scholarly journals The Impact of International Financial Reporting Standards (IFRS): Evidence from Canada

2016 ◽  
Vol 11 (2) ◽  
pp. 51-57
Author(s):  
Theresa DiPonio Hilliard ◽  
Presha Neidermeyer
Keyword(s):  
Financial Reporting ◽  
Business Environment ◽  
Management Policy ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Policy Choices ◽  
Comprehensive Knowledge ◽  
The Impact ◽  
First Time

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.

scholarly journals First time adoption of IFRS 15 “Revenue from contracts with customers“: the case of Lithuanian listed companies

2020 ◽  
Vol 21 ◽  
pp. 2
Author(s):  
Darius Vaicekauskas
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Listed Companies ◽  
Economic Benefits ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Revenue Recognition ◽  
Financial Reporting Standards ◽  
The Impact ◽  
First Time

 Revenue accounting is one of the most important areas of financial accounting. Revenue is one of the key absolute financial ratios that reflects the economic benefits generated by entities that result in increased shareholders‘ equity. This article investigates the first time adoption of new IFRS 15 “Revenue from contracts with customers“ which in International financial reporting standards (hereinafter – IFRS) system is mandatory to apply starting from 1 January 2018. The new IFRS 15 supersedes the previous international accounting standards regulating revenue recognition and introduces a conceptual 5-step revenue recognition model. The purpose of this article is to evaluate the impact of the first-time adoption of IFRS 15 “Revenue from contracts with customers“ on the financial statements of Lithuanian listed companies. This purpose is achieved while using the following research methods: analysis of International financial reporting standards (IFRS) and scientific literature, as well as analysis of the content of financial statements. An empirical study revealed that the first-time adoption of IFRS 15 had no material impact on the financial statements of Lithuanian listed companies. Most of the companies surveyed applied the standard using a simplified retrospective modified method and did not pay much attention to the disclosure of first-time adoption. For those affected by the standard, the effect was mostly notable in the following areas: reclassifications of commissions and brokerage fees, changes in revenue recognition principles from the revenue recognition over a time to revenue recognition at specific point in time and vice versa.

scholarly journals Impact of Accounting Software among SMEs Accountants in Oman

2020 ◽  
Vol 4 (2) ◽  
pp. 25-33 ◽  
Author(s):  
Mohammed Muneerali Thottoli
Keyword(s):  
Financial Reporting ◽  
Small And Medium Enterprises ◽  
Basic Knowledge ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Incorrect Choice ◽  
Financial Reporting Standards ◽  
Accounting Software ◽  
Medium Enterprises ◽  
The Impact

Financial losses, bankruptcy and closure of the company may be the result of incorrect choice of accounting software, inefficient modernization of such software depending on the specifics of the economic entity and ignorance of technical knowledge of staffs to work with the software product. The paper notes that for companies from member countries of the Gulf Cooperation Council, the technique of implementation and application of tax legislation and International Financial Reporting Standards (IFRS) differs significantly from other countries. The article emphasizes that in Oman, companies need to prepare financial statements in accordance with current applicable IFRS, as well as the Law on Commercial Companies 2019 and the guidelines and requirements for disclosure of capital market information. The purpose of this paper is to study and study the impact of the implementation of accounting software among small and medium enterprises (SMEs) in Oman. The study systematizes the features and issues of assessing the relationship between generalized accounting software (GAS) and its use by accountants working for SMEs. Twenty small and medium business accountants were selected as the target audience, taking into account their experience and basic knowledge of accounting in the context of ownership and use of GAS. The study confirms and theoretically proves that the use of GAS in the financial and economic activities of SMEs has a significant impact on the practice of accountants working in such enterprises, ie, there is a positive and significant relationship between GAS choice and use of GAS by SME accountants. The results of this study can be useful for the government, representatives of tax authorities, higher education institutions in the context of establishing adequate policies regarding the use of software for accounting by economic entities. Keywords: Generalized accounting software, accounting, accountant, small and medium enterprises, international financial reporting standards (IFRS), Oman.

scholarly journals The influence of culture on disclosures in financial statements prepared under International Financial Reporting Standards

2019 ◽  
Vol 2019 (101 (157)) ◽  
pp. 111-132 ◽  
Author(s):  
Jerzy Gierusz ◽  
Katarzyna Koleśnik
Keyword(s):  
Financial Reporting ◽  
Comparative Studies ◽  
Financial Statements ◽  
Arab Countries ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Consolidated Financial Statements ◽  
Financial Reporting Standards ◽  
Financial Disclosures ◽  
The Impact

The primary objective of this article is to investigate the impact of culture (as measured by Hofstede) on disclosures in financial statements prepared under International Financial Reporting Standards (IFRS) by firms from different countries. The sample comprises 2011−2013 consolidated financial statements of stock companies (excluding banks, insurance, and other financial institutions) from four countries repre- senting different cultural areas: the United Kingdom (Anglo), Germany (Germanic), Poland (Central Eastern Europe; CEE) and Kuwait (Arab). The research material came from 312 annual consolidated financial statements from 104 companies. The results reveal that cultural values have a significant impact on financial disclosures even after the use of IFRS. The paper is one of the few comparative studies attempting to assess the effects of culture on financial disclosures in Western Europe countries, CEE countries and Arab countries. Most of the international comparative studies in this research area have neglected CEE and Arab countries.

INTERNATIONAL FINANCIAL REPORTING STANDARDS: A WAY FOR GLOBAL CONSISTENCY

2011 ◽  
Vol 01 (01) ◽  
pp. 38-51
Author(s):  
Ravindra Tripathi ◽  
Shikha Gupta
Keyword(s):  
Financial Reporting ◽  
Stock Markets ◽  
Global Financial Crisis ◽  
Business Environment ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Global Banking ◽  
Global Consistency ◽  
The World

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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