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

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.

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

International Journal of Recent Technology and Engineering - 2 ◽

10.35940/ijrte.d7105.118419 ◽

2019 ◽

Vol 8 (4) ◽

pp. 506-512

Keyword(s):

Financial Reporting ◽

Developing Economies ◽

Qualitative Content Analysis ◽

Research Work ◽

Developing Nations ◽

Multinational Companies ◽

Accounting System ◽

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.

International Financial Reporting Standards Implementation into the Russian Accounting System

Mediterranean Journal of Social Sciences ◽

10.5901/mjss.2014.v5n24p33 ◽

2014 ◽

Author(s):

P.A. Aletkin

Keyword(s):

Financial Reporting ◽

Accounting System ◽

Reporting Standards ◽

Standards Implementation ◽

HISTORICAL ASPECTS OF THE FORMATION OF NATIONAL ACCOUNTING STANDARDS IN THE REPUBLIC OF IRAQ

Учет и статистика ◽

10.54220/1994-0874.2021.62.2.007 ◽

2021 ◽

pp. 68-76

Author(s):

И.В. Алексеева ◽

Х. Алзубаиди

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

National Standards ◽

Accounting System ◽

Reporting Standards ◽

Distinctive Features ◽

Historical Aspects ◽

The Republic ◽

Further Development

В статье проведено исследование исторических аспектов развития и становления системы бухгалтерского учета Республики Ирак. Систематизированы и хронологически представлены основные события, повлиявшие на развитие Единой учетной системы бухгалтерского учета и отчетности в Республике Ирак. Изучив исторические аспекты развития иракской системы бухгалтерского учета, выделены этапы ее развития. Проведен сравнительный анализ российских, иракских стандартов и МСФО и выделены их отличительные особенности. Обосновано, что основные ориентиры для трансформации иракских национальных стандартов – это международные стандарты финансовой отчетности. Определено, что дальнейшее развитие иракских стандартов заключается в трансформации количества стандартов и их содержательной составляющей для раскрытия информации об активах, обязательствах, доходах, расходах. The article examines the historical aspects of the development and formation of the accounting system in the Republic of Iraq. The main events that influenced the development of the Unified Accounting System of Accounting and Reporting in the Republic of Iraq are systematized and chronologically presented. Having studied the historical aspects of the development of the Iraqi accounting system, the stages of its development are highlighted. A comparative analysis of Russian, Iraqi standards and IFRS is carried out and their distinctive features are highlighted. It has been substantiated that the main guidelines for the transformation of Iraqi national standards are International Financial Reporting Standards. It was determined that the further development of Iraqi standards consists in transforming the number of standards and their content, for disclosing information about assets, liabilities, income, expenses.

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

Economics. Finances. Law ◽

10.37634/efp.2020.11(1).8 ◽

2020 ◽

pp. 38-40

Author(s):

Liubov SHEVCHENKO ◽

Maryna Trokhymivna SHENDRYHORENKO ◽

Vitaliia LIADSKA

Keyword(s):

Financial Reporting ◽

Financial Statements ◽

Main Element ◽

Accounting System ◽

Reporting Standards ◽

Important Indicator ◽

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.

GATR Global Journal of Business Social Sciences Review - GATR Global Journal of Business and Social Science Review (GJBSSR) Vol.7(1) Jan-Mar 2019 ◽

A Study of International Financial Reporting Standards (IFRS) Implementation in Indonesia: The Preparers' Perspectives

10.35609/gjbssr.2016.4.1(5) ◽

2016 ◽

Vol 4 (1) ◽

pp. 31-37

Author(s):

Asniati Bahari ◽

Suhernita Suhernita ◽

Elvira Luthan ◽

Efa Yonnedi

Keyword(s):

Financial Reporting ◽

Financial Accounting ◽

Strategic Decision ◽

Reporting Standards ◽

Manufacturing Companies ◽

Factual Information ◽

Before And After ◽

Ifrs Implementation

Objective - This study is intended to explore the factual information; cost of implementation; general impact of implementation; progress to date; operational and strategic decision taken by management; implementation and impact of individual standards; and general other related to IFRS implementation in Indonesia by comparing before and after IFRS implementation. Methodology/Technique - Data were collected by using content analysis from annual reports of manufacturing companies listed in the Indonesian Stock Exchange and analyzed by using SPSS. Findings - Statistical analysis showed that in Indonesia, the average number of pages that reveal category of operational and strategic decision taken by management; implementation and impact of individual standard; and general other differ between before and after the implementation of IFRS, but not for factual information and general impact of information. In addition, there is a significant difference in the average of number of listed manufacturing companies report category of progress to date; operational and strategic decision taken by management; and general other between before and after the implementation of IFRS-based Financial Statements. Novelty - Findings of this research can serve as a guideline for companies in Indonesia and other developing countries in implementing the IFRS. The findings will also contribute to the knowledge and application of Financial Accounting System and Accounting Theory. Type of Paper - Empirical Keywords: International Financial Reporting Standards; Indonesian Financial Accounting Standards; IFRS implementation; and Manufacturing Companies.

Implementation of Federal Accounting Standards – Capital Investments and Fixed Assets – in the internal rules of accounting for fixed assets

International Accounting ◽

10.24891/ia.24.10.1188 ◽

2021 ◽

Vol 22 (10) ◽

pp. 1188-1204

Author(s):

Ol’ga M. KUPRYUSHINA ◽

Rimma R. RAKHMATULINA

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Financial Accounting ◽

Capital Investments ◽

Reporting Standards ◽

Fixed Assets ◽

Federal Standard ◽

Commercial Organizations

Subject. This article discusses the issues related to the reflection of capital investments and fixed assets in the accounting (financial) statements of economic entities during the transition to the new domestic (Russian) accounting standards – Fixed Assets and Capital Investments. Objectives. The article aims to reveal the consequences of changes in the current practice of accounting for fixed assets and capital investments in the internal rules of commercial organizations. Methods. For the study, we used the methods of generalization, comparison, primary observation, cost measurement, and grouping. Federal Accounting Standards and International Financial Reporting Standards were the basis for methodological justification of changes in the accounting practice of transactions with fixed assets and capital investments. Results. We offer certain records to reflect information on capital investments in the transition to the new Federal Standard – Capital Investments in accounts. We also offer a procedure for classifying low-value fixed assets in the inter-reporting period and a correspondence of accounts reflecting impairment loss on fixed assets. Conclusions and Relevance. The procedure for convergence of domestic accounting standards with International Financial Reporting Standards necessitates the introduction of significant changes in the process of reflecting transactions with fixed assets and capital investments. The modified procedure for reflecting records for accounting for capital investments, low-value fixed assets, losses from impairment of fixed assets in the intra-company rules for accounting for economic entities becomes relevant. The results of the study can be used when accounting for transactions with fixed assets and capital investments of commercial organizations in the practice of financial accounting.

Accounting for leases – lessons from COVID-19

Pacific Accounting Review ◽

10.1108/par-09-2020-0186 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Alan Teixeira

Keyword(s):

Financial Reporting ◽

Design Methodology ◽

Accounting Standards ◽

Financial Accounting ◽

International Accounting Standards ◽

Reporting Standards ◽

Financial Accounting Standards Board ◽

Content Type ◽

Setting Process

Purpose The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) have given relief to lessees in response to the coronavirus (COVID-19) pandemic. However, it is not clear why any relief from the requirements in International Financial Reporting Standards (IFRS) or the Accounting Standards Codification (ASC) should be necessary. The purpose of this paper is to highlight weaknesses in how the IASB and FASB developed their leases Standards, and why those Standards are not robust enough to cope with a shock to the economic system. Design/methodology/approach The COVID-19 relief suspends some features of the leasing requirements rather than changing them. What if other economic or regulatory events cause the same circumstances to arise? Findings Have COVID-19 exposed weaknesses in the leasing standards that should have been avoided when they were developed or is COVID-19 the problem? Originality/value Analysis of actual board discussions and staff papers is unusual and provides insights into the standard-setting process.

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

Journal of Financial Reporting and Accounting ◽

10.1108/jfra-01-2015-0003 ◽

2016 ◽

Vol 14 (1) ◽

pp. 131-156 ◽

Cited By ~ 17

Author(s):

Kingsley Opoku Appiah ◽

Dadson Awunyo-Vitor ◽

Kwame Mireku ◽

Christian Ahiagbah

Keyword(s):

Financial Reporting ◽

Firm Size ◽

Developing Economies ◽

Random Effect ◽

Reporting Standards ◽

Firm Age ◽

Content Type ◽

Listed Firms ◽

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.

Should The SEC Adopt International Financial Reporting Standards?

Review of Business Information Systems (RBIS) ◽

10.19030/rbis.v16i1.6760 ◽

2011 ◽

Vol 16 (1) ◽

pp. 15-20

Author(s):

Clemense Ehoff Jr. ◽

Dov Fischer

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Financial Accounting ◽

Reporting Standards ◽

Financial Accounting Standards Board ◽

Best Interest ◽

Public Companies ◽

Generally Accepted Accounting Principles ◽

In 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) formally began a process to converge Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). By the end of 2011, the SEC will likely decide on whether to adopt International Financial Reporting Standards as the financial reporting system for U.S. public companies, continue with the convergence project, or reject IFRS altogether. This paper examines the benefits and drawbacks of each option and formulates a recommendation as to which option is in the best interest of U.S. investors.

Handbook of Research on Theory and Practice of Global Islamic Finance - Advances in Finance, Accounting, and Economics ◽

Financial Reporting of Islamic Financial Institutions

10.4018/978-1-7998-0218-1.ch043 ◽

2020 ◽

pp. 854-873

Author(s):

Mezbah Uddin Ahmed

Keyword(s):

Financial Institutions ◽

Financial Reporting ◽

Accounting Standards ◽

Financial Accounting ◽

Reporting Standards ◽

Differential Approach ◽

Islamic Financial Institutions ◽

Similarities And Differences

This chapter elucidates the arguments for and against differential approach pertaining to financial reporting amongst Islamic Financial Institutions (IFIs). The chapter has identified additional objectives which the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) aims to achieve in comparison to International Financial Reporting Standards (IFRS). The chapter has also identified the global adoption status for both AAOIFI Financial Accounting Standards (FAS) and IFRS Standards, as well as the difficulties faced in adopting AAOIFI's FAS. This chapter offers illustrative examples of AAOIFI's FAS and IFRS applications to help in providing a much better understanding in terms of similarities and differences in the application of these two sets of standards.