scholarly journals COMPARISON OF VALUATION MEASURES IN TERMS OF TURKEY ACCOUNTING/FINANCIAL REPORTING STANDARDS (TMS/TFRS), FINANCIAL REPORTING STANDARD FOR LARGE AND MEDIUM-SIZED ENTITIES (BOBI FRS) AND THE TAX PROCEDURE LAW (VUK): A STUDY ONTO THE ASSET STRUCTURE OF FINANCIAL POSITION STATEMENT

2021 ◽  
Vol 14 (2) ◽  
pp. 785-812
Author(s):  
Erkan UZUN ◽  
Ali DERAN
Keyword(s):  
Financial Reporting ◽  
Position Statement ◽  
Reporting Standards ◽  
Reporting Standard ◽  
Financial Reporting Standards ◽  
Financial Position

scholarly journals CASE STUDY OF THE ORIGIN AND THE EVOLUTION OF ACCOUNTING SYSTEMS REGARDING TO THE HARMONIZATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) IN JORDAN AND ROMANIA

2021 ◽  
Vol 30 (30 (1)) ◽  
pp. 156-163
Author(s):  
Omar Alhato ◽  
Alexandra Botos
Keyword(s):  
Middle East ◽  
Financial Reporting ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
The European Union ◽  
Reporting Standard ◽  
International Financial Reporting Standard ◽  
Accounting Systems ◽  
Financial Reporting Standards ◽  
Middle East Countries

It is valuable to take note that the majority of financial reporting pundits are in agreement that the financial reporting system of a country depends on several factors that include the legal, economic, and cultural background; The development of tasks performed by accounting is persistently inspired by needs of practice. It is clear of that accounting schemes play an essential role in the market economy, particularly in face of globalization of capital markets, where increasing need for comparable, transparent financial statements for the companies. Rather, it is proposed to present information that is used in making reasoned options amongst alternative uses of limited resources in the conduct of business and economic activities. The present paper discusses the possibilities to improve the accounting policies and procedures in Jordan and other Middle East countries in accordance with commitment of the International Financial Reporting Standards (IFRS). Throughout this study we used a qualitative approach, to outline an overview of the history of financial reporting and its evolution from the origin, to the growth and development of accounting systems by studying a considerable amount of bibliographic material, using different textbooks and journals on accounting theories but also public information presented by the accounting organisations and the government of the two analysed countries. Furthermore, the paper reviewed the achievements made in the convergence of International Financial Reporting Standards (IFRS), in the Middle East countries, in Jordanian context and in the European Union, specifically the case of Romania. International financial reporting standard (IFRS) implementation in Jordan has departed through several transitional phases wile in our previous work we noticed that Romania can be considered a benchmark of high degree convergence to IFRS.

International Financial Reporting Standards and Value Relevance of Accounting Information: A Mult-Institutional Perspectives from Nigeria Quoted Firms

2018 ◽  
Vol 2 (2) ◽  
pp. 1-14
Author(s):  
Davies Stanley Diepiriye
Keyword(s):  
Financial Reporting ◽  
Oil And Gas ◽  
Value Relevance ◽  
Accounting Information ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Reporting Standard ◽  
International Financial Reporting Standard ◽  
Financial Reporting Standards ◽  
Oil And Gas Firms

This study examined the effect of International Financial Reporting Standards on value relevance of accounting information of quoted firms in Nigeria. The objective is to examine if International Financial Reporting Standards affect value relevance of accounting information. The study focus on the commercial banks, manufacturing firms, insurance, government agencies and the oil and gas firms, questionnaires were structured and administered to accountants and finance managers. The data analyses adopted was the simple percentages and correlation coefficient. The results found a coefficient of 85.1 %, R2   and adjusted R2   of 60.3% and 51.4 %. We conclude that there is significant relationship between International Financial Reporting Standard and value relevance of accounting information   of quoted firms in Nigeria. We therefore recommend full compliance to the International Financial Reporting Standard, audit firms should adopt fully the International Financial Reporting Standard and Nigerian accounting bodies such as Institute of Chartered Accountants of Nigeria and Association of National Accountants of Nigeria should endeavor to encourage the auditing firms on the relevance of adopting International Financial Reporting Standard.

scholarly journals The Importance of Moving to International Financial Reporting Standards for Indonesian Companies

2011 ◽  
Vol 9 (1) ◽  
Author(s):  
Andian Ari Istiningrum
Keyword(s):  
Financial Performance ◽  
Financial Reporting ◽  
Cash Flows ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Financial Position ◽  
First Time ◽  
Us Gaap

The aim of this study is to determine basic differences between US GAAP and IFRSand provides some solutions to overcome problems that arise due to those differences.Literature review is used in this study to obtain the data about the effects of moving to IFRSin other countries. The results that are achieved in this study are: (i) transition to IFRS willchange financial position, financial performance, and cash flows of companies, (ii) benefitsthat companies take from transition to IFRS outweigh all costs that incur in the conversion,and (iii) IFRS 1 provides important guidance for a first time adopter.

scholarly journals PROCEDURES FOR PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

2021 ◽  
pp. 217-226
Author(s):  
Лэйля Камаровна Мусипова
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Reporting Standards ◽  
Consolidated Financial Statements ◽  
Reporting Standard ◽  
International Financial Reporting Standard ◽  
Financial Reports ◽  
Financial Reporting Standards ◽  
Business Structures ◽  
Performance Results

Помимо обычной финансовой отчетности некоторые предприятия Казахстана обязаны формировать и предоставлять консолидированную финансовую отчетность согласно требованиям международных стандартов финансовой отчетности. Статья посвящена особенностям составления и представления консолидированной отчетности в соответствии с международным стандартом финансовой отчетности 10 (IFRS) «Консолидированная финансовая отчетность». Целью исследования является рассмотреть понятие консолидированной отчетности, требования по ее составлению, порядок формирования и провести анализ потребность в составлении и представлении консолидированной финансовой отчетности. Наряду с этим представлена практика полной консолидации на условном примере с учетом требований международных стандартов финансовой отчетности, а также проблемы, с которыми сталкиваются представители бизнес-структур при формировании и представлении консолидированной финансовой отчетности. Научная новизна полученных результатов заключается в разработке приемов и методов составления и совершенствования консолидированной отчетности, которая позволит преодолеть сложности при формировании результатов деятельности за определенный отчетный период группы в целом. Along with the standard financial reports, some enterprises in Kazakhstan are required to form and submit consolidated financial reports in accordance with the requirements of international financial reporting standards. The article is devoted to the peculiarities of creating and presenting consolidated financial reports in accordance with International Financial Reporting Standard 10 (IFRS) «Consolidated Financial Reporting». The aim of the study is to examine the concept of consolidated financial statements, the requirements for its formation, and the analysis of the need for the preparation and presentation of consolidated financial statements. In addition, the practice of full consolidation was studied and presented on the example of all the consolidation requirements of IFRS 10 (IFRS) «Consolidated Financial Reporting», as well as various issues business structures deal with during the process of formation and presentation of consolidated financial statements. The scientific novelty of the results obtained is the development of techniques and methods for the preparation and improvement of consolidated reporting, which makes it possible to overcome the complexity of the formation of performance results for a certain reporting period of the group as a whole.

scholarly journals GLOBALISATION OF FINANCIAL REPORTING STANDARD OF LISTED COMPANIES IN ASEAN TWO: MALAYSIA AND SINGAPORE

2017 ◽  
Vol 16 (1) ◽  
Author(s):  
Daw Tin Hla ◽  
Abu Hassan bin Md Isa
Keyword(s):  
Corporate Governance ◽  
Financial Reporting ◽  
Stock Exchange ◽  
Reporting Quality ◽  
Financial Reporting Quality ◽  
Annual Reports ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Reporting Standard ◽  
Financial Reporting Standards

Malaysia and Singapore are the top two successful economies in the ASEAN region. They are converging their national accounting standards with the International Financial Reporting Standards (IFRSs) in an attempt to be more globalised. The globalisation of financial reporting standard is not just accounting focus but also for enhancing the quality and transparency of financial reporting of the firms in these countries. Investors and the other stakeholders rely on financial information reported by the firms on their websites to enable the information to access globally. This study focuses on the globalisation of financial reporting standards, corporate governance and transparency practice by the firms listed on Bursa Malaysia and Singapore. It is to analyse the level of financial reporting quality of the firms in compliance with the International Financial Reporting Standards (IFRS) in their annual reports by using disclosure analysis. Additionally, it determines the association between the financial reporting quality with IFRS compliance, and corporate governance and transparency practice of the firms listed on the main markets of Bursa Malaysia and main board of Singapore Stock Exchange (SGX), using multiple regression analysis. The finding of this study highlights the association of higher level of financial reporting quality with IFRS compliance of the firms, and their good corporate governance and transparency practice are positively associated in these two countries. This study also provides some opportunities to achieve sustainable convergence with the International Financial Reporting Standards of the firms by improving corporate governance and transparency in ASEAN countries.Keywords: International Financial Reporting Standards; Corporate Governance; Transparency and Disclosure Practice; Malaysia and Singapore.

scholarly journals Bangladesh Financial Reporting Standard (BFRS) and Environmental Accounting: A Case Study of Listed Manufacturing Companies in Bangladesh

2013 ◽  
pp. 1-20
Author(s):  
Md Islam Biswas ◽  
Md Mustafizur Rahaman
Keyword(s):  
Financial Reporting ◽  
Self Regulation ◽  
Environmental Accounting ◽  
Mandatory Reporting ◽  
Global Reporting Initiative ◽  
Reporting Standards ◽  
Manufacturing Companies ◽  
Reporting Standard ◽  
Financial Reporting Standards

This paper examines whether Bangladesh Financial Reporting Standards (BFRS) can be used for monitoring environmental degradations. The paper critically examines the contemporary environmental accounting literature, and attempts to find a mandatory reporting mechanism in the context of accounting for a public good. It selects the relevant financial reporting standards and examines their strengths and weaknesses. Using qualitative and case-study research methods, the financial statements of 65 local manufacturing companies that are operating in an environmentally sensitive sector are studied. The study finds that the Global Reporting Initiative’s (GRI) guidelines and the private sector’s self-regulation are insufficient to monitor environmental disclosure. The paper proposes a mandated separate statement of environmental assets and liabilities. The elements of the proposed statement are discussed. DOI: http://dx.doi.org/10.3329/jbt.v6i2.14514 Journal of Business and Technology (Dhaka) Vol–VI, Issue–02, (July-December, 2011) & Vol–VII, Issue-1 (January-June, 2012) pp.1-20

The role of electronic auditing in verifying the principles and approaches of accounting measurement for financial instruments when adopting international financial reporting standards IFRS

2021 ◽  
Vol 11 (1) ◽  
pp. 229-247
Author(s):  
Abdul Majeed S. Dawood ◽  
Saad Salman Awad AL Maeeni
Keyword(s):  
Financial Reporting ◽  
Fair Value ◽  
International Financial Reporting Standards ◽  
Financial Assets ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Market Values ◽  
Financial Position ◽  
Income Statement ◽  
Audit Program

The diversity of financial assets owned by Iraqi companies, which are measured and presented in different ways according to the classification of these assets according to international financial reporting standards, and that re-measuring these assets (shares) affects the income statement and the financial position of companies according to the change in the fair value of shares. The auditor uses multiple auditing methods for the purpose of verifying the measurement and presentation of these assets, including the use of electronic means in auditing (computer auditing.(The aim of the research is to clarify what electronic auditing is and to explain and analyse the measurement requirements in accordance with the International Financial Reporting Standard (IFRS - 9), in addition to preparing an electronic audit program that helps the auditor to verify the re measurement and presentation of the companies ’financial assets. Two mixed joint stock companies (Iraqi Company for Manufacturing and Marketing Dates - the National Company for Tourism Investments and Real Estate Projects) are adopted as a field of application by analysing their financial data for the year / 2018 and conducting a simulation of the outcome of the activity and the financial position of the company using an electronic audit program. This is to show the difference between the actual results and the results expected to be shown in light of the measurement principles adopted under international financial reporting standards. The researchers have concluded that the use of electronic means helps the auditor to conduct the audit process for the various financial assets due to their multiplicity and diversity in addition to the diversity of their market values. In addition, this enables the auditor to identify errors and indicate their impact on the income statement and budget and thus reach a final opinion on the financial statements towards the use of electronic means in auditing operations by professional organizations and relevant authorities for the purpose of speed and accuracy in completing auditing operations. Moreover, the necessity to prepare electronic programs for various auditing purposes in line with the activity of the bodies subject for auditing and training auditors in the use of such programs.

scholarly journals Disclosure of Debt Instruments in Accordance With The Requirements of The Seventh International Financial Reporting Standard (IFRS7)

2021 ◽  
Vol 11 (3) ◽  
Author(s):  
Lecturer Ali Mahmood Hasen ◽  
Dr.Mohamed Elnair Mohamed Elnour
Keyword(s):  
Financial Reporting ◽  
Commercial Banks ◽  
Analytical Approach ◽  
Position Statement ◽  
Reporting Standard ◽  
International Financial Reporting Standard ◽  
International Reporting ◽  
Financial Position ◽  
Private Banks ◽  
Questionnaire Form

The research sought to discover the application and disclosure extent of the debt instruments within the Iraqi’s commercial private banks in accordance with the seventh international financial reporting standard, by using the descriptive analytical approach building a questionnaire form with the aim of testing the research hypothesis. The research hypothesized that the private Iraqi commercial banks did not apply the principles of the international reporting standard, specifically the Seventh financial standard regarding debt instruments disclosure. The research reached a main conclusion, which is that the Iraqi private commercial banks disclose the amounts recorded in the statement of financial position or the notes for loans and investments held to maturity, and this conclusion was met with a recommendation for the Iraqi commercial private banks to disclose the loans and investments held to maturity and to expand the disclosure of them and their subsidiaries, if any, due to the transparency it provides in the presentation of the financial position statement.

The need for Shariah harmonization in financial reporting standardization

2015 ◽  
Vol 8 (4) ◽  
pp. 455-471 ◽  
Author(s):  
Murniati Mukhlisin ◽  
Mohammad Hudaib ◽  
Toseef Azid
Keyword(s):  
Financial Institutions ◽  
Financial Reporting ◽  
Deep Understanding ◽  
Development Effort ◽  
Reporting Standards ◽  
Islamic Banks ◽  
Reporting Standard ◽  
Content Type ◽  
Financial Reporting Standards ◽  
Islamic Financial Institutions

Purpose – This study aims to analyze IFIs’ stakeholders’ perception on Shariah harmonization for financial reporting standards inIndonesia as a part of the development effort of linking the emerging global Islamic banking to Indonesian financial and industrial markets. Design/methodology/approach – A sample of 160 respondents, who were stakeholders of Islamic banks, was taken from Jakarta, the capital city of Indonesia and its surrounding major districts to examine the stakeholders’ perception on Shariah harmonization effort toward the implementation of a uniformed financial reporting standard for Islamic financial institutions. Data for this study were collected using a structured questionnaire. Findings – Through this study, the authors found several measures to be taken to ensure Shariah harmonization efforts in Indonesia such as deep understanding on the fatawā brought into practices and strict monitoring on the Islamic banks in applying the financial reporting standards that imply practicing the fatawā, both de jure and de facto. However, the respondents differ in their opinion on the possibility of Shariah harmonization, both de jure and de facto. The role of various actors involved in the financial reporting standardization may impede Shariah harmonization to take place. Research limitations/implications – The study is only looking at one case study, which is Indonesia. Therefore, future studies should consider more countries and significant number of respondents. Different research instruments to measure the perception can also be an interesting research exploration. In addition, adopting deep Islamic political economy of accounting theory may support better analysis on the issue of financial reporting standardization for Islamic financial institutions. Originality/value – This paper has practical significance for financial reporting standard setters for Islamic banks and policy-makers to understand the key behavioral and demographical dimensions of their stakeholders and using these dimensions to effectively position important aspects in financial reporting standards setting.

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