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.

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.

scholarly journals The Effect of the Change in the Balance Sheet Law in 2014-2018 on Management of Companies in Poland

2019 ◽  
Vol 10 (4) ◽  
pp. 14
Author(s):  
Jolanta Chluska
Keyword(s):  
Decision Making ◽  
Financial Reporting ◽  
Balance Sheet ◽  
Accounting System ◽  
Accounting Systems ◽  
Economic Decisions ◽  
Accounting Principles ◽  
Decision Making Processes ◽  
Business Entities ◽  
Internal Accounting

Polish business entities operate based on accounting principles in accordance with the Accounting Act and the accounting policy established by the directors of the entities. Changes in the balance sheet law have a significant effect on the internal accounting principles applied in companies. In the last three years, Polish accounting regulations have been adapted to the solutions used in the European Union.The aim of the paper is to analyse information aspects of accounting, including financial reporting in Poland in the decision-making processes of internal recipients, taking into account the changes in legal regulations.The research method was the analysis of the literature and legal acts, and a practical example.Changes in legislation influence the accounting policies defined by the managers of business entities. Companies can simplify their accounting principles including those concerning reporting. However, the simplifications should not adversely affect the economic decisions of the entity's manager and the recipients of the financial statements.The lack of accurate financial data from the accounting system may adversely affect the decision-making of the unit's manager in management processes. As it results from the analysis of the literature of the subject and the accounting systems of small enterprises, financial information from accounting is necessary for effective business management. Therefore, managers apply simplifications in accounting quite carefully.

Why Do Firms Write Off Their Goodwill? A Comparison of Different Accounting Systems

2015 ◽  
pp. 23-40 ◽  
Author(s):  
Francesco Avallone ◽  
Claudia Gabbioneta ◽  
Paola Ramassa ◽  
Marco Sorrentino
Keyword(s):  
Good Deal ◽  
Financial Statements ◽  
Cash Flows ◽  
Accounting System ◽  
Anglo Saxon ◽  
Accounting Systems ◽  
Ifrs Adoption ◽  
The Future

Increased comparability of financial statements across adopting countries is one of the main objectives of IFRS adoption. The level of achievement of this objective, however, is still debatable. While some studies have documented that crosscountry comparability of financial statements has increased after IFRS adoption, other studies have found that comparability has actually decreased since 2005. We contribute to this debate by studying whether the motivations for goodwill writeoff are the same or vary across countries with different accounting systems. Although a good deal of research has investigated the motivations for goodwill writeoff, our study is the first to analyze whether these motivations vary across countries with different accounting systems. We find that firms that expect low cash flows in the future are more likely to report goodwill write-offs if they are located in countries with an Anglo-Saxon accounting system than if they are located in countries with a Continental accounting system. These results suggest that IFRS are "interpreted" differently in different countries and that harmonization of financial statements has not been fully achieved yet.

Does Auditor Explanatory Language in Unqualified Audit Reports Indicate Increased Financial Misstatement Risk?

2014 ◽  
Vol 89 (6) ◽  
pp. 2115-2149 ◽  
Author(s):  
Keith Czerney ◽  
Jaime J. Schmidt ◽  
Anne M. Thompson
Keyword(s):  
Financial Reporting ◽  
Reporting Quality ◽  
Positive Association ◽  
Financial Statements ◽  
Financial Statement ◽  
Financial Reporting Quality ◽  
Accounting Principles ◽  
Client Relationship ◽  
Financial Misstatement ◽  
Audit Reports

ABSTRACT According to auditing standards, explanatory language added at the auditor's discretion to unqualified audit reports should not indicate increased financial misstatement risk. However, an auditor is unlikely to add language that would strain the auditor-client relationship absent concerns about the client's financial statements. Using a sample of 30,825 financial statements issued with unqualified audit opinions during 2000–2009, we find that financial statements with audit reports containing explanatory language are significantly more likely to be subsequently restated than financial statements without such language. We find that this positive association is driven by language that references the division of responsibility for performance of the audit, adoption of new accounting principles, and previous restatements. In addition, we find that (1) “emphasis of matter” language that discusses mergers, related-party transactions, and management's use of estimates predicts restatements related to these matters, and that (2) the financial statement accounts noted in the explanatory language typically correspond to the accounts subsequently restated. In sum, our results suggest that present-day audit reports communicate some information about financial reporting quality.

scholarly journals EARNINGS MANAGEMENT AS A MANIPULATIVE FORM OF FINANCIAL REPORTING

2019 ◽  
Vol 34 (5) ◽  
pp. 1323-1328
Author(s):  
Marija Milojičić ◽  
Snežana Knežević ◽  
Aleksandar Grgur
Keyword(s):  
Earnings Management ◽  
Financial Reporting ◽  
Financial Analysis ◽  
Balance Sheet ◽  
Financial Statements ◽  
Legal Framework ◽  
Business Decisions ◽  
Accounting Principles ◽  
The Republic

The financial statements, as the end product of the accounting information system, are a structural account of the financial position and financial success of an entity's business over a period. Earnings or net profit indicates an important position in the financial statements and is considered as a measure of a company’s success. Earnings management comes from the accounting skills that executives and business owners use when making business decisions. The Generally Accepted Accounting Principles set out in International Accounting Standards (hereinafter IAS) and International Financial Reporting Standards (hereinafter referred to as IFRS) generally give the owner or manager the choice between several accounting methods within the various stages of the accounting process. One of these methods is creative accounting, which is often correlated with the manipulation of financial statements. Creativity in accounting is known to be legal and to stay within the legal framework, but it is often the case that, with its creativity, it is beyond its boundaries. The way managers exercise this discretion is very important to the quality and objectivity of financial reporting.The tendency of the owners, and then the managers, to show the performance of the company better than they really are, is certainly not new. The reason that in the world from the beginning of the 2000s to the present day, both by the scientific and professional public and by the regulatory bodies in charge of financial reporting, particular attention is paid to this problem are the major political and economic scandals caused by the inaccurate presentation of financial statements. It is considered that manipulative accounting practices are applied in the preparation of financial statements when the application of accounting principles is made with the intention of achieving the desired objective, such as, for example, generating greater profit regardless of whether the procedures selected are in accordance with international and local prescribed rules.The prevalence of manipulation of financial statements depends on the situation in the environment, the quality of the normative basis of financial reporting, the quality of management and the ability of accountants to comply with professional and ethical standards. The environment implies the general economic situation, the existence or absence of appropriate legislation, including its implementation, as well as the relation to tax liabilities.The result of the original empirical research is presented in this paper. The research was conducted in the form of a case study of a domestic business entity (the Republic of Serbia), whose main activity is trade in sports and fashion products. The financial analysis was performed using the Beneish model, which was derived from the official financial statements of the companies, collected from publicly available databases (Balance Sheet and Income Statement 2016-2018) as the basic information base in order to discover the degree of possible manipulation of their own earning capacity. This model has become particularly popular since the Beneish M-scoring model revealed the manipulation of the financial results of the US company Enron, which went bankrupt in 2001.

scholarly journals Financial statements of banking institutions under IFRS as the main element of accounting

2020 ◽  
pp. 38-40
Author(s):  
Liubov SHEVCHENKO ◽  
Maryna Trokhymivna SHENDRYHORENKO ◽  
Vitaliia LIADSKA
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Main Element ◽  
Accounting System ◽  
Reporting Standards ◽  
Important Indicator ◽  
Financial Reporting Standards ◽  
Banking Institutions ◽  
National Bank

The paper consider the stage of preparation, functions and essence of the financial statements of banking institutions, as well as its purpose. It is established that a necessary condition for the operation of each bank is a unique accounting system. The most important indicator that reflects the activities of banking institutions and financial institutions, as well as information of internal and external users for financial decisions is the financial report. Effective bank management depends on the integrity, reliability and reliability of the information provided. The financial statements of each bank reflect the results of activities for the light period. The bank must prepare financial statements in accordance with the requirements of International Financial Reporting Standards and regulations of the National Bank of Ukraine and submit statistical reports on operations, liquidation, solvency, guidance and information. The effective functioning of the bank depends on various factors affecting its financial stability. All bank operations are exposed to risks, so customers, investors and their partners need certain guarantees of return on investment in banks. Especially important in modern conditions is the openness of all market participants, especially credit institutions. This is achieved by complete financial information about their activities. Notice of financial statements, which gives the participant a complete picture of financial stations, the results of its activities at the moment and in the future. Such information is easy to compare with the reporting data of foreign counterparties. The preparation of such reports should be regulated and enshrined in the legislation of Ukraine. However, now we have some discrepancies in the reporting of banks for IFRS in the requirements of the NBU and the requirements of the IFRS Committee. The paper examines the features of the financial statements, which are present banking institution, in accordance with International Financial Reporting Standards Reporting (IFRS) and requirements of the National Bank of Ukraine, differences between these requirements, as well as the benefits of the transition on IFRS for the banking sector and enterprises of Ukraine as a whole together with the problems of implementation in the Ukrainian banking system of International Financial Reporting Standards. The approach to the implementation of IFRS in banking institutions will ensure the creation of a new level of trust in potential partners, as well as attract foreign investment and loans, which will help solve national banking problems.

scholarly journals PELAPORAN AKUNTANSI PADA UMKM CV. CITRA ABADI BATU

2021 ◽  
Vol 2 (1) ◽  
pp. 29-40
Author(s):  
Sri Wahjuni Latifah ◽  
Ahmad Waluya Jati ◽  
Agustin Dwi Haryanti
Keyword(s):  
Financial Reporting ◽  
Accounting Information ◽  
Financial Statements ◽  
Management Decision ◽  
Accounting System ◽  
Materials Management ◽  
Accounting Information Systems ◽  
Management Decision Making ◽  
Accounting Software ◽  
The Right

            Ipteks for the community on the CV.Agro Citra Abadi Batu with the aim of helping partners in order to have a reliable accounting information systems that can provide important information, accurate and timely, so that owners and parties concerned can analyze and take the right decision. Problems of the partners is not yet able to evaluate his performance for not having a system of accounting information to make financial statements.          The purpose of this activity is to improve the understanding and knowledge of human resources. The lasting company has to information system of accounting and financial reporting. Besides helping partners in designing the accounting  system in accordance with the conditions of the partners.          Method to  solving the problem: advising system of accounting information based SAK EMKM, discussing, accounting software design,and implementation of accounting software.The results of these activities shows that there is an increased understanding and ability of partners in the field of accounting. Partners can understand and apply the concept of entity references  separation of business transactions with private transactions. Proven partners may draw up financial statements, can use the financial statements as the basis for evaluation of performance and can use for materials management decision-making

A Cross-Country Empirical Investigation of Corruption and its Relationship to Economic, Cultural, and Monitoring Institutions: An Examination of the Role of Accounting and Financial Statements Quality

2002 ◽  
Vol 17 (4) ◽  
pp. 325-350 ◽  
Author(s):  
Marinilka Barros Kimbro
Keyword(s):  
Financial Reporting ◽  
Empirical Investigation ◽  
Financial Statements ◽  
Financial Accounting ◽  
Accounting Systems ◽  
Financial Reporting Standards ◽  
Information Monitoring ◽  
Per Capita ◽  
Cross Country

This paper empirically tests a model that links economic, cultural, and information/monitoring variables to corruption in 61 countries. The results offer significant evidence to suggest that higher GNP per capita, moderate economic growth, effective legal and financial accounting systems, collectivist values and low power distance are associated with countries that have low corruption. Countries that have better laws, more effective judiciary, good financial reporting standards, and a higher concentration of accountants are found to be less corrupt.

The Limitations of Financial Reporting on Innovation and Its Value-Relevance for the Investor's Decision-Making Process

2019 ◽  
pp. 390-418
Author(s):  
Francisco Leote ◽  
Ana Damião
Keyword(s):  
Decision Making ◽  
Financial Reporting ◽  
Value Relevance ◽  
Financial Statements ◽  
Individual Characteristics ◽  
Decision Making Process ◽  
Accounting Systems ◽  
Financial Factors ◽  
The Individual ◽  
Industry Sectors

This chapter aims to present some limitations of financial reporting on innovation with an impact on the investor's decision-making process. In order to do so, the authors show how accounting recognizes and measures innovation factors: the intangibles. Based on the literature, the authors discuss how the value relevance of financial reporting on innovation is conditioned by non-financial factors. The impacts of the adoption of IFRSs, the effect of the industry sectors and the effect of the individual characteristics of the different countries on the value relevance of the intangible assets are analyzed. The literature suggests a decrease in the value relevance of financial statements due to the manner in which intangibles are recognized and measured in accounting. However, financial reporting on innovation is value relevant to the investor's decision-making and is conditioned by non-financial factors. Value relevance differs among different industry sectors, between different countries and is conditioned by the accounting systems used in the preparation of the financial information.

Fund accounting and government-wide financial reporting during the Pre-IPSAS implementation era from a Nigerian experience

2020 ◽  
Vol 32 (3) ◽  
pp. 339-358
Author(s):  
Christopher Enyioma Alozie
Keyword(s):  
Information Asymmetry ◽  
Financial Reporting ◽  
Financial Statements ◽  
Accounting System ◽  
Accrual Accounting ◽  
Public Funds ◽  
Content Type ◽  
Financial Position ◽  
Fund Accounting ◽  
Fund Balances

PurposeThis paper assessed accuracy level in accounting for government funds in Nigeria's federal treasury and their faithful presentation in government financial reporting. It aimed to determine whether the reported annual balances in Nigeria's financial reporting were reliable or otherwise. Data used in analysis were obtained from secondary sources from federal treasury.Design/methodology/approachEx-post “facto” analysis method was adopted in the study involving the use of statistical techniques of absolute or aggregate mean percentage error derived from differences between recomputed and published fund balances and was employed. This was augmented with interactive review meetings of the initial case research report with the management of Nigeria's audit agency.FindingsResults distilled from the consolidated revenue fund (CRF), development fund and public debt show that recomputed values were greater than the fund balances in the gazetted financial statements. Results for contingency fund (CTF), federation account fund (FAF), special trust fund (STF) and sundry deposit fund yield equal figures and accurate. The paper concludes that there were serial understatements of the core public fund balances in the financial statements over the years. This trend of reporting incorrect in three core public funds in financial statements rendered Nigeria's financial position unreliable in the affected years for decisions. It also facilitated frauds, mismanagement of funds and corrupt practices.Research limitations/implicationsThe scope of the research is restricted to assessment of degree of accuracy in fund accounting, faithful representation of the respective fund balance in the liabilities side of FGN balance sheet and the reliability of the financial position. But, it did not consider or cover the implementation of International Public Sector Accounting Standards (IPSASs) in federal treasury since FGN had not issued any full IPSAS–oriented financial statements as on 2015.Practical implicationsIdentification of deficiencies in fund account balances, structural defects in fund accounting and acts of understatement of carrying balances in CRF and capital development fund (CDF) implies that the aggregate core fund liabilities reported in financial statement of government entities without corresponding assets do not actually reflect a true and fair financial position in some countries. It reveals remarkable degree of financial information asymmetry in government financial reporting. Illusionary fund accounting has direct linkage to poor fiscal governance in many sovereign with associated sub-optimal delivery of public goods and service level distress syndrome in many economies; lead to poverty, unemployment, crisis and macroeconomic disturbances.Social implicationsThe study contributes to the development of fund accounting system; strengthening government financial reporting architecture and practices. It provides framework for tracking financial information asymmetry in government financial reporting and mismanagement of public funds. It provides platform to effect necessary adjustment (correction) during the “first time 3-year adoption” adjustment window in Nigeria. Flowing from the findings, it advocates for institutionalization of government fund accounting standards and provides evidence for migration to accrual accounting system in countries that have not already implemented it. Evaluation system developed herein will improve fund management in federal treasury and contribute to efficient public financial management, good governance and enhance development of public accounting practice.Originality/valueThis exploratory empirical research is the one to ever evaluate accuracy level of fund accounting in sovereign entities and faithful representation in government's financial position prior to implementation of accrual accounting and financial reporting. The study established substantial level of illusionary accounting for public funds and information asymmetry in published government's financial reporting. It is necessary to rectify these discrepancies in fund accounting and financial reporting prior to and or during the first three years of the IPSAS transition implementation programme. These research deliverables provide adopters with relevant data for adjustment accounting during the transition period in strengthening public financial reporting in order to realize the benefit of full IPSAS accrual accounting.

Sign in / Sign up

Export Citation Format

Share Document