scholarly journals The quality of information about business combinations under common control (BCUCC) disclosed under International Financial Reporting Standards (IFRS)

2018 ◽  
Vol 94 ◽  
pp. 99-107
Author(s):  
Magdalena Janowicz
Keyword(s):  
Financial Reporting ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Quality Of Information ◽  
Business Combinations ◽  
Financial Reporting Standards ◽  
Common Control

scholarly journals Business combinations under common control in International Financial Reporting Standards – is authoritative accounting guidance needed?

2017 ◽  
pp. 97-112 ◽  
Author(s):  
Magdalena Janowicz
Keyword(s):  
Financial Reporting ◽  
Inductive Reasoning ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Business Combinations ◽  
Financial Reporting Standards ◽  
Common Control ◽  
The Subject ◽  
The Moment ◽  
Theoretical Issues

Business combinations under common control in International Financial Reporting Standards – is authoritative accounting guidance needed? The purpose of the article is to answer the question if a separate standard (IFRS) is needed for business combinations under common control (BCUCC), which are not governed by any IFRS as the moment. In such cases, the approach resulting from IAS 8 should apply to them, which allows the use of national regulations to account for BCUCC. The authoress shortly described the theoretical issues related to the subject and presented the results of empirical research that verified the practical aspects of the problem. The research methodology involves a literature and legal act analysis, content analysis of financial statements, as well as deductive and inductive reasoning. On the basis of the gathered data the authoress concluded that even the existence of necessary regulations in national GAAPs does not guarantee that all the requirements related to the qualitative characteristics of the reported information are met and, as such, the main objectives for which IFRS were developed may not be met. As such, the authoritative guidance proves necessary. Very little research on the subject was published, thus, this paper may provide some additional guidance as to what issues related to BCUCC should receive particular attention.

scholarly journals Impacts of Newly Acquired Items Within Business Combinations on the Items of the Financial Statements

2016 ◽  
Vol 64 (1) ◽  
pp. 265-274 ◽  
Author(s):  
Jana Gláserová
Keyword(s):  
Financial Reporting ◽  
Ownership Structure ◽  
Balance Sheet ◽  
Financial Statements ◽  
Point Of View ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Business Combinations ◽  
Financial Reporting Standards ◽  
Time Point

This paper is focused on the operations with the company (business combinations). These are those operations that are associated with the formation or dissolution of companies or reorganization of their ownership structure. They are often referred as equity transactions. In the concept of Czech accounting legislation, these are the purchase, sale, investment (deposit) of firms or their parts, and various forms of transformation of enterprises. There are analyzed the accounting practices of recording of these issues under the Czech accounting legislation and International Financial Reporting Standards. Consequently there are identified newly acquired assets and liabilities arising directly in connection with the business combinations. In the conclusion of this paper there are examined the effects of different reporting of newly acquired items in the context of business combinations according to Czech accounting legislation and in accordance with International Financial Reporting Standards on the significant items of balance sheet and profit and loss statement from the material and time point of view.

Empirical Study on the Effect of Adopting the International Financial Reporting Standards (IFRS) on the Quality of Earnings using Beneish Model in a Sample of Banks Listed in the Iraqi Stock Exchange

2021 ◽  
Vol 39 (11) ◽  
Author(s):  
Zahraa Nasser Ali ◽  
Hakeem Hammood Flayyih
Keyword(s):  
Financial Reporting ◽  
Commercial Banks ◽  
Stock Exchange ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Global Capital ◽  
Financial Reporting Standards ◽  
The Impact

The need for international financial reporting standards (IFRS) emerged due to the increasing degree of interdependence between global capital markets and the need for investors to obtain reliable and honest financial information in expressing economic events, in order to find a common financial language, and this is what IFRS provide. Nevertheless, the research aimed to measure the impact of the adoption of IFRS on the quality of earnings in the Iraqi banks listed in the Iraqi Stock Exchange for a sample of 30 banks. The Beneish model was used to measure the quality of earnings, while Mann-Whitney was used to measure and prove the hypothesis of the research. However, the research reached a set of conclusions, including that although the IFRS should contribute to improving the quality of financial reporting, the adoption of these standards in commercial banks listed in the Iraq Stock Exchange did not contribute to achieving quality in earnings even after adopting those standards. Furthermore, a Beneish model is an important tool for auditors, financial analysts, investors, and creditors who have the ability to understand the financial statements or those who have a reasonable understanding of the nature of those financial statements in measuring the quality of earnings, because it is a simple and easy to implement tool.

scholarly journals 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

2015 ◽  
Vol 18 (3) ◽  
pp. 41-49
Author(s):  
Hung Xuan Nguyen ◽  
Thuy Xuan Ho
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
International Financial Reporting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Reporting Systems ◽  
Development Orientation

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.

A Perspective on the SEC’s Proposal to Accept Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) without Reconciliation to U.S. GAAP

2008 ◽  
Vol 22 (2) ◽  
pp. 241-248 ◽  
Author(s):  
Karim Jamal ◽  
George J. Benston ◽  
Douglas R. Carmichael ◽  
Theodore E. Christensen ◽  
Robert H. Colson ◽  
...  
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Securities And Exchange Commission ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reports ◽  
Financial Reporting Standards ◽  
Regulatory Changes ◽  
Better Than

SYNOPSIS: The Securities and Exchange Commission (SEC) recently issued a call for comment on a proposal to accept financial statements prepared in accordance with International Financial Reporting Standards (IFRS) without reconciliation to U.S. GAAP. Accounting researchers have attempted to assess the quality of IFRS using different methods and criteria. While we are skeptical of drawing direct conclusions about the SEC’s proposal based on this research, there is adequate evidence that both IFRS and U.S. GAAP provide useful information to investors and other users of financial statements. Moreover, we see no conclusive research evidence that financial reports prepared using U.S. GAAP are better than reports prepared using IFRS. The prudent approach when faced with alternatives with no clear difference in quality is to promote competition among them, which supports adopting the SEC’s proposal to permit foreign private issuers a choice between IFRS and U.S. GAAP. Furthermore, to help improve U.S. and international GAAP through standards-setting competition, we recommend that the Commission extend the choice of IFRS to U.S. companies, and require all companies to indicate clearly whether they are filing under U.S. GAAP or IFRS. Finally, we recommend that the Commission and its staff investigate and seek feedback on the educational consequences of its proposed actions. This attention will help educators to better prepare future professionals to implement these proposed regulatory changes.

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