scholarly journals THE IMPORTANCE OF THE CONVERGENCE OF INTERNATIONAL ACCOUNTING STANDARDS TO THE NATIONAL ACCOUNTING SYSTEM OF UZBEKISTAN

World Science ◽  
2019 ◽  
Vol 2 (1(41)) ◽  
pp. 19-22
Author(s):  
Ergasheva Shahlo Turgunovna ◽  
Shermatov Behzod Xalimkul
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Stock Exchanges ◽  
Accounting System ◽  
International Accounting Standards ◽  
Accounting Systems ◽  
Foreign Investors ◽  
National Accounting ◽  
Financial Reporting Standards ◽  
Speed Up

The actuality of the research:-Economic integration-Comparability & uniformity of financial statements-Attracting potential foreign investors.-The requirement of the world financial markets & stock exchanges. -The decreasing of costs of learning local standards.-The aim of research are:-Carrying out the improvement of our accounting systems to speed up the development of our country with the help of foreign investors’ capital.Developing our national accounting standards based on international financial reporting standards and to reveal the problems associated with this.

Adoption of IFRS in Japan: challenges and consequences

2015 ◽  
Vol 27 (1) ◽  
pp. 3-27 ◽  
Author(s):  
Noriyuki Tsunogaya ◽  
Andreas Hellmann ◽  
Simone Domenico Scagnelli
Keyword(s):  
Financial Reporting ◽  
Design Methodology ◽  
Accounting Standards ◽  
Accounting System ◽  
International Accounting Standards ◽  
Content Type ◽  
Financial Reporting Standards ◽  
Institutional Complementarity ◽  
Accounting Environment ◽  
Social Organizational

Purpose – The purpose of this study is to provide a rigorous and holistic analysis of the main features of the Japanese accounting environment. It also raises issues related to the adoption of International Financial Reporting Standards (IFRS) in Japan. Design/methodology/approach – For the purpose of investigating the Japanese accounting system, this study applies the accounting ecology framework developed by Gernon and Wallace (1995) and provides a content analysis of relevant meetings of the Business Accounting Council of Japan. Findings – The findings of this study provide evidence that it would be problematic to require the adoption of IFRS for all listed companies in Japan. The main reason for this is that the Japanese policymakers and standard-setting bodies follow two objectives: enhancing the international comparability of financial reporting and maintaining institutional complementarity between financial reporting and other infrastructures such as accounting-related laws. Research limitations/implications – This study is relevant for accounting researchers and professionals with an interest in Japanese accounting practices. It is also useful for the International Accounting Standards Board and representatives of countries planning to adopt IFRS in the future. Originality/value – The findings of this study show that contextual issues such as social, organizational and professional environments cannot be ignored in the adoption of IFRS in Japan.

scholarly journals A practical model to implementing IFRS in the national accounting system: The case of Azerbaijan

2021 ◽  
Vol 8 (4) ◽  
pp. 585-598
Author(s):  
Akif Valiyev ◽  
Arif Huseynov ◽  
Nushaba Gadimli ◽  
Ilham Huseynov ◽  
Abasov Elmar
Keyword(s):  
Financial Reporting ◽  
Methodological Approach ◽  
Accounting Standards ◽  
Accounting System ◽  
National Accounting ◽  
Financial Reporting Standards ◽  
Accounting Practice ◽  
Consolidation Model ◽  
Practical Model ◽  
Questionnaire Method

The purpose of this article is to develop a methodological approach to substantiating the effective consolidation model of national accounting standards (NAS) with International Financial Reporting Standards (IFRS) for Azerbaijan. Using the questionnaire method, the advantages, and obstructions of IFRS implementation in Azerbaijan have been assessed, depending on the practicing models of consolidation of NAS and IFRS. Using fuzzy sets made it possible to determine the levels of development of advantages and obstructions associated with the introduction of IFRS into national accounting practice in Azerbaijan. We determined the most effective model of consolidation of NAS and IFRS for the enterprises of Azerbaijan. The effectiveness of implementing models for the consolidation of NAS and IFRS has been assessed to provide a balance between advantages and destructive factors in the implementation of IFRS.

scholarly journals CONCEPTUAL APPROACHES TO CLASSIFICATION OF NATIONAL ACCOUNTING SYSTEMS

2020 ◽  
Vol 384 (2) ◽  
pp. 111-118
Author(s):  
Y. E. Putihin ◽  
Y. N. Akimova ◽  
N. V. Ostrovskaya ◽  
I. A. Manvelova ◽  
E. V. Negashev
Keyword(s):  
Accounting Standards ◽  
International Standards ◽  
International Accounting ◽  
Accounting System ◽  
International Accounting Standards ◽  
Accounting Systems ◽  
National Accounting ◽  
The Uk ◽  
The Eu

International Accounting Practice Accounting is multifaceted and heterogeneous. First distinguish between international standards and national standards. National accounting standards for each country is being developed independently. The leading countries in the field of national accounting standards are the United Kingdom and the United States, which is determined by the role of these countries in international financial markets. In different countries, national accounting standards are called differently; in addition, various bodies are involved in their development: in some these are state bodies, in other countries professional organizations. International accounting standards are implemented and developed at 2 levels: international, global and regional. In the regional aspect, the main role belongs to the EU Accounting Commission, which regulates these matters in the EU countries. World standards are developed by several organizations: International Federation of Accountants, Committee on International Accounting Standards, Intergovernmental Group of Experts on International Standards Reporting and Accounting Center for Transnational United Nations Corporation, Economic development and cooperation. There is a great variety of accounting systems around the world. The differences between them are explained mainly by the different business environments in which they operate. Among many classifications, which are based on various principles, two main classifications can be distinguished. The first one is based on the “geographical” principle, i.e.: the UK-US system, the Continental system, the Latin American system. In the second classification, systems are clustered based on their typical properties and hierarchy. The upper level defines the objectives that the accounting system focuses on. Next, systems are rated based on whether the state insists on applying the theoretical approach or the actual legislative requirements and business needs. It might be difficult to classify a system as belonging to a specific group if the country’s accounting system is unstable. Thus, in the 60s of the 20th century, New Zealand started to separate from the UK, although many provisions of its accounting system were taken directly from the standards developed by the English Institute of Financial Accountants. In view of the existing challenges and various approaches to the classification of national accounting systems, the importance of such classification can hardly be overestimated. The proximity of national accounting systems in countries that belong to the same model suggests the possibility of harmonization of accounting principles at the international level. Based on the above: - the possibility of grouping national accounting systems into clusters makes it possible to level out the differences between them during standardization; - the convergence of economies of different countries due to the globalization of the world economy contributes to the unification of accounting principles at the global level.

Harmonising European Public Sector Accounting Standards (EPSAS): Issues and Perspectives for Europe’s Economy and Society

2014 ◽  
Vol 4 (3) ◽  
Author(s):  
Yuri Biondi
Keyword(s):  
Public Sector ◽  
Financial Reporting ◽  
Accounting Standards ◽  
International Accounting Standards ◽  
Accounting Systems ◽  
The Public ◽  
Financial Reporting Standards ◽  
Adoption And Implementation ◽  
European Public ◽  
Public Sector Accounting

AbstractAccounting systems play a hidden but fundamental role as mode and instrument of representation, coordination and organisation for the public sector and its specific public action. Therefore, financial and accounting reforms transform, implement and reshape public policies as well as the working and very existence of public administration. Last March 2013, the European Commission started a relevant project with the intention to create harmonised “European Public Sector Accounting Standards” (EPSAS) and implement them in the Member States. Between 1995 and 2002, a similar project was already achieved for private sector accounting standards-setting, leading to adoption and implementation of International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB). The EPSAS project should decide if public sector accounting standards-setting shall follow a similar pattern to converge towards the International Public Sector Accounting Standards (IPSAS) that transplant the IFRS in the public sector. This choice may have fundamental implications for the European (Monetary) Union, since public sector accounting and public finances are fundamental elements of its institutional framework. This thematic issue aims to provide analyses and perspectives on this ongoing public sector accounting harmonisation process in Europe, addressing its governance and contents, as well as its consequences and implications for Europe’s economy and society.

scholarly journals THE ACCOUNTING STANDARDS AND FINANCIAL REPORTING IN ALBANIA

2016 ◽  
Vol 4 ◽  
pp. 092-097
Author(s):  
Rezarta Shkurti ◽  
Brunilda Duraj
Keyword(s):  
Financial Reporting ◽  
Small And Medium Enterprises ◽  
Accounting Standards ◽  
Current Status ◽  
International Accounting Standards ◽  
Accounting Standard ◽  
Non Profit ◽  
National Accounting ◽  
Financial Reporting Standards ◽  
Medium Enterprises

Albania implemented its first set of 14 National Accounting Standards (NAS), which were prepared in compliance with the International Financial Reporting Standards, in 2009. The 15th standard, specifically the Accounting Standard for financial reporting by micro-entities, was added to this set in 2011 and a 16th standard, relating to the reporting for non-profit enterprises, was added in 2015. In 2014, the National Accounting Council of Albania (NACA) performed a major revision of this existing framework of NAS. The focus of this paper is to analyze the current status, as well as the development of accounting and financial reporting in Albania for the Small and Medium Enterprises (SMEs). An international standard of financial reporting for SMEs was issued by the International Accounting Standards Board but was not fully endorsed by the European Community, nor by the NACA, who instead chose to revise their current NAS. In this study, we provide a general overview of the accounting regime and platforms currently applied in Albania, by focusing on the changes over the recent years. We also depict the main differences between the IFRS for SMEs and the NAS in Albania in treatment of several elements of the financial statements.

Financial Information Globalization and Foreign Investment Decisions

2012 ◽  
Vol 11 (2) ◽  
pp. 57-81 ◽  
Author(s):  
Dan Amiram
Keyword(s):  
Financial Reporting ◽  
Foreign Investment ◽  
Investment Decisions ◽  
Accounting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Foreign Markets ◽  
Foreign Investors ◽  
Financial Reporting Standards ◽  
Region I

ABSTRACT This paper investigates the association between the adoption of international accounting standards and foreign investment decisions. Prior research suggests that information asymmetries between local and foreign investors and behavioral biases caused by unfamiliarity of the foreign markets contribute to investors preferring to invest in their home markets. Because one of the goals of the adoption of international accounting standards is to establish a high-quality, internationally familiar set of accounting standards, I predict that foreign investments will increase in countries that adopted International Financial Reporting Standards (IFRS) after the adoption and that this increase is driven by the familiarity of IFRS. I find that foreign equity portfolio investments (FPI) increase in countries that adopt IFRS. More importantly, I find that this relation is driven by foreign investors from countries that also use IFRS. Moreover, the effect of accounting familiarity is more pronounced when investor and investee countries share language, legal origin, culture, and region. I also find that countries with lower corruption and better investor protection experience larger increases in FPI after they adopt IFRS relative to other IFRS users. These findings are consistent with the hypothesis that familiar accounting information drives foreign investment decisions.

scholarly journals The Importance of The Improvement And Convergence of Ias/Ifrs to the National Accounting System of Uzbekistan

2019 ◽  
Vol 8 (2S4) ◽  
pp. 731-733
Keyword(s):  
Financial Markets ◽  
Economic Integration ◽  
Financial Reporting ◽  
Financial Statements ◽  
Stock Exchanges ◽  
Accounting System ◽  
Accounting Systems ◽  
Foreign Investors ◽  
Accounting Principles ◽  
Reduced Costs

The relevance of research: • Economic integration • Comparability and uniformity of financial statements • Attraction of prospective overseas investors. •The requirements of global financial markets and stock exchanges. • Reduced costs of studying local standards. Research Objectives: • Work to improve our accounting systems to accelerate the development of our country with the help of capital of foreign investors. • Development of our domestic accounting principles based on transnational financial reporting principles and identification of problems associated with this.

China's Progress with IFRS Convergence: Interviews with Chinese Professors

2013 ◽  
Vol 28 (2) ◽  
pp. 277-290 ◽  
Author(s):  
Ping Nie ◽  
Allison B. Collins ◽  
Shanping Wang
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Training And Development ◽  
Accounting Education ◽  
Accounting System ◽  
International Accounting Standards ◽  
Financial Reporting Standards ◽  
Accounting History ◽  
Convergence Process ◽  
Insight Into

ABSTRACT: The focus of this paper is to examine China's process of convergence with international accounting standards, through a review of the history and through the experiences of its accounting academics. The review of China's accounting history establishes a framework for understanding the current standards. The experiences of Chinese academics during the convergence process are of particular interest to other academics, and offer insight into the training and development of an internationalized accounting profession. To gain insights from the Chinese academics, we conducted interviews with ten professors, and solicited comments, suggestions, and advice from these academics. These academics report between 6 to 50 years of experience in Chinese accounting education. The focus of our interviews was to gain an understanding of the forces and circumstances that characterized the period during which China changed from an internal, rules-based accounting system to a system that has now achieved significant progress toward convergence with the International Financial Reporting Standards (IFRS). The insights from these Chinese accounting professors will be of interest to educators in other countries that are dealing with IFRS-related issues in their curriculum.

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.

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. 

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