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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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Keong, Ooi Chee, Shafi Mohamad, and Syed Ehsanullah. "International Financial Reporting Standards and Real Earnings Management." Asian Journal of Empirical Research 9, no. 10 (October 17, 2019): 281–92. http://dx.doi.org/10.18488/journal.1007/2019.9.10/1007.10.281.292.
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We have attempted to investigate the impact of adopting the International Financial Reporting Standards (IFRS) on real earnings management (REM) in this study, along with a thorough examination to determine the relationship between IFRS and REM. The study is primarily based on 178 listed firms from different industrial sectors in Malaysia, wherein IFRS had finally been implemented in 2008. For more adequate estimations and requisite results, we have included data of eight years i.e., 4 years before the implementation of IFRS and 4 years after its implementation, in our sample. Our results showed positive association between IFRS and REM, accordingly, precisely suggesting that after the implementation of IFRS, these firms were found to be engaged more in less detectable REM, and also exhibiting quite a poor financial reporting quality apparently below international standards.
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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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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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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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Nguyen, Van Thi Hong, Co Trong Nguyen, Anh Ngoc Mai, and Ha Ngoc Dao. "Benefits and costs of adopting international financial reporting standards." International Journal of Management and Sustainability 12, no. 2 (February 3, 2023): 105–13. http://dx.doi.org/10.18488/11.v12i2.3279.
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The application of international financial reporting standards (IFRS) plays an important role in improving the quality of enterprises’ financial statements. At the same time, adopting IFRS makes it easier for companies to access foreign capital. Therefore, the use of IFRS is indispensable for Vietnamese enterprises, especially for companies listed on the stock market. This study was conducted to evaluate the effects of benefits and costs on Vietnamese enterprises’ choice to adopt IFRS. The research surveyed 157 companies. The results of regression analysis using Statistical Package for Social Sciences (SPSS) software show that benefits have a positive impact on Vietnamese companies’ decision to adopt IFRS. On the other hand, costs have a negative impact on IFRS adoption. Based on the results of this study, the trade-off theory is used to explain the relationship between the costs and benefits of applying IFRS. When businesses find that the costs are too great for the company or are not yet balanced by the benefits, they do not apply IFRS. Therefore, business leaders have a correct understanding of the difficulties and challenges of converting to IFRS and have a scientific, methodical, and clear plan and roadmap for the transformation. The authors also offer some suggestions for improving the application of IFRS.
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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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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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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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Tripathi, Ravindra, and Shikha Gupta. "INTERNATIONAL FINANCIAL REPORTING STANDARDS: A WAY FOR GLOBAL CONSISTENCY." Australian Journal of Business and Management Research 01, no. 01 (May 7, 2011): 38–51. http://dx.doi.org/10.52283/nswrca.ajbmr.20110101a04.
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The reverberations of Wall Street had to be felt across the global banking system. Last September, the world economy seemed to be hurtling down in a way that had initially raised the spectre of the Great Depression in America of the late 1920s. This is based largely on the performance of stock markets which are supposed to reflect future trends in the real economy. However, such knowledge embedded in the markets can be imperfect, as we have learnt by now. In some ways, the global financial crisis and its fallout are forcing economic agents to acquire new knowledge in regard to what might happen in the future. It was difficult to explain rationally why the stock markets were furiously running up even as company balance sheets were still bleeding. A few years ago, International Financial Reporting Standards (IFRS) were a distant possibility. Today, the reality is far different. We are in a dramatic shift that is fast making IFRS the most widely accepted accounting model in the world. As the business environment becomes increasingly global and companies routinely list on stock exchanges in many countries, the need for consistent worldwide reporting standards intensifies. IFRS clearly addresses this issue; its goal is to create comparable, reliable, and transparent financial statements that will facilitate greater cross-border capital raising, trade and better corporate governance practices. Thus acceptance of IFRS is gaining momentum across the globe. IFRS transition program for any organization will have multi – dimensional effect because of differences which exist between IFRS and Local GAAPs. The objectives of the paper is to highlight the nature of such differences with examples along with analysing the provisions of IFRS, comparative analysis of IFRS with Indian GAAP system, benefits, and major issues in first time adoption of IFRS in Indian companies with the help of case study of Indian corporate.
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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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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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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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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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Al-Refiay, Hussen Amran Naji, Sinan Salem Kasim Al-Shaikh, and Azher Subhi Abdulhussein. "The International Financial Reporting Standards (IFRS) adoption and value relevance." Corporate and Business Strategy Review 4, no. 1 (2023): 69–86. http://dx.doi.org/10.22495/cbsrv4i1art7.
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This research examines the impact of the International Financial Reporting Standards (IFRS) on value relevance (VR). It is reported that most previous studies that address value relevance relationships with the IFRS have found conflicting results. For example, a reduction in VR in the US but it enhances in most reviewed studies (Gao et al., 2022). According to the findings, the impact of implementing IFRS varies from country to country. In the UK, the IFRS adoption has decreased the book value (BV) while in France and Germany, has increased. After adopting IFRS during the financial crisis, the findings also suggest that the VR has fallen in these nations. All financial institutions trading on the stock markets of these three nations serve as a sample for this study. Quantitative methods are used to collect data for this study, while SPSS is used for statistical analysis. The data was analysed prior to IFRS (2000–2004), for the global financial crisis of 2008, and later IFRS (2006–2015). This study adds to accounting knowledge by analysing the results of IFRS adoption throughout the time frames. In addition, it helps accounting standards setters and policymakers in developing IFRS quality and establishing related policies.
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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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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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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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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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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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AL-Mutairi, Abdullah, Kamal Naser, and Nabi Al-Duwaila. "Students' Attitudes towards the Adoption of International Financial Reporting Standards (IFRS) in Kuwait." Asian Social Science 13, no. 5 (April 19, 2017): 85. http://dx.doi.org/10.5539/ass.v13n5p85.
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The purpose of this paper is to examine the perceptions of a sample of Kuwaiti students about their knowledge and interest on the adoption of International Financial Reporting Standards (IFRS) and the usefulness of learning IFRS. A questionnaire survey is used in this study to identify the attitudes of the students towards adoption IFRS in Kuwait. Questionnaires were distributed to 350 students who study in colleges of business administration in Kuwait. They were asked to express their perception about the adoption of IFRS. 228 questionnaires returned completed resulting in 65% usable response rate. The surveyed students gained knowledge about IFRS through their academic program. Most of the surveyed students knew nothing about IFRS before taking an accounting course that addresses the IFRS Standards. They became interested in learning more about IFRS after studying an accounting course. The surveyed students demonstrated that they acquired information about IFRS through formal academic lectures and the Internet. Yet, they prefer to study more about IFRS through formal lectures, practical case studies applied to Kuwaiti companies and seminars. There is consensus among the respondents that the business administration academic program must have more about IFRS offered as elective courses. Although Kuwait was one of the Middle Eastern countries that adopt IFAS, the vast majority of the students who took part in survey indicated that they were not aware of this. This gives clear indication that the financial reporting courses offered in business colleges in Kuwait are theoretical and hardly use the financial reports of companies listed on the national stock exchange as cases studies. The respondents believe studying IFRS helps in mastering accounting measurements and disclosure and this would help in proceeding in their studies and support them in developing their future career.
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Maiyarni, Reka, Netty Herawaty, and Dewi Fitriyani. "PENGARUH PENERAPAN INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TERHADAP NILAI PERUSAHAAN." Jurnal Manajemen Terapan dan Keuangan 3, no. 1 (April 2, 2014): 381–86. http://dx.doi.org/10.22437/jmk.v3i1.1855.
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Penelitian ini bertujuan untuk menguji ada tidaknya pengaruh penerapan IFRS terhadap laporan keuangan yang listing di BEI, terutama terhadap nilai perusahaan di pasar modal. Penelitian ini menggunakan pengujian Chow test. Populasi penelitian adalah perusahaan yang masuk dalam industri Food and Beverange dalam kurun waktu tahun 2007-2012. Sampel penelitian ditentukan dengan menggunakan Purposive Sampling. Pengolahan dilakukan dengan mengelompokkan data menjadi sebelum penerapan IFRS dan setelah penerapan IFRS. Dari hasil penelitian diperoleh kesimpulan bahwa nilai perusahaan dalam industri Food and Beverage tidak terpengaruh oleh penerapan IFRS.
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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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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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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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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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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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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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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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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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Arwani, Agus. "The implementation of IFRS in Indonesian Islamic accounting." Journal of Economics, Business & Accountancy Ventura 21, no. 3 (March 27, 2019): 361. http://dx.doi.org/10.14414/jebav.v21i3.1254.
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This research examines the IFRS implementation in Indonesian Islamic accounting. It employs a literature review method to systematically explain the accounting theory, the Islamic Financial Accounting Standards, and International Financial Reporting Standards (IFRS). This study concludes that there is a conflict between the International Financial Reporting Standards (IFRS) and some Islamic principles which has not been yet resolved. The Islamic accounting is also facing some complex issues related to the convergence of International Financial Reporting Standards in Indonesia due to incorrect implementation of IFRS in some countries related to the translation problems from English to local languages. The biggest problem in implementing IFRS convergence for business is dealing with the expenses spent for the development of knowledge, supports and trainings for consultants
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Dowa, Abulkasem, Abdulmonem M. Elgammi, Abdesalam Elhatab, and Hassan A. Mutat. "Main Worldwide Cultural Obstacles on Adopting International Financial Reporting Standards (IFRS)." International Journal of Economics and Finance 9, no. 2 (January 11, 2017): 172. http://dx.doi.org/10.5539/ijef.v9n2p172.
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In recent times, the history of a country’s culture has become increasingly recognised as a crucial factor in its accounting methods. The globalization of the practice of economics has lead to homogenous international standards which are at the core of its development for practitioners, researchers and academics. This research considered some factors that might influence the adoption of International Financial Reporting Standards (IFRS) as cultural obstacles. This study investigates the religion, the language, technical skill and expertise as main cultural obstacles for the adoption of IFRS worldwide.Findings revealed the incompatibility of many IFRS with principles of Islamic religion, and also many non- English countries apply wrong implementation of IFRS because of translation issues of IFRS from English to their local languages. This study concluded that it is difficult to adopt IFRS in some countries and for some institutions because of the insufficient technical skill and experience of accountants and auditors to deal with those standards.
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Krismiaji and Adi Prabhata. "The impact of international financial reporting standards on cost of capital." Corporate Ownership and Control 14, no. 1 (2016): 458–65. http://dx.doi.org/10.22495/cocv14i1c3p6.
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This paper discusses empirical research examining the impact of International Financial Reporting Standards (IFRS) on cost of capital. Using a sample of 1.173 observations of publicly listed companies on the Indonesian Stock Exchange for the fiscal year that ends on December 31, 2006 through 2013, this research finds evidence of positive relationship between IFRS implementation and cost of capital. This means that in post adoption period, the cost of capital increase. This result is inconsistent with investor’s expectation, in which IFRS implementation will reduce information asymmetry which in turn decreases cost of capital. When analysis is decomposed into per sector’s analysis, the results are inconsistent. For some sectors, IFRS adoption does not have impact on the cost of capital, whereas for the others IFRS adoption positively affect the cost of capital. This study provides further evidence on the economic consequence of IFRS implementation on cost of capital using data from emerging market with low-level coercion which is Indonesian Capital Market.
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Rahayu, Kadek Ari, and Doddy Setiawan. "Apakah konvergensi International Financial Reporting Standards meningkatkan relevansi nilai informasi akuntansi?" Jurnal Ekonomi dan Bisnis 22, no. 1 (April 30, 2019): 63–82. http://dx.doi.org/10.24914/jeb.v22i1.2101.
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Tujuan penelitian ini adalah untuk menguji kualitas informasi akuntansi pada saat konvergensi IFRS di Indonesia. Proksi relevansi nilai digunakan untuk mengukur kualitas informasi akuntansi, dengan kondisi informasi akuntansi yang berkualitas tinggi adalah informasi dengan tingkat relevansi nilai yang tinggi. Model penelitian yang digunakan yakni, Price Model (PM) dan Return Model (RM). Populasi penelitian ini adalah industri perbankan di Indonesia dan sampel yang digunakan sebanyak 26 perusahaan perbankan yang terdaftar di Bursa Efek Indonesia (BEI) sebelum tahun 2008. Peneliti membagi empat periode penelitian yaitu tahun yang dipilih untuk periode PSAK Industri (2008-2009), proses konvergensi IFRS (2010-2011), hasil tahap pertama konvergensi IFRS (2012-2013), dan hasil tahap kedua konvergensi IFRS (2015-2016). Pengujian hipotesis dilakukan dengan menggunakan analisis regresi linear berganda. Hasil penelitian menunjukkan bahwa terjadi peningkatan relevansi nilai informasi akuntansi pada saat konvergensi IFRS di Indonesia. Analisis tambahan dilakukan untuk menguji sensitivitas hasil pengujian hipotesis yaitu pengujian menurut ukuran perusahaan (Besar vs Kecil). Ditemukan hasil bahwa ukuran perusahaan besar atau kecil tetap berhasil membuktikan konvergensi IFRS yang dilakukan secara bertahap dapat meningkatkan nilai relevansi informasi akuntansi.
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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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P. R., Parvathy. "IFRS convergence: opportunities and challenges in India." Accounting and Financial Control 1, no. 2 (June 9, 2017): 13–18. http://dx.doi.org/10.21511/afc.01(2).2017.02.
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Past decade has witnessed several changes in the process of conduct of business activities across the world especially due to the wave of globalization. It has also made drastic changes in the process of financial reporting, in particular the continuing adoption of IFRS (International Financial Reporting Standards) worldwide. IFRS are high quality, understandable, enforceable and globally acceptable accounting standards issued by IASB (International Accounting Standard Board). Thus these are a set of international accounting standards stating how a particular type of transaction and other events should be reported in the financial statements. Thus IFRS are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. IFRS is becoming the global language of business with over 40% of the world adopting this as their standard for reporting. India also decided to converge to IFRS from 1st April 2016 in a phased manner, which in turn improves the financial statement comparability and transparency that helps to attract greater cross border investments. This paper focuses on the convergence of IFRS with Indian Accounting Standards, its utility, issues and challenges faced by the stakeholders. It also throws light to the ways through which problems can be addressed.
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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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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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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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Sherman, T., and M. De Klerk. "International financial reporting standards and foreign ownership in South African companies." Southern African Business Review 19, no. 1 (February 26, 2019): 72–88. http://dx.doi.org/10.25159/1998-8125/5834.
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Previous literature suggests that the adoption of International Financial Reporting Standards (IFRS) can facilitate cross-border capital flows, as it results in an increase in market liquidity and comparability benefits. Using foreign ownership levels in South African listed companies during the period 2003 to 2007, we test whether this association holds in a South African context when the top 40 South African companies mandatorily adopted IFRS. The results indicate that the adoption of IFRS did not have a significant positive association with foreign ownership levels during the sample period. We attribute the result to the harmonisation project undertaken in South Africa to align local accounting standards (SAGAAP) with the IFRS before the mandatory adoption thereof.
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Pasko, Oleh, Mykola Hordiyenko, Fuli Chen, Yarmila Tkal, and Yulia Abraham. "Mapping Global Research on International Financial Reporting Standards: A Scientometric Review." International Journal of Financial Research 12, no. 3 (January 21, 2021): 116. http://dx.doi.org/10.5430/ijfr.v12n3p116.
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For the purpose to provide scholars with a more quantifiable and visualized snapshot of the realm of IFRS research (lingua franca in global business today) we conducted a scientometric review of 973 articles related to the issue published during the period from 2009 to 2020 and indexed in the Web of Science Core Collection. The findings show that the number of related articles has been increasing year by year. The global research on IFRS has been produced chiefly in the USA, England, Australia, China and Germany which not only generated majority of the high-yielding research institutions as well as productive authors but also countries of origins most of the prolific journals. Among the innumerable subject matters debated in these selected papers key are earnings management, information disclosure quality, accounting standards, the impact of IFRS, value relevance, and IFRS adoption. Since 2009, IFRS research bursts can be divided into three stages: 1) the period from 2009 to 2011 - mainly focused on the discussion of the concepts of IAS and IFRS; 2) the period from 2012 to 2014 turned to the theoretical level, and 3) from 2016 to 2020 when the research focused on the practical level. This scientometric review would complement and enrich existing literature by incorporating a quantitative perspective into it.
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Abdul, Ghani Faiyyaz, and Malik Abdullah. "Adoption of International Financial Reporting Standard: A Literature Review." American Journal of Economics and Business Innovation 1, no. 3 (September 29, 2022): 36–43. http://dx.doi.org/10.54536/ajebi.v1i3.586.
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International Financial Reporting Standard (IFRS) refers to a unique, uniform, simple, and easily understandable accounting standard acceptable and applied across the globe by various firms. It is emerging as a powerful device to bring uniformity to financial reporting by companies at the global level. Due to rapid industrialization and internationalization, the countries opened their avenue to foreign corporations. Therefore, it has been necessitated to have an accounting system that could bring uniformity and acceptability to financial reporting across borders. This review article has explored the present situation of the IFRS in the light of its emergence at the global level. The paper also proposes the model by merging the IFRS constructs with FDI, robust financial information reporting, transparency, and comparability construct by drawing together and developing the scale for measuring quality financial information through International Financial reporting standards based on existing literature. Against this backdrop, the present review paper seeks to highlight different dimensions and the pros and cons of using the International Financial Reporting Standard across borders. The content analysis has been adopted as the methodological framework for the literature review. The result of studies have confirmed that IFRS assimilation will improve transparency, comparability across the spectrum.
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Yu, Gwen, and Aida Sijamic Wahid. "Accounting Standards and International Portfolio Holdings." Accounting Review 89, no. 5 (April 1, 2014): 1895–930. http://dx.doi.org/10.2308/accr-50801.
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ABSTRACT Do differences in countries' accounting standards affect global investment decisions? We explore this question by examining how accounting distance, the difference in the accounting standards used in the investor's and the investee's countries, affects the asset allocation decisions of global mutual funds. We find that investors tend to underweight investees with greater accounting distance. Using the mandatory adoption of International Financial Reporting Standards (IFRS) as an event that changed the accounting standards of various country-pairs, we examine how two sources of changes in accounting distance—(1) changes due to IFRS adoption of the investee, and (2) changes due to IFRS adoption in the investor's country—affect global portfolio allocation decisions. We find that the tendency to underinvest in investees with greater accounting distance significantly weakens when accounting distance is reduced, either from an investee's IFRS adoption or from IFRS adoption in the investor's country. The latter finding holds despite the fact that IFRS adoption in the investor's country had no impact on the accounting standards under which the investee firms present their financial information; the only change is in the investor's familiarity with these standards. This suggests that differences in accounting standards affect investor demand by imposing greater information-processing costs on those less familiar with the reporting standards.
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Jansson, Andreas. "Global financial reporting convergence: A study of the adoption of International Financial Reporting Standards by the Swedish accountancy profession." Competition & Change 24, no. 5 (October 29, 2018): 429–49. http://dx.doi.org/10.1177/1024529418808970.
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International Financial Reporting Standards (IFRS) is a financial reporting standard for listed corporations in more than half of the world’s countries. This wide adoption combined with its influence on accounting in countries that have not formally adopted it makes IFRS a remarkable case of far-reaching convergence. This paper develops a framework that integrates institutional theory and political economy and employs a discourse analytical approach to address the issue of why the Swedish accountancy profession came to accept and adopt IFRS. The analysis covers the professional debates regarding the measurement of the value of assets and liabilities in the main professional journal over the nearly two decades in which IFRS was gradually integrated into the local accounting standards on a voluntary basis prior to its formal adoption. The analysis emphasizes the combination of a pervasive international development discourse that stresses the significance of financial markets developing into a sense of inevitability and an elite portion of the accountancy profession with a vested interest in change. IFRS can be seen as a strategic professionalization project for the elite members of the accountancy profession which, combined with financial interests, led to its endorsement of the changes and alignment with forces of financialization.
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Sheraliev, Hayrulla Karimovich. "The Practice Of Preparing Financial Statements On The Basis Of IFRS." American Journal of Management and Economics Innovations 03, no. 01 (January 31, 2021): 47–50. http://dx.doi.org/10.37547/tajmei/volume03issue01-11.
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IFRS regulates the preparation of financial statements, and the standards reflect only the rules for the preparation of financial statements in accordance with IFRS. The transfer of banks’ financial statements from National Accounting Standards (NAS) to International Financial Reporting Standards (IFRS) is a multi-stage and time-consuming procedure. Thus, the standards define and define the issues of recognition, measurement and publication of various reporting items in all business entities, including banks. Therefore, it is necessary to study the methods of preparation of financial statements in accordance with IFRS and in practice to choose the most appropriate of these methods for the bank.
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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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Kastrati, Agim. "The Analysis of Problems in Application of International Financial Reporting Standards in Kosovo." European Journal of Economics and Business Studies 2, no. 1 (August 30, 2015): 90. http://dx.doi.org/10.26417/ejes.v2i1.p90-95.
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Financial reporting, in terms of the internationalization of business, has a special role because the preparation of the complete and exact information is vital for users of financial statements, to support their decisions. Recent years in many countries there is a tendency towards harmonization of the use of International Financial Reporting Standards (IFRS). In this sense IFRS represent a set of accounting standards that enable the compilation of comprehensive and transparent financial reports. In Kosovo, since 2011, with the Law on financial reporting has become mandatory application of IFRS for all entities. Fulfilling this obligation, except different priorities, often presents numerous difficulties for entities in their practical implementation. The practical application of IFRS for entities presents a problem because of the complexity of these standards and frequent changes made by the makers of these standards. Analysis of the collected data enables the detection of the current state of practical implementation of IFRS and problems during the implementation of accounting standards by entities. Based on data collected from the practical problems of economic units, will made recommendations in order to assist professionals in the accounting field, without damaging the quality of financial information.
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Sarea, Adel Mohammed, and Zahra Abdulla Al Dalal. "The level of compliance with International Financial Reporting Standards (IFRS 7)." World Journal of Entrepreneurship, Management and Sustainable Development 11, no. 3 (July 13, 2015): 231–44. http://dx.doi.org/10.1108/wjemsd-02-2015-0009.
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Purpose – The purpose of this paper is to examine the level of compliance with International Financial Reporting Standards (IFRS 7) by listed companies in Bahrain Bourse (BB). Design/methodology/approach – First, the authors design disclosure compliance checklist of ten requirements of IFRS 7. Second, a score of 3 is assigned if high level of compliance, 2 is assigned if medium level of compliance, 1 is assigned if low level of compliance. The sample of the study comprises of (21) companies listed in BB for year 2013. Findings – The main findings are, the level of compliance varied by industry and the highest level of compliance reported for the investment sector whereas the lowest for the insurance industry. This result indicates that all listed companies are complying with IFRS 7 in terms of the standard disclosure requirements. Practical implications – In this paper attempt has been made to support the argument of previous studies. The paper attempts to test and answer the research question; does the financial sector in Bahrain comply with IFRS 7? These results could lead to high level of awareness about the financial instruments. Adoption of the IFRS 7 could lead to high level of compliance and play a significant role in attracting global investors’ interest to the local markets, especially in a developing country like Bahrain. Originality/value – This paper provides an insight from the reality of the financial market in Bahrain as a result of answering this question; does the financial sector in Bahrain comply with IFRS 7?
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ERGÜDEN, A. Engin. "IFRS 15." International Journal of Finance & Banking Studies (2147-4486) 9, no. 1 (March 11, 2020): 47–57. http://dx.doi.org/10.20525/ijfbs.v9i1.650.
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Revenue is one of the most important performance and size indicators for businesses. A new standard, which has more comprehensive and comparable feature to eliminate the deficiencies in the IFRS (International Financial Reporting Standart)-15 Revenue From Customer Contracts Standard published on 15.01.2019 and the old revenue (IAS-18 Revenue and IAS (Inernational Accounting Standarts) -11 Construction Contracts) standards to be applied in the accounting periods starting after 01.01.2018, has been introduced. The most important purpose of the standard is to eliminate the uncertainties and deficiencies in the old standards with a five-step model on important issues related to when and what amount of the revenue based on the contract with customers will be accounted.
According to IFRS-15 Revenue From Customer Contracts Standard, which is applied for the accurate reporting of revenues, comprehensive analysis of the financial table footnotes of the businesses in the tourism sector concerning presentation of the records related to the revenue in the financial statements in the footnotes, the contracts placed with the customer of the enterprise, important evaluations in the application of the standard and the transaction costs incurred in the financial statements as an asset has been the scope of this study.
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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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