scholarly journals Assessing the institutional and financial factors of the IFRS Foundation management from the perspective of the Eurasian Economic Union

2021 ◽  
Vol 26 (4) ◽  
pp. 470-482
Author(s):  
Mikhail V. RODCHENKOV
Keyword(s):  
Financial Reporting ◽  
Management System ◽  
Financial Structure ◽  
International Standards ◽  
Growth Strategies ◽  
Financial Reporting Standards ◽  
Eurasian Economic Union ◽  
Public Data ◽  
Economic Union ◽  
The Impact

Subject. This article explores the impact of the modern institutional and financial structure of the IFRS Foundation on the quality and functionality of the international financial reporting standards, as the main instruments of globalization of the financial and economic sphere, caused by insufficiency in the management of the IFRS Foundation. Objectives. The article aims to identify the reasons for the growth of risk factors in the IFRS Foundation’s activities caused by its institutional and financial structure, taking into account the previously identified problems of the IFRS Foundation management, assess the position of the Eurasian Economic Union (EEU) in the IFRS management system, and develop practical proposals to minimize the identified risks. Methods. For the study, I used a comparative analysis. Results. The article finds that the institutional and financial structure of the IFRS Foundation is characterized by disproportion of the current national, sectoral, and financial representation in the Foundation’s management bodies. This creates risks of inharmonious development of IFRS and confirms the ongoing pendency of the Foundation's unresolved management problems previously identified. The current position of the EEU is characterized by a significant imbalance between functional and financial representations in the Foundation's management system. To reduce such risks, the article proposes to diversify the industry representation, and introduce financial participation coefficients and national representation into the practice of the Foundation's management, based on a transparent and understandable algorithm using public data. Conclusions. The formulated proposals can be useful for the authorized federal governing bodies of the Russian Federation and the EEU governing bodies when developing growth strategies in the field of accounting and reporting, to improve international standards, and protect the national economic interests of the EEU countries in the course of the IFRS Foundation’s activities under present-day conditions.

scholarly journals Evaluation of institutional and financial factors of the international financial reporting standards foundation management from the perspective of the Eurasian Economic Union

2021 ◽  
Vol 27 (9) ◽  
pp. 2139-2157
Author(s):  
Mikhail V. RODCHENKOV
Keyword(s):  
Financial Reporting ◽  
Financial Structure ◽  
International Standards ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Growth Strategies ◽  
Economic Interests ◽  
Financial Reporting Standards ◽  
National Representation ◽  
The Impact

Subject. The article addresses the impact of modern institutional and financial structure of the IFRS Foundation on the quality and functionality of international financial reporting standards. Objectives. The purpose is to identify risk factors in the activities of the IFRS Foundation caused by its institutional and financial structure, considering the previously highlighted problems of the IFRS Foundation management. Methods. The study draws on the comparative analysis of the content of the IFRS and the statistical data on quantitative characteristics of the IFRS Foundation’s regulatory bodies. Results. The institutional and financial structure of the IFRS Foundation is characterized by the disproportion of the current national, sectoral and financial representation in the management bodies of the Foundation. This creates risks of inharmonious development of IFRS. The EEU current position is marked by a significant imbalance between functional and financial representation in the Foundation's management system. It is possible to mitigate identified risks in the development of the IFRS system, if the revealed imbalances are reduced through diversifying the industry representation, introducing financial participation coefficients and national representation into the practice of the Foundation's management. Conclusions. The formulated proposals can be useful for the authorized federal governing bodies of the Russian Federation and the EEU governing bodies, when developing growth strategies in the field of accounting and reporting, determining the focus of efforts to improve international standards, ensuring the protection of the national economic interests of the EEU countries in the activities of the IFRS Foundation in modern conditions.

IFRS IMPLEMENTATION AS ONE OF THE FACTORS FOR IMPROVING THE INVESTMENT CLIMATE IN UKRAINE

2017 ◽  
Author(s):  
Kateryna Sova ◽  
◽  
Natalia Yatsenko ◽  
Denys Zagirniak ◽  
◽  
...  
Keyword(s):  
Financial Reporting ◽  
Direct Investment ◽  
Financial Statements ◽  
International Standards ◽  
Investment Climate ◽  
The European Union ◽  
Economic Activities ◽  
Financial Reporting Standards ◽  
Almost All ◽  
The Impact

The article is devoted to the study of the impact of the introduction of International Financial Reporting Standards (IFRS) on changes in the investment climate in Ukraine. The relevance of the topic is that improving the practice of applying IFRS as a tool for exchanging financial information is one of the key conditions for improving the investment climate in Ukraine. The authors have created the generalized scheme that illustrates the chronological list of enterprises that are required by law to prepare financial statements in accordance with IFRS. It was noted that in 2018, in accordance with Part 2 of Article 12 of the law on accounting and financial reporting in Ukraine and resolution of the Cabinet of Ministers of Ukraine No. 547 from 11.07.2018, the criteria of enterprises that are required to prepare financial statements in accordance with IFRS were updated. This step significantly increased the level of application of international standards due to the adoption of such a decision at the legislative level. The dynamics of the number of IFRS enterprises in Ukraine was analyzed. The analysis showed that over the past three years, the number of almost all enterprises that must apply international standards has been growing. The advantages of using IFRS for different users of financial statements were determined. It was determined that the priority users of IFRS financial statements are investors. At the same time, it was noted that the main advantage for other users of financial statements prepared in accordance with international standards is the improvement of the investment climate. The dynamics of the Investment Attractiveness Index of Ukraine based on the Likert scale in the period from 2016 to 2020 was analyzed. The direct investment receipts to Ukraine from the European Union countries were studied. The dynamics of direct investment in the Ukrainian economy was analyzed for two types of economic activities that should form financial statements in accordance with IFRS, namely, the extractive industry and quarrying, as well as financial and insurance activities.

The Phoenix Rises: The Australian Accounting Standards Board and IFRS Adoption

2017 ◽  
Vol 16 (2) ◽  
pp. 127-154 ◽  
Author(s):  
Bryan Howieson
Keyword(s):  
Financial Reporting ◽  
Social Order ◽  
Standard Setting ◽  
International Standards ◽  
Technical Staff ◽  
Staff Members ◽  
Political Skills ◽  
Financial Reporting Standards ◽  
Ifrs Adoption ◽  
The Impact

ABSTRACT The Australian experience of International Financial Reporting Standards (IFRS) is used to explore the impact of IFRS adoption on the sphere of authority (SOA) of a national accounting standard-setter (NASS). Data for the study were gathered from interviews with AASB technical staff and retired IASB members. The study demonstrates how changes in the social order between the IASB and NASSs impact domestic and international standards and how power is exercised and shared in the IASB/NASSs relationship. I find that a standard-setter's technical agenda is influenced by its strategic agenda. I show the significant influence of the standard-setting entity's chairperson on the development and implementation of the strategic agenda. In addition, individual technical staff members help drive this agenda. Knowledge of the behavior of standard-setting organizations can be considerably deepened by studying the characteristics and motivations of the individuals within those organizations. The findings are useful to NASSs by, for example, demonstrating the importance of employing individuals with both strong technical and political skills. If NASSs wish to have influence at the global level, then they must be proactive in driving change through networks and alliances with other NASSs.

The Impact of the Application of International Financial Reporting Standards in Increasing the Efficiency of the Iraqi Tax System

2021 ◽  
Vol 39 (11) ◽  
Author(s):  
Majid Gazi Hasan ◽  
Bahaa Al-Din Fareed Madhe ◽  
Mostafa ABD Alhussein Almansoori
Keyword(s):  
Financial Reporting ◽  
Vital Role ◽  
International Standards ◽  
Accounting Education ◽  
University Education ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Tax System ◽  
Financial Reporting Standards ◽  
The Impact

The research aims to study the impact of obstacles to the application of international financial reporting standards in Iraq and study the impact of the application of international financial reporting standards in raising the efficiency of the Iraqi tax system. The researchers used a questionnaire to test the research hypotheses and achieve its objectives. Where (75) questionnaire forms were distributed to a selected sample of professionals (auditors and employees of the Arab Finance Bureau), and academics (university professors), and (64) questionnaires were retrieved valid for analysis with a response rate of (85%). The data contained in the questionnaire were analyzed using the statistical program (SPSS). The study reached a set of conclusions, the most important of which is the weak economic infrastructure and the weak accounting education related to international financial reporting standards. Moreover, there is a vital role in applying international financial reporting standards in raising the efficiency of the tax system. While the most critical recommendations were that integration and coordination should be achieved between professional institutions and Iraqi universities to raise the level of university education related to international accounting standards and find training programs that contribute to raising the knowledge of accountants and auditors with international standards. The tax legislator and the tax authority should also rely on the data contained in the financial statements in determining taxable income.

The Process of Implementation of International Financial Reporting Standards in the Countries of the Eurasian Economic Union

Auditor ◽  
2020 ◽  
Vol 6 (11) ◽  
pp. 45-50
Author(s):  
I. Dmitrieva ◽  
Yu. Kharakoz
Keyword(s):  
Financial Reporting ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Member States ◽  
Accounting Systems ◽  
National Accounting ◽  
Financial Reporting Standards ◽  
Eurasian Economic Union ◽  
Economic Union

Th e article discusses the practice of applying International fi nancial reporting standards in the EAEU member States and the development of national accounting systems. In particular, the process of applying IFRS in Armenia, Kazakhstan, Belarus, Kyrgyzstan and Russia was studied.

International Financial Reporting Standards and Real Earnings Management

2019 ◽  
Vol 9 (10) ◽  
pp. 281-292
Author(s):  
Ooi Chee Keong ◽  
Shafi Mohamad ◽  
Syed Ehsanullah
Keyword(s):  
Earnings Management ◽  
Financial Reporting ◽  
Positive Association ◽  
International Standards ◽  
Real Earnings Management ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Industrial Sectors ◽  
The Impact

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.

The effect of culture on accounting conservatism during adoption of IFRS in the EU

2018 ◽  
Vol 26 (2) ◽  
pp. 311-330 ◽  
Author(s):  
Daniel Zeghal ◽  
Zouhour Lahmar
Keyword(s):  
Financial Reporting ◽  
Cultural Dimensions ◽  
Accounting Conservatism ◽  
International Standards ◽  
The European Union ◽  
Content Type ◽  
Financial Reporting Standards ◽  
Conditional Conservatism ◽  
The Impact

Purpose This paper aims to examine the impact of culture on accounting conservatism during transition to international standards. Design/methodology/approach The sample used in this analysis consists of 15 countries of the European Union that have adopted International financial reporting standards (IFRS) pursuing Regulation N° 1606/2002. The study covers the 2000-2010 period. Two conservatism measures are used, the Basu (1997) measure to account for conditional conservatism and the accruals measure to account for unconditional conservatism. To test the impact of culture, the six dimensions of Hofstede (1980, 2010) are used. Findings The results of the analysis show that variation of conditional conservatism is influenced by the six cultural dimensions. However, unconditional conservatism is only affected by power distance. Originality/value The results of the study are interesting and provide a better understanding of the adoption of IFRS worldwide. The role of culture in explaining accounting practices after adopting a single set of accounting standards is particularly highlighted.

scholarly journals Effects of IFRS on Accounting Information Quality: Evidence for Brazil

2017 ◽  
Vol 9 (5) ◽  
pp. 44
Author(s):  
Julio Cesar Araujo Da Silva Junior ◽  
Joao F. Caldeira ◽  
Hudson Da Silva Torrent
Keyword(s):  
Financial Reporting ◽  
Information Quality ◽  
Positive Impact ◽  
Value Relevance ◽  
Accounting Information ◽  
International Standards ◽  
Sufficient Evidence ◽  
Accounting Quality ◽  
Financial Reporting Standards ◽  
The Impact

Understanding the effects of the International Financial Reporting Standards (IFRS) on accounting quality is fundamental for policy makers and financial market players in general. This paper analyzes whether the adoption of IFRS in Brazil has had the impact on accounting informational quality. To this end, a differentiated empirical strategy was adopted based on two steps: first, a matching of voluntary adopters of norms and non-adopters by propensity score is performed to construct control groups. This is important to mitigate the selection bias problem. Second, the measures of value relevance, timeliness and conservatism of accounting information are estimated using panel data models. The period of analysis extends from 2006 to 2010, with annual information for the first stage and quarterly for the second. The results show a positive impact of international standards on the value relevance. However, for the measures of timeliness and conservatism, sufficient evidence was not found to indicate any impact on the group of companies evaluated.

The role of standardization as a key Tool of Quality Economics in the development of integration of the Eurasian Economic Union

2019 ◽  
pp. 14-19
Author(s):  
V. V. Okrepilov ◽  
A. G. Gridasov
Keyword(s):  
Economic Integration ◽  
Legal Framework ◽  
Regulatory Framework ◽  
International Standards ◽  
Member States ◽  
Scientific Methods ◽  
Goods And Services ◽  
Eurasian Economic Union ◽  
Economic Union

The presented study examines the experience of forming a regulatory framework for the integration of the Eurasian Economic Union (EAEU) member states through the example of standardization as one of the key tools of quality economics.Aim. The study analyzes the major solutions of the EAEU authorities and member countries aimed at increasing the role of standardization in the economic integration of the Union over five years of its existence.Tasks. The authors identify efficient methods for developing standardization for the integration of the EAEU states as well as the most problematic aspects in this field that need to be taken into account in the qualitative strengthening of the Union’s economy.Methods. This study uses general scientific methods of cognition to examine the activities of the EAEU authorities and member states aimed at creating a system for the economic integration of the Union during a period of its transition from separate national markets towards a single (common) market.Results. Over five years of operation in the field of stadardization, the Eurasian Economic Union has created the necessary organizational and legal framework to ensure the successful development of integration processes. The national legislation on standardization has been modernized with allowance for the harmonization of these laws. In the next five-six years, the development of international standards for 40 technical regulations is expected to be completed, which would create a regulatory framework for unhindered interaction between all participants of the single (common) EAEU market. Conclusions. The analysis of activities in the field of standardization reveals a sufficiently thought-out and coordinated policy of the EAEU states in creating the necessary conditions for overcoming legal and administrative barriers in the movement of goods and services within the common economic space of the EAEU.

TAX POLICY IN THE FIELD OF EXCISE TAXES ON TOBACCO PRODUCTS IN RUSSIA

2020 ◽  
Vol 3 (3) ◽  
pp. 36-40
Author(s):  
A. A. IDRISOV ◽  
Keyword(s):  
Tax Policy ◽  
Negative Impact ◽  
Tobacco Products ◽  
Excise Tax ◽  
Trade Relations ◽  
Excise Taxes ◽  
Tax Revenues ◽  
Eurasian Economic Union ◽  
Economic Union ◽  
The Impact

The article is devoted to the analysis of the features of excise tax revenues to the budget of the Russian Federation. The analysis of the negative impact on the economy of the distribution of illegal tobacco prod-ucts - cigarettes, as well as the impact of new substitutes for this product. The issues of harmonization of the excise policy of the countries of the Eurasian Economic Union and the regulation of the tax policy in the field of excise taxes on tobacco products, the introduction of new excise taxes on electronic substitutes are considered. These measures are aimed at creating sustainable export-import foreign trade relations and a single market of legalized smoking products. The article is aimed at developing recommendations on strengthening the economy of tobacco production in the context of the creation of the Eurasian Economic Union, as well as on increasing tax revenues from them.

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