scholarly journals GST Repercussion on Financial Reporting under IND AS Regime

2021 ◽  
Vol 9 (2) ◽  
pp. 9-13
Author(s):  
Heena Tabasum ◽  
S Venkatesh
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Primary Source ◽  
Secondary Data ◽  
Financial Information ◽  
Revenue Recognition ◽  
Statistical Tools ◽  
Global Standards ◽  
Transaction Value ◽  
Source Of Information

Indian economy witnessed the biggest reform ever seen since independence is the GST introduction and application of accounting standards converged with Global standards, namely, IND AS. Both GST and IND ASare scorching topics of the period, as taxing goods or services and accounting can be seen as dependent on each other as they go in tandem with each other. Changes can be witnessed in the field of business, finance, accounting and reporting due to the GST move in India along with changes in tax command. Financial information is the primary source of information to the users to know about the performance of the company, which is prepared by considering the guidelines of IND AS and the transaction value is determined by considering GST law. This paper intends to bring light to the area of impact of GST on reporting of financial performance under the IND AS regime by considering GST aspects like an input tax credit, revenue recognition, events treatment etc.., for this purpose, both primary and secondary data has been used. Analysis is done by using some statistical tools, test, graphs, and tables. With GST introduction, every business has changed and do with accounting practices; an attempt has been made to trace such changes and their impact.

scholarly journals Relevance of financial reporting quality - Theory and practice in Vietnamese enterprises

2017 ◽  
Vol 1 (Q2) ◽  
pp. 119-128
Author(s):  
Thuan Quoc Pham
Keyword(s):  
Conceptual Framework ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Reporting Quality ◽  
Professional Associations ◽  
Financial Statements ◽  
Theory And Practice ◽  
Financial Information ◽  
Financial Reporting Quality

Financial reporting quality is one the most interesting topics which draw a great deal of attention to researchers and scientists in the field of accounting (Céline Michailesco, 2010). In the review of research on financial information from 1980 to 2016, Pham (2016) found that characteristics of useful financial information are relatively diverse with as many as 15 attributes being identified. In addition, he also found that all research in any period has employed the characteristics published by professional associations such as American Institute of Accountants, Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB as theoretical basis. Research on the quality of financial information is diverse yet have many things in common, above all is the Relevance characteristic which considered to be the basic qualitative component of the quality of financial information in financial statements. Conceptual Framework officially issued by FASB & IASB in 2010 (FASB & IASB 2010) has further confirmed Relevance is the basic quality component of financial information. Compared with previous announcements, there has been a considerable change in the criteria and attributes used to evaluate the appropriateness of Relevance characteristic of financial information in financial statements. This study aims at confirming the importance of the Relevance component in evaluating the quality of financial information, clarifyingg the characteristics of Relevance measurement before and after Conceptual Framework 2010 and constructing relevant scales as well as measuring the qualitative characteristic of Relevance among enterprises in Vietnam.

scholarly journals Adoption of IFRS in Ecuador and Colombia 2010-2016

2019 ◽  
Vol 16 (1-1) ◽  
pp. 178-184 ◽  
Author(s):  
José Villanueva García ◽  
Carmen Cordova Román ◽  
Maria Teresa Cuenca Jiménez
Keyword(s):  
Financial Reporting ◽  
Research Work ◽  
Balance Sheet ◽  
Accounting Standards ◽  
Nonparametric Test ◽  
Financial Information ◽  
International Accounting Standards ◽  
Financial Reporting Standards ◽  
Before And After ◽  
Mandatory Adoption

The International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB), have been adopted by a large number of countries, since they are considered an international benchmark for obtaining comparable quality financial information. The adoption by Ecuador and Colombia of IFRS as a transition from their previous local regulations based on provisions and decrees, justifies the present research work to provide knowledge of the regulatory reality of both countries. Behind this ambitious adoption of accounting standards, since they are costly processes both financially and in terms of training, there is a need to obtain consistent financial information that should attract investments and facilitate access to other less harmful financial markets. The purpose of this research is to perform an analysis of the effect on the accounting variables of the balance sheet and financial ratios, before and after the application of IFRS on large Ecuadorian and Colombian companies. To do this, Wilcoxon’s nonparametric test of related samples is used, on a total of 204 Ecuadorian companies and 60 Colombian companies. To compare the results of both countries, a non-parametric U Mann-Whitney test is carried out. The results show an impact in both countries on the variables studied after the mandatory adoption of IFRS, although the relative impact is greater in the Colombian case.

The harmonization of government financial information systems: the role of the IPSASs

2007 ◽  
Vol 73 (2) ◽  
pp. 293-317 ◽  
Author(s):  
Bernardino Benito ◽  
Isabel Brusca ◽  
Vicente Montesinos
Keyword(s):  
Public Sector ◽  
Financial Reporting ◽  
Central Government ◽  
Accounting Standards ◽  
Financial Information ◽  
Accounting Systems ◽  
Starting Point ◽  
Public Sector Accounting ◽  
Near Future

The publication of International Public Sector Accounting Standards (IPSASs) in the field of governmental financial reporting has raised the necessity for a wide-ranging discussion about the harmonization of public sector accounting systems. The article has a double aim: to show the adoption or not of IPSASs in local and central government and to analyse the level of convergence between the different countries studied. In order to achieve these objectives, we carried out an empirical study, whose results allow us to show that while some accounting systems are very close to the IPSASs model, others are completely different. Nevertheless, we think that this could be a starting point and that in the near future countries could tend towards IPSASs more and more, which may be the most probable way to reach convergence accounting systems between them.

scholarly journals Pengaruh Rasio Keuangan Terhadap Tindak Kecurangan Pelaporan Keuangan

MAKSIMUM ◽  
2020 ◽  
Vol 10 (1) ◽  
pp. 128
Author(s):  
Ika Listyawati
Keyword(s):  
Logistic Regression ◽  
Financial Reporting ◽  
Quantitative Methods ◽  
Sampling Method ◽  
Secondary Data ◽  
Financial Ratios ◽  
Financial Leverage ◽  
Statistical Tools ◽  
Purposive Sampling ◽  
Independent Variable

This study considers the effect of financial ratios on fraud in financial reporting.While the financial ratios issued are financial leverage, liquidity, profitability, andcapital turnover. Research has been conducted using quantitative methods withsecondary data. Secondary data comes from a list of cases in the FinancialReporting. This research uses purposive sampling method. The total sampleobtained was 32 companies. This company classification consists of 32 companiesthat do financial reporting and 32 companies that do not commit financial reportingby collecting which companies produce the same industry and year of observation.This study uses logistic regression statistical tools while the dependent variable isa dummy (non-metric) variable, while the independent variable is a mixture ofmetric and non-metric variables. The results show that financial leverage, liquidityand capital turnover affect financial reporting fraud, while profitability has noeffect.Keywoard : fraud in financial reporting, financial leverage, liquidity,profitability, and capital turnover.

scholarly journals РОЗКРИТТЯ НЕФІНАНСОВОЇ ІНФОРМАЦІЇ В ЗВІТНОСТІ ПІДПРИЄМСТВ МАЛОГО БІЗНЕСУ

2020 ◽  
pp. 174-182
Author(s):  
Tetyana Gogol ◽  
Vadym Kolotok
Keyword(s):  
Small Business ◽  
Financial Reporting ◽  
Local Governments ◽  
Labor Relations ◽  
Accounting Standards ◽  
Environmental Issues ◽  
Financial Statements ◽  
Financial Information ◽  
Business Reporting ◽  
Do So

The article substantiates the importance of displaying non-financial information to external and internal users of small business reporting and also proves the need to disclose information on human rights and labor relations, anti-corruption activities, interaction with local governments, environmental issues and so on. Accounting standards governing the formation of various types of non-financial statements have been analyzed, together with the indicators which are further disclosed in such reports in order to confirm analytical information. The types of non-financial reporting constituting Ukrainian enterprises have been considered, the composition of indicators appropriate for disclosing to small business enterprises, which are already submitting reports or planning to do so in the future, have been justified.

scholarly journals EMPLOYING FINANCIAL ACCOUNTING STANDARDS FOR ENTITIES WITHOUT PUBLIC ACCOUNTABILITY FOR AUDITING

2013 ◽  
Vol 3 (2) ◽  
Author(s):  
Akie Rusaktiva ◽  
Adri Putra Nugraha
Keyword(s):  
Financial Reporting ◽  
Small And Medium Enterprises ◽  
Accounting Standards ◽  
Secondary Data ◽  
Financial Accounting ◽  
Public Accountability ◽  
Financial Reports ◽  
The Difference ◽  
Small Medium Enterprises ◽  
Medium Enterprises

<p>Financial Accounting Standards for Entities Without Public Accountability (FAS-EWPA) is a financial accounting standards issued by The<em> </em><em>Indonesian Institute of Accountants</em> or <em>Ikatan Akuntan Indonesia</em> (IAI) and endorsed by the Financial Accounting Standards Board of Indonesian Accountants or <em>Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia </em>(DSAK IAI) and intended for small and medium enterprises. The underlying priciple of IAI in issuing this particular standards is the attempt to facilitate small and medium enterprises in arranging their financial reports. If this standard is not issued, they have to follow the new FAS (which is stage of adopting IFRS – full convergence 2012) to arrange their financial reports. The application of this FAS-EWPA based IFRS is relatively more complex and expensive for small and medium enterprises. FAS-EWPA adopted some parts of IFRS (International Financial Reporting Standards) for small-medium enterprises (IFRS for Small-Medium-sized Entities/SMEs). This study aims to describe the layout of the difference measurement, assessment, report and the implementation of auditing standards between FAS-IFRS and FAS-EWPA. This study employed descriptive qualitative technique of data analysis by reviewing literature and analysing the field concerning with the implementation of Financial Accounting Standards Statements (FASS) and FAS-EWPA. Specifically, the secondary data of this study are FAS-IFRS and FAS-EWPA. The findings shows that there is a difference presentation and disclosure of financial statements between entities which report using FAS-IFRS and FAS-EWPA. Therefore the perceived program and audit procedures will be different because it will be tailored to the presentation and objectives the audit, suppose that in the implementation of FASS and EWPA, there is a difference in the assertions about the disclosure/presentation. For other assertions about existence, completeness, rights and obligations as well as assessment and allocation, basically, between FASS and EWPA, they have a common concept. While in presentation assertions as has been described earlier, the FAS-EWPA has a simpler form than with FASS, therefore there is a definitely difference in terms of the presentation between the two.</p> <p><em> </em></p> <p><em> </em></p>

The determinants of internet financial reporting in Slovenia

2014 ◽  
Vol 38 (7) ◽  
pp. 842-860 ◽  
Author(s):  
Tatjana Dolinšek ◽  
Polona Tominc ◽  
Andreja Lutar Skerbinjek
Keyword(s):  
Financial Reporting ◽  
Design Methodology ◽  
Financial Information ◽  
Ownership Concentration ◽  
Site Factors ◽  
Legal Form ◽  
Content Type ◽  
Source Of Information ◽  
Practical Implications ◽  
Index Size

Purpose – The purpose of this paper is to establish the level of internet financial reporting (IFR) of Slovenian companies, including the contents as well as the presentations of online financial information. The second objective was to explore the opinions of users towards newer methods of online financial reporting. Design/methodology/approach – IFR was evaluated on the basis of the IFR index composed of 32 contents-related and 18 presentations-related elements. By means of regression analysis, the authors have established the intensity and direction of impact of six factors on the IFR index: size, profitability, the company's legal form, ownership concentration, age and sector. Findings – During the first research phase, the authors established that 110 (52.64 per cent) of large companies disclose its financial information on its web site. Factors which impact the IFR are as follows: company size, ownership concentration, legal form and sector of operation. Larger companies, companies with a lower ownership concentration, public limited companies and financial sector companies disclose financial information to a greater extent compared to other companies. Practical implications – This research will enable the comparison of the annual level of IFR in Slovenia and in other countries where such research has already been performed. Originality/value – Through the disclosure of financial information online, companies will be able to improve the possibility of attracting foreign investors who often rely on the internet as the only source of information.

scholarly journals Qualitative Characteristics of Financial Reporting: An Evaluation According to the Albanian Users’ Perception

2021 ◽  
Vol 10 (6) ◽  
pp. 35
Author(s):  
Albana Gjoni-Karameta ◽  
Elona Fejzaj ◽  
Ahmad Mlouk ◽  
Kristina Sila
Keyword(s):  
Financial Reporting ◽  
Continuous Process ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Information ◽  
Faithful Representation ◽  
Strong Positive Correlation ◽  
Opinion Survey ◽  
Positive Correlation ◽  
Qualitative Characteristics

The last 20 years’ changes in accounting has led to an essential review process of national accounting standards due to the main objective of improving financial reporting information for stakeholders. Financial reporting as a communication tool has become extremely important for appropriate decision making to economic reporting entities and also financial information users such as analysts, creditors, managers, auditors and government agencies in Albania and all over the world. The absence of a generally accepted definition for qualitative financial reporting has created a gap for continuous research on this matter. The main objective of this study is to examine users’ perception of qualitative financial reporting, toward their perceptions of some selected qualitative characteristics of financial statements. This study aims to determine the attitudes of financial statements’ users toward the importance of qualitative characteristics of financial information reported on these published financial statements. The chosen   qualitative characteristics were relevance, faithful representation, comparability, timeliness, verifiability and understandability. An opinion survey was conducted on three hundred external users of financial statements, such as managers, bank officers, financial analysts, government officers and auditors. Each single characteristic has been operationalized using a structured questionnaire, and a five point Likert type scale was used. Selection process of qualitative characteristics of reported financial information will be based on the data taken from conceptual framework of international financial reporting standards published by the International Accounting Standards Board in a continuous process of improving financial reporting. This research examined primary data taken through an opinion survey directed to three hundred daily users of financial statements ‘information, reported by economic entities in Albania. Results of the study show a very strong positive correlation between users ‘perception and qualitative characteristic of faithful representation, a relatively strong positive correlation with relevance, comparability and understandability, and a moderate correlation with timeliness and verifiability. Users of financial reporting in Albania generally have a very positive attitude towards the qualitative characteristics of financial reporting.   Received: 3 July 2021 / Accepted: 23 August 2021 / Published: 5 November 2021

scholarly journals Accounting standards for small and medium-sized entities. Evidence from Spain

2011 ◽  
Author(s):  
Patricia Milanés Montero ◽  
Irene Albarrán Lozano ◽  
Joaquín Texeira Quirós ◽  
Esteban Pérez Calderón
Keyword(s):  
European Commission ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Information ◽  
National Standards ◽  
International Accounting Standards ◽  
Social Significance ◽  
Reporting Standard ◽  
International Financial Reporting Standard ◽  
Difficult Decision

By approving Regulation 1606/2002, the European  Commission entrusts the local European Union regulators with the difficult decision as to whether making the International Accounting Standards (IAS/IFRS) extensive for their Small and Medium sized Entities or not. International Financial Reporting Standard for Small and Medium-sizzed Entities (hereinafter IFRS for SMEs) was published in 2009, and the European Commission had also decided to seek the opinion of EU stakeholders on this Standard. We understand that the European accounting regulators’ position should be based on the analysis of the extent to which current domestic standards allow useful financial information to be provided by and to these companies. <br />Therefore, this paper presents empirical evidence regarding Spanish SMEs’ characteristics, timely facing the harmonizzation process, in order to determine if the information provided according to the national standards accomplishes the required usefulness. Its purpose is to share facts and data about this kind of still underestimated companies, though of great economic and social significance in Spain and in Europe in general.

The Effect of IFRS Adoption on Financial Reporting Pedagogy in South Africa

2012 ◽  
Vol 28 (2) ◽  
pp. 243-251 ◽  
Author(s):  
Stephen A. Coetzee ◽  
Astrid Schmulian
Keyword(s):  
South Africa ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Primary Source ◽  
Accounting Education ◽  
International Accounting ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Early Adopter ◽  
Financial Reporting Standards

ABSTRACT: South Africa has for many years been involved in and supported the work of the International Accounting Standards Board (IASB) (formerly the International Accounting Standards Committee [IASC]). Accordingly, South Africa was an early adopter of International Financial Reporting Standards (IFRS). This paper highlights two significant effects that the adoption of IFRS has had on accounting education in South Africa. First, both “English” and “Afrikaans” universities have faced, to varying degrees, the challenge of shifting from rule-based pedagogy to framework-based teaching of financial reporting. Second, the Afrikaans universities' primary source of reference for their financial reporting students, namely the financial reporting standards, is no longer available in Afrikaans and as a result introduces the risks and complexities associated with the translation from English into Afrikaans.

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