Συλλογές
Τίτλος Turning from National to International Financial Reporting Standards: evidence from Greece
Δημιουργός Σκουτέλα, Δέσποινα-Ευσταθία
Συντελεστής Τζόβας, Χρήστος
Οικονομικό Πανεπιστήμιο Αθηνών, Τμήμα Λογιστικής και Χρηματοοικονομικής
Τύπος Text
Φυσική περιγραφή 51σ.
Γλώσσα en
Περίληψη Over the last decades there has been intense pressure for the international harmonization of accounting and reporting practices (Ali, 2006), due greatly to the development of global stock markets which are „forcing‟ countries towards such a direction and to the growth of international investment (Street, et al., 1999).The formation of the International Accounting Standards Committee (IASC) in the early seventies and the issuing of International Accounting Standards (IAS) - endorsed by the International Organization of Securities Commission (IOSCO) in the turn of the century - was a step in this direction. International Financial Reporting Standards (IFRS) were issued by the more recently formed International Accounting Standards Board (IASB), the IASC‟s successor body (Whittington, 2005).The European Union (EU) has required the implementation of IAS and IFRS endorsed by the European Commission (EC) for companies listed in the European Stock Exchanges from the fiscal year 2005, as a result of the EC Regulation 1606/2002. Greece, being an EU member country, complied with the EU Directive, and therefore issued the Law 2992/2002 (Spathis, et al., 2007), even if familiarity seems to favour countries in the Anglo-American group, primarily because of the predominant Anglo-American influence in the development of IAS and IFRS. These standards were developed on the grounds of the capital market based Anglo-American model, which differs substantially from the tax-oriented one of most continental European countries. This dissertation provides insight into the IAS/IFRS adoption and implementation process by Greek listed companies and their subsidiaries. I examine how the transition to IAS/IFRS and their implementation are deemed by financial executives of companies operating in Greece, three fiscal years after their first mandatory adoption, based on data collected through questionnaires mailed to potential respondents. The topic is timely because Greece currently considers the progressive establishment of the compulsory application of IAS/IFRS to non-listed companies and such a cost-benefit evaluation could be relevant for the proposed IFRS for SMEs.The overall findings suggest that the conversion from Greek accounting toTurning from National to International Financial Reporting Standards: Evidence from Greece10IAS/IFRS was a costly procedure for the majority of the Greek companies. Greek accountants were in need for training to face the challenge of implementing the standards, along with the need for suggesting amendments to the accounting information systems so that they generate financial reporting according to the format demanded by IAS/IFRS. The need for dual reporting under IAS/IFRS and current tax standards for purposes of calculating tax liabilities remains, but the majority of financial managers consider that IAS/IFRS increase comparativeness and reliability of financial statements with favourable implications particularly in the international context and in reporting to the company‟s executives.The rest of this paper is organized as follows. After the introduction, steps towards international harmonization as well as harmonisation efforts within the EU are described in section two, whereas the third section is dedicated to the factors described in the international literature as determinants of the accounting system to reach a portrayal of the Greek accounting environment. A review of the previous literature on the development of IAS and IFRS is carried out in section four, while section five sets out the methodology used prior to the display of the results in section six. A conclusion and the limitations of this study are provided in the final section.
Λέξη κλειδί International Financial Reporting Standards
International Accounting Standards
Ημερομηνία 09-07-2008
Άδεια χρήσης https://creativecommons.org/licenses/by/4.0/