scholarly journals Barriers in Adoption of IFRS in Developed and Developing Economies: TIFS Framework

2019 ◽  
Vol 8 (4) ◽  
pp. 506-512
Keyword(s):  
Financial Reporting ◽  
Developing Economies ◽  
Qualitative Content Analysis ◽  
Research Work ◽  
Developing Nations ◽  
Multinational Companies ◽  
International Financial Reporting Standards ◽  
Accounting System ◽  
Reporting Standards ◽  
Financial Reporting Standards

Purpose- International Financial Reporting Standards (IFRS) has mustered enough attention from accountants, bankers, Multinational Companies, Government and social scientists, with many glorifying it over the antiquated financial reporting system. Despite the acceptance and all the initiatives; the execution of International Financial Reporting Standards have to encounter certain challenges, influencing its fruitful execution across developing nations. Moreover, no attempt has been made to create a conceptual framework for strengthening the existing research work. Methodology- The present research initiative underwent an indepth review of literature pertaining to the various barriers impeding the effective execution of International Financial Reporting Standards for understanding and managing the business affairs keeping a parity between the national and global accounting aspects. Scholarly papers were reviewed from standardized and peer-reviewed journals and open sources. Almost a total of 100 papers were ascertained, published between 2001 and 2019. The data-driven qualitative content analysis and Hermeneutics were used for defining 30 barriers. Findings- The 30 barriers were thematically assorted into 4 conceptual categories, i.e. Technological Infrastructure (T), Individual, (I), Financial Constraints (F) and Supportive Environment (S). These categories formed the foundation to conceptualize the ‘TIFS’ framework that depicts the unique aspects impeding the successful execution of International Financial Reporting Standards. The findings reflect that majority of the articles only acknowledged briefing of such challenges. Practical Implications- The proposed ‘TIFS’ framework provides a way for the accountants of Multinational Companies, Strategists, Software developers, business intellectuals and experts as well as researchers. It enables the multiple stakeholders to have a bird-eye-view of the various hindrances for execution of International Financial Reporting Standards in the developing nations. Originality/Value- The paper fulfills the requisite to have a welldefined framework, which summed up the present research pertaining to barriers for execution of International Financial Reporting Standards accounting system.

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.

Compliance with international financial reporting standards: the case of listed firms in Ghana

2016 ◽  
Vol 14 (1) ◽  
pp. 131-156 ◽  
Author(s):  
Kingsley Opoku Appiah ◽  
Dadson Awunyo-Vitor ◽  
Kwame Mireku ◽  
Christian Ahiagbah
Keyword(s):  
Financial Reporting ◽  
Firm Size ◽  
Developing Economies ◽  
Random Effect ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Firm Age ◽  
Content Type ◽  
Listed Firms ◽  
Financial Reporting Standards

Purpose This study aims to examine the association between five firm-specific characteristics and the level of compliance with International Financial Reporting Standards (IFRS) by companies listed on Ghana Stock Exchange. The five firm-specific characteristics are firm size, profitability, leverage, auditor type and firm age. Design/methodology/approach The study uses dataset from 31 listed Ghanaian firms from 2008 to 2012. Random effect is used to examine the influence of the predictive variables on the level of IFRS corporate compliance. Findings The result reveals a positive significant relationship between the level of compliance and firm size, auditor type, cross-listing and sector (information and communications technology (ICT) and agro-forestry). On the contrary, the level of compliance exhibits a negative significant association with leverage and firm age. It is observed that the level of compliance is not related to profitability. The results are robust to different model specifications. Practical implications This study identifies firm-specific characteristics that influence IFRS compliance by listed firms in Ghana. This would aid accounting policy makers to institute strategies to encourage compliance with IFRS by the listed firms. Originality/value The study contributes to financial reporting literature relating to developing economies and Ghana, in particular.

scholarly journals Towards a new ecological and human type of national accounting for developing economies (The CARE/TDL model) (to be continued)

2020 ◽  
pp. 43-59
Author(s):  
Jacques Richard
Keyword(s):  
Financial Reporting ◽  
Developing Economies ◽  
Ecological Crisis ◽  
Financial Accounting ◽  
Accounting System ◽  
Reporting Standards ◽  
Historical Survey ◽  
National Accounts ◽  
Financial Reporting Standards ◽  
The One

The goal of this article is to show how today’s financial accounting system, notably the IFRS (International Financial Reporting Standards) and the related National accounts (primarily the famous GDP, Gross Domestic Product), are the main causes of today’s human and ecological crisis. This assertion is justified on the basis of an historical survey of the development of capitalist accounting since the end of the Middles Age, the time of its foundation. We prove that, in the form it was invented by big capitalists at that time (and used until today), the concept of capital-debt to be conserved has nothing to do with the one used by economists of either classical, neoclassical, or marxist schools and that it is a very dangerous weapon against the interests of the mankind and ecology.

scholarly journals The Conversion From US-GAAP To IFRS And Transfer Pricing: Irreconcilable Differences

2016 ◽  
Vol 33 (1) ◽  
pp. 17-26
Author(s):  
Wagdy Abdallah
Keyword(s):  
Financial Reporting ◽  
Intangible Assets ◽  
Transfer Pricing ◽  
Multinational Companies ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Strategic Decisions ◽  
Financial Reporting Standards ◽  
The Impact ◽  
Us Gaap

Purpose - This paper aims to discuss the challenges the switch from US GAAP into International Financial Reporting Standards (IFRS) pose multinational companies (MNCs); to investigate the transfer pricing of intangible assets with several important trends in the global market; to analyze and discuss the impact of the conversion on intangible assets’ transfer pricing decisions; and to make recommendations to help alleviate problems associated with transfer pricing when switching to IFRS. Design/methodology/approach - The author addresses the conflicts between using the International Financial Reporting Standards and the transfer pricing policies as the multinational companies make the switch from using GAAP to the IFRS and propose some remedies to the related problems. Findings - Transfer pricing systems of MNCs should be carefully reviewed and updated because financial statement information is used and comparability of that information between tested parties and companies to which they are compared is critical to achieving a reliable analysis to help MNCs achieving their global strategic objectives. Research limitations/implications - This research focused on the significant implications on the American MNCs’ transfer pricing strategic decisions resulting from the adoption of the IFRS in general. Further research is still needed to examine the impact of the conversion process on both foreign subsidiaries and the MNC as a whole in different industries.  Originality/value - The paper addresses an issue of significant implications on transfer pricing strategic decisions of intangible assets beyond financial reporting as a result of converting financial statements from U.S. GAAP to IFRS. 

Institutional Characteristics of Market Economy in International Financial Reporting Standards

Auditor ◽  
2020 ◽  
Vol 6 (10) ◽  
pp. 48-52
Author(s):  
N. Mislavskaya
Keyword(s):  
Market Economy ◽  
Financial Reporting ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Institutional Characteristics ◽  
Accounting System ◽  
Reporting Standards ◽  
Methodological Issues ◽  
Financial Reporting Standards ◽  
Methodological Component

The article analyzes the influence of the fundamental characteristics of a market economy on the methodological component of International Financial Reporting Standards. On the basis of a comparative analysis of the principles of market and organization functioning, the causes of modern problems in the presentation of accounting (financial) statements are identified, and options for solving complex methodological issues are proposed. The author is inclined to the need to reform the accounting system on the principles of not copying, but adapting to International Financial Reporting Standards.

scholarly journals Accounting for Financial Investments in View of International and Local Financial Reporting Standards

2020 ◽  
Vol 31 (2) ◽  
pp. 437-462
Author(s):  
Ayad Jumaah Khalaf ◽  
Omar Mohammed Arkad
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Business Environment ◽  
International Financial Reporting Standards ◽  
Accounting System ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Financial Investments ◽  
Accounting Rules ◽  
Similarities And Differences

The transformations in the business environment and the opening of markets have led to increased interest in financial investments to revive the national economy and with the emergence of international business and multinational companies، accounting work has become more extensive and complex، which requires improving local accounting standards and in line with international requirements، where the research problem is that Iraq is one of the countries It seeks to use accounting that is largely consistent with the international financial reporting standards through its keenness to apply the unified accounting system and accounting rules and that studying financial investments in the light of both international financial reporting standards and Iraqi accounting regulations and knowing and identifying similarities and differences between them can improve the process of increasing Harmony and increased compatibility Where the importance of research lies in improving the unified accounting system and the Iraqi accounting rules through which financial investments are accounted for and shown in financial statements and communicated to users of financial reports in a way that reflects on the enhancement of investment decisions، and with this the aim of the research is to identify financial investments in the light of each of the reporting criteria International and local financial and accounting treatments in addition to conducting a comparative analytical study to find out the similarities and differences between them and proposing the necessary basis and procedures to help increase harmony and consensus، as the two researchers used the theoretical side and the comparative analytical method based on the sources and references as well as the international and local financial reporting standards related to the research topic Also، tables and illustrations were used، many results were reached، the most important of which is a wide gap between international and domestic financial reporting standards in relation to accounting for financial investments. Financial statements، and among the recommendations of the researchers is the necessity to issue a separate accounting rule for financial investments and another rule for investments in real estate، as well as an accounting base for investment in associates and joint ventures in order to classify financial investments according to what came in the international financial reporting standards.

International Financial Reporting Standards: Going Concern Assumption

Auditor ◽  
2020 ◽  
Vol 6 (8) ◽  
pp. 60-65
Author(s):  
N. Mislavskaya
Keyword(s):  
Financial Reporting ◽  
Information Society ◽  
Critical Assessment ◽  
International Financial Reporting Standards ◽  
Accounting System ◽  
Reporting Standards ◽  
National Interests ◽  
Philosophical Foundations ◽  
Going Concern ◽  
Financial Reporting Standards

The article analyzes the philosophical foundations of scientific accounting knowledge - assumptions about the continuity of the organization. The relevance, the need for a critical assessment of the modern accounting paradigm in the formation of the information society, in the formation of which a certain role is assigned to accounting and accounting (financial) reporting, is substantiated and proved. The author is convinced of the need to reform the accounting system, taking into account national interests. It is proposed to begin this process by clarifying the underlying accounting assumption.

scholarly journals Transition To International Financial Reporting Standards In Developing Countries: Possibilities And Analysis Of Implementation

2021 ◽  
Vol 03 (05) ◽  
pp. 135-141
Author(s):  
Samiddin Tashnazarov ◽  
Keyword(s):  
Developing Countries ◽  
Financial Reporting ◽  
Research Work ◽  
National Standards ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Report ◽  
Financial Reporting Standards ◽  
Currency Exchange ◽  
First Time

This article highlights the importance of IFRSs in developing countries, including Uzbekistan , based on the urgency of the transition to International Financial Reporting Standards ( IFRSs ) , and the factors that determine its necessity and potential . The most important one of the possibilities, the companies x International stock markets , currency exchange, capital markets and other markets in the world for the International Financial Reporting Standards , or GAAP financial reporting, and to provide in that country. The research work of the transition to IFRS to ensure the quality of the work must be done , the application of IFRS for the first time or before the transformation of the financial report based on national standards, environmental conditions, and production of composition and its contents were revealed .

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