INFORMATION DISCLOSURE ABOUT INVESTMENT PROPERTY IN THE FINANCIAL STATEMENTS ACCORDING TO INTERNATIONAL STANDARDS

2017 ◽  
pp. 101-107
Author(s):  
Valentyna Dubovaya ◽  
Iryna Davydova
Keyword(s):  
Information Disclosure ◽  
Financial Statements ◽  
Fair Value ◽  
Associate Professor ◽  
Financial Information ◽  
International Standards ◽  
Global Trends ◽  
Subsequent Research ◽  
Property Evaluation ◽  
Structured Information

UDC 657   Valentyna Dubovaya, PhD (Economics), Associate Professor. Iryna Davydova, student. Poltava National Technical Yurii Kondratiuk University. Information Disclosure about Investment Property in the Financial Statements According to International Standards. The purpose of the research is elaboration of a structured form for information disclosure of investment property in the financial statements in accordance with international standards. According to the results of research it was elucidated, that as opposed to global trends of excessive information disclosure, the financial statements of Ukrainian enterprises in accordance with IFRS has insufficient, and sometimes non-significant, financial information disclosure, at least concerning investment property. For the structured information disclosure about the investment property in the Notes to the financial statements in accordance with IFRS it was proposed an ordered presentation of descriptive and financial information with using the tabular forms of reconciliation of the carrying value of investment property at the beginning and end of the reporting period according to the alternative models of evaluation. It was defined the prospects of subsequent research of application of international accounting approach to the investment property evaluation at fair value with taking into account her best and more profitable using. Keywords: IFRS, information disclosure, investment property, notes to the financial statements.

scholarly journals INFORMATION COVERAGE IN FINANCIAL STATEMENTS: PRACTICAL EXPERIENCE IN THE APPLICATION OF IAS AND IFRS

2021 ◽  
Vol 5 (40) ◽  
pp. 276-287
Author(s):  
O. Yarmoliuk ◽  
О. Hubaryk ◽  
Т. Savanchuk ◽  
О. Dmytrenko ◽  
N. Khomiak
Keyword(s):  
Information Disclosure ◽  
Financial Statements ◽  
Practical Experience ◽  
Jel Classification ◽  
International Standards ◽  
Position Information ◽  
Financial Position ◽  
Methodological Aspects ◽  
A Current

Abstract. The information demands of a globalized society are forcing businesses to produce financial statements that meet the requirements of all stakeholders. The purpose of the article was to assess what information entities disclose in the financial statements prepared in accordance with IAS and IFRS, and what conflicts arise. Theoretical and methodological aspects of the results of scientists prove the importance of information disclosure in the financial statements prepared in accordance with IFRS. At the same time, the issue of disclosure of information in the financial statements remains open, taking into account the needs of current activities of enterprises. In view of this, there is a need to: study the provision of users of financial statements with information, the disclosure of which provides for international standards; testing hypotheses about the need to study the differences between the types of financial statements provided for in IFRS and IAS and reviewing the long-term liability in the event of early repayment. Based on the analysis, it is established that the information required for disclosure in the financial statements determines the type of financial statements. The conducted research testifies to the presence of gaps in IFRS in the order of compilation and information content of the combined reporting. It is proposed that the combined financial statements be prepared by entities that for one reason or another do not meet the requirements of IFRS 10. It is established that an important condition for reliable reflection in the Statement of financial position information on long-term credit is the need to analyze during the year. It is proposed to consider part of the long-term loan in the form of payments, which must be repaid within twelve months from the date of reporting, as a current liability. This approach requires reclassifying existing credit from long-term to current liabilities, which will lead to further changes in cash flow estimates, adjusting the carrying amount of liabilities. The results of the study can be used by practitioners in various sectors of the economy in the formation of financial statements in accordance with IFRS. Keywords: financial statements, IFRS reporting, financial results, enterprise, standards, accounting, IFRS, IAS. JEL Classification M40, M 41, M 48 Formulas: 0; fig.: 1; tabl.: 1; bibl.: 19.

scholarly journals Penerapan PSAK Adopsi IAS 41 Agriculture

2014 ◽  
Vol 5 (1) ◽  
pp. 186
Author(s):  
Stefanus Ariyanto ◽  
Heri Sukendar ◽  
Heny Kurniawati
Keyword(s):  
Decision Making ◽  
Data Collection ◽  
Qualitative Method ◽  
Financial Statements ◽  
Fair Value ◽  
Financial Information ◽  
Literature Study ◽  
Quality And Reliability ◽  
Value Model ◽  
Near Future

This study aims to determine whether the application of PSAK adopted from IAS 41: Agriculture should be applied to State-Owned Enterprises, especially the plantation SOE. So that the SOE financial information produced becomes more useful for decision-making. Furthermore, this study wants to answer what benefits can be obtained from the implementation of this standard on the plantation-based SOE. The main characteristic of IAS is the use of fair value model for biological assets owned by the agriculture-based entity. The use of this model raises a lot of controversy, primarily, associated with relevant quality and reliability of the information it produces. Research used qualitative method with data collection through literature study, survey, interview, and observation. Survey and interview were divided into two major parts, which were: on the compilers of financial statements and the stakeholders. From this study it can be concluded that the PSAK based on IAS 41 have not to be implemented yet in the near future due to IAS 41 will undergo quite significant revision. Currently, the State-Owned Enterprises could use the PSAK plantation SOE that has been issued.

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.

Do globalisation and adoption of IFRS by banks in Africa lead to less earnings management?

2019 ◽  
Vol 17 (2) ◽  
pp. 222-248 ◽  
Author(s):  
Mohammed Amidu ◽  
Haruna Issahaku
Keyword(s):  
Financial Reporting ◽  
Design Methodology ◽  
Information Quality ◽  
Accounting Information ◽  
Financial Statements ◽  
International Standards ◽  
Content Type ◽  
Financial Reporting Standards ◽  
Accounting Information Quality ◽  
National Economies

Purpose This paper aims to analyse the implications of globalisation and the adoption of international standards (International Financial Reporting Standards [IFRS]) for accounting information quality. Design/methodology/approach This paper uses a sample of 329 banks across 29 countries leading up to and beyond the implementation of IFRS to test for related hypotheses. Findings First, banks’ financial statements are prepared on the basis of international standards as national economies are integrated when social norms are diffused. Building on these results, the second test suggests that the relatively high-quality earnings among banks in Africa during the period is attributable to the adoption of and interaction of IFRS with globalisation and the strategy of banks to diversify within and across interest and non-interest income. Originality/value The authors investigate how globalisation and the adoption of IFRS affect accounting information quality.

scholarly journals Reliability of Financial Information from the Perspective of Benford’s Law

Entropy ◽  
2021 ◽  
Vol 23 (5) ◽  
pp. 557
Author(s):  
Ionel Jianu ◽  
Iulia Jianu
Keyword(s):  
Financial Reporting ◽  
Capital Market ◽  
Financial Statements ◽  
Financial Information ◽  
Benford’S Law ◽  
Professional Judgment ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Benford's Law ◽  
Before And After

This study investigates the conformity to Benford’s Law of the information disclosed in financial statements. Using the first digit test of Benford’s Law, the study analyses the reliability of financial information provided by listed companies on an emerging capital market before and after the implementation of International Financial Reporting Standards (IFRS). The results of the study confirm the increase of reliability on the information disclosed in the financial statements after IFRS implementation. The study contributes to the existing literature by bringing new insights into the types of financial information that do not comply with Benford’s Law such as the amounts determined by estimates or by applying professional judgment.

scholarly journals Determination of the Value of Intangible Assets in the Companies of Lithuania

2017 ◽  
Vol 14 (2) ◽  
pp. 55-68 ◽  
Author(s):  
Rita Bužinskienė
Keyword(s):  
Financial Management ◽  
Intangible Assets ◽  
Fair Value ◽  
Financial Information ◽  
Financial Accounting ◽  
True Value ◽  
A Value ◽  
The Impact

AbstractIn accordance with generally accepted accounting standards, most intangibles are not accounted for and not reflected in the traditional financial accounting. For this reason, most companies account intangible assets (IAs) as expenses. In the research, 57 sub-elements of IAs were applied, which are grouped into eight main elements of IAs. The classification of IAs consists in two parts of assets: accounting and non-accounting. This classification can be successfully applied in different branches of enterprises, to expand and supplement the theoretical and practical concepts of the company's financial management. The article proposes to evaluate not only the value of financial information for IAs (accounted) but also the value of non-financial information for IAs (non-accounted), thus revealing the true value of IAs that is available to the companies of Lithuania. It names a value of general IAs. The results of the research confirmed the IA valuation methodology, which allows companies to calculate the fair value of an IA. The obtained extended IAs valuation information may be valuable to both the owners of the company and investors, as this value plays an important practical role in assessing the impact of IAs on the market value of companies.

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