting Standards Adoption in Poland." Engineering Economics 31, no. 2 (April 30, 2020): 155–68. http://dx.doi.org/10.5755/j01.ee.31.2.24603.
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The paper examines the determinants of voluntary International Financial Reporting Standards (IFRS) adoption in Poland. In doing so, it empirically confirms the impact of diverse CEO and supervisory board characteristics on voluntary IFRS adoption. The paper focuses on 446 publicly traded production companies from Poland. The analysis is based on logistic regression analysis. The empirical investigation confirms the impact on voluntary IFRS adoption of such factors as company size, international investors, international supervisory board, number of supervisory board members, CEO nationality. The paper contributes to the assessment of voluntary IFRS adoption determinants, by presenting for the first time CEO and supervisory board characteristics and their impact on voluntary International Financial Reporting Standards (IFRS) adoption, and the determinants of IFRS adoption from Central and Eastern Europe. The paper enhances existing knowledge of voluntary IFRS adoption by incorporating new CEO and supervisory board characteristics, thus closing a gap in the relevant literature. The results of the paper are significant from the supervisor’s perspective, the quality of financial statements and the effectiveness of corporate governance systems.
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Rathke, Alex Augusto Timm, Verônica de Fátima Santana, Isabel Maria Estima Costa Lourenço, and Flávia Zóboli Dalmácio. "International Financial Reporting Standards and Earnings Management in Latin America." Revista de Administração Contemporânea 20, no. 3 (June 2016): 368–88. http://dx.doi.org/10.1590/1982-7849rac2016140035.
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Abstract This study analyzes the level of earnings management in Latin America after the adoption of the International Financial Reporting Standards (IFRS) and analyzes the role of cross-listing in the United States. The literature on earnings management in less developed countries is still under construction, and few studies focus on this issue, especially with respect to Latin America, despite its relevant role in the global economy. This paper fills this gap in the literature as it analyzes the level of IFRS earnings management regarding the first and main Latin American countries applying IFRS (Brazil and Chile), when compared to the main Anglo-Saxon countries with IFRS tradition (United Kingdom and Australia), and with the main Continental European economies (France and Germany). The results show that Latin American firms present a higher level of earnings management than Continental European and Anglo-Saxon firms, and this opportunistic behavior remains significant when only global players with cross-listing in the United States are analyzed. Thus, even with a unique set of high quality accounting standards (IFRS) and strong reporting incentives, countries' specific characteristics still play an important role in the way IFRS is implemented in each country.
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Nguyen, Hung Xuan, and Thuy Xuan Ho. "Orientation of the development of vietnam financial reporting standards for small and medium - sized entities compatible with the international financial reporting standards for small and medium sized entities." Science and Technology Development Journal 18, no. 3 (August 30, 2015): 41–49. http://dx.doi.org/10.32508/stdj.v18i3.859.
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Differences in financial reporting systems for small and medium sized entities(SMEs)and large ones have caused plenty of controversies in the last few decades, especially after the introduction of the International Financial Reporting Standards for Small and Medium sized Entities (IFRS for SMEs) by International Accounting Standards Board (IASB). Bohusova & Blaskova [3]suggested that there existed a preference in many developing countries where the quality of financial reporting was normally considered sub-average for applying the IFRS for SMEs due to strong demand in international economic integration and higher quality financial reporting standards, to which Vietnam is also no exception. Therefore, further research of the IFRS for SMEs in Vietnam is highly desired. This paper shall present a review of concepts of SMEs and the IFRS for SMEs, followed by a comparison of some notable differences between the IFRS for SMEs and the current Vietnamese Accounting Standards (VAS) for SMEs. A summary of many worldwide, mainstream thoughts of the development of financial reporting standards for SMEs is also included. On that basis, prospective proposals for the development orientation of financial reporting standards for SMEs in Vietnam are suggested in order to help Vietnamese SMEs to meet the universal trend of convergence of international accounting.
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Farkhodovich, Boronov Bobur, and Abdurasulov Jamshidbek Ahmad Ugli. "Necessity And Main Directions Of Improving Financial Reporting In Uzbekistan." American Journal of Management and Economics Innovations 03, no. 05 (May 31, 2021): 61–67. http://dx.doi.org/10.37547/tajmei/volume03issue05-10.
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The article highlights the need to improve financial reporting, the regulations adopted in Uzbekistan in this regard. The purpose of the concept required for the transition to International Financial Reporting Standards (IFRS) in Uzbekistan and the tasks to be included in it have been developed, a series of national accounting standards are presented. It was noted that today the standards for financial instruments need to be improved. For the transition to IFRS, the terms related to the information reflected in the financial statements are given. The work to be done in Uzbekistan to introduce the terms and accounting rules for the information reflected in the financial statements.
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Daw Tin Hla, Sharon Cheuk, Abu Hassan Md Isa, and Shaharudin Jakpar. "Constructing a Financial Reporting Disclosure Quality Model of Listed Firms in Malaysia." International Journal of Business and Society 22, no. 2 (August 12, 2021): 1034–46. http://dx.doi.org/10.33736/ijbs.3780.2021.
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The national accounting standards set by the Malaysian Accounting Standards Board (MASB) is largely converged with the International Financial Reporting Standards (IFRS). The benefit arising from this is to enable foreign investors to analyse their investments via a standardised financial reporting system in Malaysia. Financial reporting disclosure quality by the listed firms in the consumer product and service sector on Bursa Malaysia is an essential feature in the firms’ financial reporting to the public. This research evaluates the development of financial reporting disclosure quality assurance by firms listed on Bursa Malaysia, by examining financial reporting disclosure quality and subsequent compliance with the International Financial Reporting Standards. This study uses a content analysis approach to identify a financial reporting standard compliance disclosure index, based the financial statements issued by firms listed on Bursa Malaysia from 2008 – 2016. A panel regression model is utilised to construct a model of financial reporting disclosure quality of the firm, based the extent of compliance with IFRS disclosure requirements from the following perspectives: corporate governance practice, audit quality and corporate social responsibility. The sustainability of financial reporting disclosure quality by the listed firms and subsequently the Malaysian capital markets will enable the same to attain a competitive edge in the international markets. In addition, this study will discuss financial reporting disclosure quality implications relevant to the policy makers in Bursa Malaysia, and it is envisaged that such model can be utilised in the improvement of future financial reporting policies.
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Harper, Ashley B., Linda Leatherbury, Ana Machuca, and JoDee Phillips. "The Convergence Of Multinational Standards And Practices In International Financial Reporting." Journal of International Education Research (JIER) 8, no. 4 (October 11, 2012): 461–66. http://dx.doi.org/10.19030/jier.v8i4.7327.
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The International Financial Reporting Standards (IFRS) is pending a move to incorporate a single set of accounting standards across International borders. The definitive decision for uniting the standards appears to be stalemated. The pending move by the United States to adopt financial reporting practices set forth by the IFRS to encompass a single set of reporting standards bears both advantages and disadvantages for multinational corporations. This paper examines some of the difficulties that can arise by using a single set of standards and addresses two significant studies regarding converging reporting standards. The paper concludes by discussing issues that could potentially arise if the standards are adopted in their entirety by the United States and the political issues that could emerge resultant of their adoption. The significance of international investment opportunities in foreign equity securities by investors in the United States and the significant number of foreign corporations registered on various securities exchanges around the world make the adoption and establishment of international reporting standards a challenge to many accounting professionals.
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Bradshaw, Mark, Carolyn Callahan, Jack Ciesielski, Elizabeth A. Gordon, Leslie Hodder, Patrick E. Hopkins, Mark Kohlbeck, et al. "Response to the SEC’s Proposed Rule—Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) by U.S. Issuers." Accounting Horizons 24, no. 1 (March 1, 2010): 117–28. http://dx.doi.org/10.2308/acch.2010.24.1.117.
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SYNOPSIS: The Financial Reporting Policy Committee of the Financial Accounting and Reporting Section of the American Accounting Association (hereafter, the AAA FRPC or the committee) is charged with responding to discussion memoranda and exposure drafts on financial accounting and reporting issues. This response is to the SEC’s proposed rule, Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) by U.S. Issuers. Based on a review of the literature, the AAA FRPC has concluded that a move to an international set of financial reporting standards is a desirable goal. We have also concluded that continued convergence of U.S. GAAP with IFRS by joint relations between the International Accounting Standards Board (hereafter, IASB) and the Financial Accounting Standards Board (hereafter, FASB) is preferable to near-term adoption of IFRS as a strategy for convergence.
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Koppeschaar, Z. "International Financial Reporting standard for Small and Medium-sized entities." Southern African Journal of Entrepreneurship and Small Business Management 5, no. 1 (December 31, 2012): 54. http://dx.doi.org/10.4102/sajesbm.v5i1.27.
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<p>The International Financial Reporting Standard for Small and Medium-sized entities (IFRS for SMEs) was published as a standard by the International Accounting Standards Board (IASB) during July 2009. During 2007 South Africa became one of the first countries and the first country in Africa to early accept the proposed accounting standard (exposure draft of an IFRS for SMEs). The accounting standard will probably also be accepted by numerous other countries. The aim of this article is to investigate the applicability of this accounting standard. The results indicated that the IFRS for SMEs remains too comprehensive for the majority of small companies. The IFRS for SMEs does not satisfy the needs of South African users of small company financial statements, and as a result the accounting requirements should be simplified.</p><p><strong>KEYWORDS:</strong> Financial accounting; Financial reporting requirements; IFRS for SMEs; Small companies; Users of financial statements; Small company financial statements.</p>
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Godfrey, Jayne M., and Ian A. Langfield-Smith. "Regulatory Capture in the Globalisation of Accounting Standards." Environment and Planning A: Economy and Space 37, no. 11 (November 2005): 1975–93. http://dx.doi.org/10.1068/a3790.
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The Australian Financial Reporting Council recently shocked the world business community by unexpectedly announcing a change in the nation's approach to global-accounting-standards development. The change involved switching from ensuring consistency of Australian accounting standards with International Financial Reporting Standards (IFRSs) developed by the International Accounting Standards Board to outright adoption of IFRSs by 2005. At the time of the announcement, Australia had the most developed international harmonisation programme of any country with a well-developed financial reporting system. Events surrounding the change demonstrate how political the accounting standard-setting process can be as it continues to receive front-page media attention, and as it provides a platform in parliamentary and electoral debate. In the meantime, the US role in the global accounting standard-setting arena has moved through phases of indifference to potential active dominance, and European influences have waxed and waned. We examine whether swings in political and regulatory influences that occur when globalisation becomes a national and international goal are explained by regulatory capture theory. We also address the extent to which a subset of a single nation's regulatory system plays a key role in a series of larger national and international games. Drawing upon experiences in Australia, the United States, and the European Union, we identify political influences on initiatives to reform accounting-standard-setting environments, policies, and processes.
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Salah, Wafaa. "The International Financial Reporting Standards and Firm Performance: A Systematic Review." Applied Finance and Accounting 6, no. 2 (June 11, 2020): 1. http://dx.doi.org/10.11114/afa.v6i2.4851.
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This study reviews the accounting literature which investigates the effects of International Financial Reporting Standards (IFRS) on firms’ financial performance to answer a debating question of how effective are the accounting standards in affecting financial performance and to provide guidance for future studies. The focus of the review is three primary streams, first, reasons and evidence of differences between countries in accounting practices; second, theories justifying the transition from local Generally Accepted Accounting Principles (GAAP) to IFRS; Third, the effect of accounting standards on firms’ financial performance regarding three broad groups: (1) Common law countries (2) Civil law countries, and (3) Middle East and North Africa (MENA) region countries affected by both sharia law and civil law. The review demonstrates that the transition from local GAAP to IFRS has been successful in affecting firms’ financial performance measures in less shareholder-oriented civil law and MENA region countries. This was attributed to the IFRS fair value orientation, which causes volatility in the statement of financial position and financial performance figures. These impacts, however, usually vary between countries, depending on the pre-transition differences between local GAAP and IFRS. The more the difference, the more volatile the financial performance measures, particularly the profitability ratios. This review’s findings have implications for other jurisdictions, particularly developing countries, where IFRS adoption is already underway. In addition, managers, investors, practitioners, and standard setters can use this review to identify the factors that have been found to influence firm performance, especially in a globalized economy that is increasingly cross-listed.
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Dargahi, Esmaeil, and Arash Tahriri. "Representing a Model for Implementing International Financial Reporting Standards in Iran." Revista de la Universidad del Zulia 11, no. 31 (October 1, 2020): 141–59. http://dx.doi.org/10.46925//rdluz.31.11.
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International Financial Reporting Standards (IFRS) are global, identical, high-quality and comprehensive standards for financial reporting that have been developed by the International Accounting Standards Board (IASB). The objective of the current study is to represent a model for the implementation of the International Financial Reporting Standards in Iran. This study is an applied research and can be considered a qualitative research. A survey is applied in this regard. The statistical population of the study consisted of members of the accounting faculty of universities, financial managers, and boards of directors of companies listed on the Tehran Stock Exchange and the Iran Fara Stock Exchange. In this study, the snowball sampling method was used. In this research, 15 experts were initially selected as the initial research sample, then 25 people were added to the initial research volume, and 40 people were selected as the final sample. Based on the results of the interpretive structural model, cultural factors are the prerequisites for all factors that affect the adoption and dissemination of International Financial Reporting Standards (IFRS), and the cost and benefits of applying IFRS have the same greater impact on the adoption and dissemination of these standards.
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Gjoni, Albana, Shpresa Cela, Drini Salko, and Migena Qerimi. "Adoption of IFRS for SMEs in Albania." Research in World Economy 12, no. 2 (January 11, 2021): 158. http://dx.doi.org/10.5430/rwe.v12n2p158.
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Small Medium-Sized Enterprises (SMEs) is one of the most important engines of economic growth in Albania. They make a significant contribution to local and global trade and also to the national economic development. SMEs have the largest proportion of total Albanian employment, almost 78% of the total number of employed people. They generally face difficulties in financing and investing decisions, globalization, and other matters, mainly because of their inappropriate formal financial reports. These enterprises must prepare adequate financial statements and proper accounts to deal with third parties’ needs and ensure stakeholder’s confidence. This requires financial statements to be prepared by international financial reporting standards (IFRS), national accounting standards, and local government laws. Therefore, the International Accounting Standards Board (IASB) provided a new standard to ensure the required financial reporting quality for SMEs. The main focus of this study is to examine the attitudes of financial statement’s information’ users in Albania towards the adoption of this financial reporting standard for SMEs as progress on the general financial reporting process in Albania, and also to estimate their capabilities and interests on this matter.
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Rubanov, Dmitrij, and Matthias Nnadi. "The impact of international financial reporting standards on fund performance." Accounting Research Journal 31, no. 1 (May 8, 2018): 102–20. http://dx.doi.org/10.1108/arj-01-2017-0020.
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Purpose The purpose of this paper is to examine the effect of international financial reporting standards (IFRS) on the performance of UK investment closed-end trust funds with domestic equity focus using Carhart’s Four-Factor model. Design/methodology/approach The paper is based on the Efficient Market Hypothesis, which argues that all available information is already included in the price of assets, and therefore, investors cannot beat the market or generate abnormal returns. Findings The results show that on average, UK investment trusts neither do generate abnormal returns, nor is their performance persistent. This paper provides empirical evidence to support the efficient market hypotheses and provides proof that the adoption of IFRS has, on average, a decreasing impact on the excess returns generated by UK investment trusts. Originality/value The findings of this paper have business policy implications for investment trust in the UK.
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Mohammed, Nor Farizal, Fadzlina Mohd Fahmi, and Asyaari Elmiza Ahmad. "The need for Islamic accounting standards: the Malaysian Islamic financial institutions experience." Journal of Islamic Accounting and Business Research 10, no. 1 (January 7, 2019): 115–33. http://dx.doi.org/10.1108/jiabr-12-2015-0059.
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Purpose The purpose of this paper is to examine views of financial statements preparers with regard to the practices in reporting Islamic Financial Institutions (IFIs), thereby contributing to answer whether there is indeed a need for a separate set of Islamic accounting standards for IFIs. Design/methodology/approach Drawing upon seven in-depth semi-structured interviews conducted with IFIs’ leading officers who are highly involved in preparing financial statements in Malaysia, the paper offers evidence on the current stance of reporting the operation of IFIs, the influence of AAOIFI accounting standards and the feasible application of IFRSs in reporting IFIs. Findings While it is shown that most of the interviewees admit the feasibility of IFRSs in reporting IFIs, many interviewees placed greater emphasis on the spirit of Islam based on Islamic contract. In that case, the findings show that to convince the public that they offer Shariah compliance products approved by Shariah Advisory Council, there is a need for specificity guidelines or standards for IFIs within the IFRS framework. The main concern raised in the paper is that separate Islamic accounting standard is not needed, instead the option needs to be within the IFRS framework with the collaboration work of Accounting and Auditing for Islamic Financial Institutions (AAOIFI) and the International Accounting Standard Board (IASB). Originality/value With the recent rapid growth of IFIs, this paper contributes regarding the inconclusive stance on the need for specificity accounting standards for IFIs such as the ones issued by AAOIFI. It adds to the current body of knowledge by highlighting the collaboration of the AAOIFI and the IASB for the intended specific guidelines for IFIs to be accepted globally.
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Jassim, Mohammad Tariq. "Composition and characteristics of the financial statements elements in accordance with IFRS." Buhuchet v zdravoohranenii (Accounting in Healthcare), no. 5 (May 1, 2020): 36–42. http://dx.doi.org/10.33920/med-17-2005-04.
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In a market economy, the role of International Financial Reporting Standards is increasing. In order to understand their significance in modern conditions it seems necessary to consider the peculiarities of evolution of IFRS formation. The article reflects actual issues concerning the role and significance of International Accounting and Reporting Standards in modern conditions. The author has defined the necessity of applying International Accounting and Reporting Standards by Russian companies. The article highlights the main elements and users of financial statements prepared on the basis of IFRS, and analyzes the similarities and differences that exist in the formation of financial statements, based on the requirements of IFRS and RAS. The main qualitative characteristics of financial statements are considered in detail. Based on the results of the research, the author has identified current trends in the transition to international financial reporting standards.
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Ayem, Sri, and Umi Wahidah. "PENGARUH PENGADOPSIAN INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TERHADAP MANAJEMEN LABA." Optimum: Jurnal Ekonomi dan Pembangunan 8, no. 1 (July 30, 2018): 15. http://dx.doi.org/10.12928/optimum.v8i1.8854.
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Ball, Ray. "International Financial Reporting Standards (IFRS): pros and cons for investors." Accounting and Business Research 36, sup1 (December 2006): 5–27. http://dx.doi.org/10.1080/00014788.2006.9730040.
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Yang, Jessica Hong, Nada Kakabadse, and Dmytro Lozovskyi. "International financial reporting standards (IFRS) as a change agent in Ukraine." Journal of Governance and Regulation 2, no. 3 (2013): 139–51. http://dx.doi.org/10.22495/jgr_v2_i3_c1_p6.
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The study aims to examine the perception of key actors regarding the costs and benefits that result from adopting International Financial Reporting Standards (IFRS) in Ukraine. Design/Methodology/Approach – The authors conducted a questionnaire survey in order to identify perceptions of financial managers of Ukrainian listed firms regarding the benefits and the costs associated with transition to IFRS. Our results showed that IFRS implementation impacts on internal reporting quality, the relationship with customers, creditors and shareholders, the access to international markets and external financing. It also indicated that financial managers have serious concerns about implementation costs related to the introduction of IFRS. These costs relate to training, instruction on IFRS adoption and translation of current IFRS, changes in software systems, double purpose accounting and deadlines for IFRS adoption and consulting services. Whilst this research has established a general model that consists of six factors, affecting IFRS relevance to Ukraine, the extent of interrelations between these factors is not clear. Thus, it may be of a great interest for future research to explore this issue in more detail and, in particular, conduct empirical research to determine the extent of interdependency between six factors in the model. The results and conclusions of this research can be of a great interest to policy makers and business practitioners since all public companies in Ukraine are obliged to adopt IFRS from 2012. It might be of interest to conduct this research on results of mandatory implementation of IFRS in Ukraine while taking into account the circumstances that suggested almost no relevance of the international accounting standards to the country at the moment of their application. This is the first metrical study that discusses the relevance of IFRS to Ukraine’s national needs.
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Schneider, Thomas, Giovanna Michelon, and Michael Maier. "Environmental liabilities and diversity in practice under international financial reporting standards." Accounting, Auditing & Accountability Journal 30, no. 2 (February 20, 2017): 378–403. http://dx.doi.org/10.1108/aaaj-01-2014-1585.
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Purpose The purpose of this paper is to encourage accounting regulators to address diversity in practice in the reporting of environmental liabilities. When Canada changed to International Financial Reporting Standards (IFRS) in 2011, Canadian regulators asked the IFRS Interpretations Committee to interpret whether the discount rate to value environmental liabilities should be a risk-free discount rate. Old Canadian GAAP, and current US GAAP, allow for a higher discount rate, resulting in commensurately lower liabilities. International regulators refused to address this issue expecting no diversity in practice in Canada. Design/methodology/approach The focus is on a sample of Canadian oil and gas and mining firms. These domestic industries play a major role internationally and have significant environmental liabilities. The method is empirical archival, tracking firm characteristics and discount rate choice on transition to IFRS. Findings There is significant diversity in practice. About one-third of the sample firms choose a higher discount rate, avoiding a major increase in environmental liabilities on transition to IFRS. The evidence suggests that these firms have relatively larger environmental liabilities and that the discount rate decision is a strategic choice. Research limitations/implications The sample is based on one country and may only be reflecting local anomalies that have no broader implications. Practical implications Diversity in practice in accounting for environmental liabilities is not acceptable. Accounting regulators should act to create consistent and comparable reporting practice. Social implications Firms and managers facing larger environmental liabilities can choose to minimize environmental liabilities under IFRS, while it is the general public and society at large that bear the ultimate risk. Originality/value The paper pushes forward the debate on whether recognized environmental liabilities should reflect the interests of equity investors, or if other investors and stakeholders should be taken into account.