A Comparison of XBRL Filings to Corporate 10-Ks—Evidence from the Voluntary Filing Program

2011 ◽  
Vol 25 (2) ◽  
pp. 227-245 ◽  
Author(s):  
Jon Bartley ◽  
Al Y. S Chen ◽  
Eileen Z Taylor
Keyword(s):  
Technological Change ◽  
Financial Reporting ◽  
Large Scale ◽  
Accounting Standards ◽  
Reporting Standards ◽  
Technological Changes ◽  
Financial Reports ◽  
Business Reporting ◽  
Financial Reporting Standards ◽  
Over Time

SYNOPSIS eXtensible Business Reporting Language (XBRL) has the potential to improve the transparency of financial reports; however, its complexity creates the risk of introducing errors that are a threat to its usefulness. XBRL is a complex technological change in financial reporting of nearly unprecedented scope. Prior to June 2009, the date of the first mandated XBRL filings, the SEC made available a Voluntary Filing Program (VFP) to assist in addressing the difficulties of creating XBRL documents. This study examines errors in the VFP filings, and investigates whether stakeholders used their experience to improve the XBRL technology and processes. Findings indicate a reduction in errors over time, suggesting that the VFP for XBRL was successful. These results support the use of a VFP to identify and solve unanticipated issues and evaluate the feasibility of implementing large-scale technological changes in financial reporting and perhaps comprehensive changes in accounting standards such as the implementation of International Financial Reporting Standards.

Did Codification Result in Improved Readability?

2017 ◽  
Vol 7 (1) ◽  
pp. 190
Author(s):  
Doug Barney ◽  
Daniel Tschopp ◽  
Steve Wells
Keyword(s):  
Financial Reporting ◽  
Essential Element ◽  
Accounting Standards ◽  
Securities And Exchange Commission ◽  
Financial Accounting ◽  
Reporting Standards ◽  
Financial Reports ◽  
Generally Accepted Accounting Principles ◽  
Financial Reporting Standards ◽  
The Impact

Financial reporting complexity costs money. The process of developing and promulgating financial reporting standards is costly. The Financial Accounting Standards Board (FASB), Securities and Exchange Commission (SEC), and the International Accounting Standards staff spend time, expertise, and funds writing detailed financial reporting standards. Reporting companies spend money studying and applying these financial reporting standards. Investors, financial analysts, and creditors, while knowledgeable in financial accounting, spend time and resources interpreting and analyzing the resulting financial reports. While there are a number of factors that contribute to the complexity in financial reporting, the level of reading complexity, or readability, is an essential element of a clear, easy-to-understand accounting standard. Recently the FASB adopted a process to bring about a Codification for U.S. Generally Accepted Accounting Principles (GAAP). What impact, if any, did the FASB’s Codification have on the level of reading complexity or readability in U.S. GAAP? The results of several readability tests reported in this article indicate the impact of Codification on the level of reading complexity or readability is not a positive one.

scholarly journals The Analysis of Problems in Application of International Financial Reporting Standards in Kosovo

2015 ◽  
Vol 2 (1) ◽  
pp. 90
Author(s):  
Agim Kastrati
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
International Financial Reporting Standards ◽  
Practical Implementation ◽  
Special Role ◽  
Reporting Standards ◽  
Financial Reports ◽  
Financial Reporting Standards ◽  
Current State

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.

Weak Signal: Evidence of IFRS and U.S. GAAP Convergence from Nokia's 20-F Reconciliations

2007 ◽  
Vol 22 (4) ◽  
pp. 709-720 ◽  
Author(s):  
Elaine Henry ◽  
Stephen W. Lin ◽  
Ya-wen Yang
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
International Financial Reporting Standards ◽  
Weak Signal ◽  
American Depositary Receipts ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Depositary Receipts ◽  
Over Time

This case examines convergence of International Financial Reporting Standards (IFRS) and U.S. GAAP from the perspective of a single company over a 13year period. Nokia, whose American Depositary Receipts (ADRs) have been traded on the NYSE since 1994, offers you an opportunity to examine the accounting differences under the two sets of accounting standards and their convergence over time.

On the issue of assessing the adequacy of the reserves of insurance companies with various methods for determining the loss of business

2020 ◽  
pp. 46-53
Author(s):  
Margarita Naslednikova ◽  
Alexandr Zamalov
Keyword(s):  
Comparative Analysis ◽  
Health System ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Insurance Companies ◽  
Insurance Company ◽  
Reporting Standards ◽  
Loss Ratio ◽  
Qualitative Characteristic ◽  
Financial Reporting Standards

The article discusses methods for calculating the loss ratio of insurance companies, including compulsory medical insurance, which is the basis for building a health system; su’ciency of formed reserves, which are created in connection with the possibility of losses. Variants of interpretation of calculated indicators into a qualitative characteristic of the insurance company. A comparative analysis of the calculation of indicators of loss-making of insurance companies and the adequacy of the formation of reserves of insurance companies according to Russian accounting standards and in accordance with the requirements of international financial reporting standards.

Accounting Concepts in Company Law

2021 ◽  
Vol 18 (3) ◽  
pp. 398-427
Author(s):  
Jesper Seehausen
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Fair Value ◽  
Company Law ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Eu Legislation ◽  
Starting Point ◽  
Pros And Cons

Abstract Taking as a starting point Peter Hommelhoff’s argumentation that accounting law is, in many respects, linked to company law, the purpose of this article is to discuss one perspective of the links between accounting law and company law: accounting concepts in company law. After a brief outline of the existing EU legislation on accounting and a discussion on whether accounting law is part of company law, some examples of accounting concepts in company law – i. e. examples of accounting concepts that have been ‘implemented’ in company law – are discussed, drawing on the Consolidated Company Law Directive (CCLD) and the Shareholder Rights Directive (SRD 2) as well as the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS). These examples are related party transactions, consideration other than in cash and fair value, serious loss of the subscribed capital as well as a few other examples. It is also discussed whether accounting concepts in company law are a ‘good’ or a ‘bad’ thing. Balancing the pros and cons, in the author’s opinion, it is mostly positive that accounting concepts are used in company law in areas where this makes sense – and hence, in the author’s opinion, accounting concepts in company law are mainly a ‘good’ thing.

Research of Estimated Liabilities During the Audit of Accounting (Financial) Statements

Auditor ◽  
2021 ◽  
pp. 33-39
Author(s):  
N. Loseva
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards

The article discusses the estimated liabilities, their study and assessment in accordance with the provisions of Russian accounting standards (RAS) and International Financial Reporting Standards (IFRS).

scholarly journals International Financial Reporting Standards and Orientation of Vietnam: “Roadmap & International Experience”

2018 ◽  
Vol 7 (4) ◽  
pp. 167
Author(s):  
Ha Thi Thuy Van ◽  
Vu Thi Kim Anh ◽  
Nguyen Dang Huy
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Asia Pacific ◽  
International Financial Reporting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Advantages And Disadvantages ◽  
The World

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. 

scholarly journals HISTORICAL ASPECTS OF THE FORMATION OF NATIONAL ACCOUNTING STANDARDS IN THE REPUBLIC OF IRAQ

2021 ◽  
pp. 68-76
Author(s):  
И.В. Алексеева ◽  
Х. Алзубаиди
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
National Standards ◽  
Accounting System ◽  
Reporting Standards ◽  
Distinctive Features ◽  
Historical Aspects ◽  
Financial Reporting Standards ◽  
The Republic ◽  
Further Development

В статье проведено исследование исторических аспектов развития и становления системы бухгалтерского учета Республики Ирак. Систематизированы и хронологически представлены основные события, повлиявшие на развитие Единой учетной системы бухгалтерского учета и отчетности в Республике Ирак. Изучив исторические аспекты развития иракской системы бухгалтерского учета, выделены этапы ее развития. Проведен сравнительный анализ российских, иракских стандартов и МСФО и выделены их отличительные особенности. Обосновано, что основные ориентиры для трансформации иракских национальных стандартов – это международные стандарты финансовой отчетности. Определено, что дальнейшее развитие иракских стандартов заключается в трансформации количества стандартов и их содержательной составляющей для раскрытия информации об активах, обязательствах, доходах, расходах. The article examines the historical aspects of the development and formation of the accounting system in the Republic of Iraq. The main events that influenced the development of the Unified Accounting System of Accounting and Reporting in the Republic of Iraq are systematized and chronologically presented. Having studied the historical aspects of the development of the Iraqi accounting system, the stages of its development are highlighted. A comparative analysis of Russian, Iraqi standards and IFRS is carried out and their distinctive features are highlighted. It has been substantiated that the main guidelines for the transformation of Iraqi national standards are International Financial Reporting Standards. It was determined that the further development of Iraqi standards consists in transforming the number of standards and their content, for disclosing information about assets, liabilities, income, expenses.

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