Institutional Convergence in European Union Member States

2020 ◽  
pp. 288-308
Author(s):  
Ayşenur Tarakcioğlu Altinay
Keyword(s):  
European Union ◽  
Financial Reporting ◽  
Accounting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
The European Union ◽  
Consolidated Financial Statements ◽  
Publicly Traded Companies ◽  
Financial Reporting Standards ◽  
Institutional Convergence

Economic globalization has affected accounting and auditing practices, as it has many other areas. Its impact on accounting has emerged in international accounting standards and independent auditing. There is pressure on the European Union countries to benefit from the New York segmentation of these standards. In parallel with these developments, IASB (International Accounting Standards Board) was established in 1973 to create a common accounting system for companies around the world, and internationally accepted accounting standards were established under the name of International Accounting Standards (IAS). To use these common accounting practices effectively, as of Jan. 1, 2005, publicly traded companies in the European Union have been obliged to apply the consolidated financial statements to the public in accordance with the International Financial Reporting Standards (IFRS) adopted by the European Union.

scholarly journals Compatibility of the IFRS for Small and Medium-sized Entities and the new EU-Accounting Directive

2015 ◽  
Vol 63 (6) ◽  
pp. 1945-1951 ◽  
Author(s):  
Gerrit Kaufhold
Keyword(s):  
European Union ◽  
Financial Reporting ◽  
Accounting Standards ◽  
International Accounting Standards ◽  
The European Union ◽  
Reporting Standard ◽  
International Financial Reporting Standard ◽  
Member States ◽  
Financial Reporting Standards ◽  
Accounting Principles

The new EU-Accounting Directive of 26 June 2013 (DIRECTIVE 2013/34/EU) has the intention to harmonize the accounting and financial reporting of enterprises in the European Union. “Think small first” is the central principle in the new EU-Accounting Directive and the new regulations have to be adopted in the laws of European member states by 20 July 2015. The International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) was published in 2009 by the International Accounting Standards Board (IASB). The IASB intended to create simplified international financial reporting standards for the special needs of smaller and medium-sized enterprise. The IASB completed in May 2015 a comprehensive review of the IFRS for SMEs and made amendments to the Standard. The revised version of the IFRS for SMEs will be issued in the last quarter of 2015. The aim of the paper is to analyze the compatibility of the IFRS for SMEs and the new EU- Accounting Directive and the problems in connection with the harmonization of the European accounting legislation especially in Germany. Based on the results of the research most of the former incompatibilities could be removed, but the remaining complexity of the IFRS for SMEs and the lack of an option for the member states to adopt the IFRS for SMEs as an accounting and reporting standard besides or instead their local accounting principles will prevent the wide use of the IFRS for SMEs in Germany and in other member states of the European Union.

scholarly journals The Changes of Polish Accounting Regulations after the 1989 Political Transformation Incorporation of Global Solutions

2021 ◽  
pp. 1-11
Author(s):  
Ewa W. BABUSKA
Keyword(s):  
European Union ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Global Solutions ◽  
International Accounting Standards ◽  
Political Transformation ◽  
Reporting Standards ◽  
The European Union ◽  
Financial Reporting Standards ◽  
Systemic Transformation

The aim of the article is to present the changes in Polish accounting regulations in the last thirty years of the ongoing systemic transformation from socialism to capitalism, which began in Poland in 1989. The changes consisted in adjusting Polish regulations to the Directives of the European Union and to the International Accounting Standards and International Financial Reporting Standards.

scholarly journals The EU Has Accepted IAS For Listed Companies: Will The U. S. Follow?

2011 ◽  
Vol 7 (4) ◽  
Author(s):  
Karen Cascini ◽  
Anne Rich
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Securities And Exchange Commission ◽  
International Accounting ◽  
International Accounting Standards ◽  
The European Union ◽  
Financial Accounting Standards Board ◽  
Financial Reporting Standards ◽  
The U.S ◽  
The Eu

International financial reporting standards (IFRS) issued by the International Accounting Standards Board (IASB), have become respected by many countries and regulatory agencies. The European Union (EU) has determined for most publicly held companies that IFRS promulgated by IASB meet the standards for cross-boarder listing. This paper will present a brief history of the development of international accounting standards and discuss the factors that led to the EUs acceptance of them. The paper will then consider the case of the U.S. By examining the changes in the accounting environment in the U.S. and specifically looking at the role of the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB), this paper will consider whether the U.S. will follow the EU and accept IFRS for cross-boarder listings.

scholarly journals The Impact of Accounting Harmonization on Financial Statements Quality in Serbia

2019 ◽  
Vol 52 (1) ◽  
pp. 128-137 ◽  
Author(s):  
Andjelković Milivoj Danijela ◽  
Danijela Zubac
Keyword(s):  
European Union ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
International Accounting ◽  
International Accounting Standards ◽  
The European Union ◽  
The World ◽  
The Republic ◽  
The Impact

The general process of the world market globalization and the great influence of international financial organizations,   especially the IMF and the World Bank, caused the need for standardization and harmonization of financial statements of the participants involved in international economics and trade. In this process, in the Republic of Serbia, the International Accounting Standards Board (IASB) and the IASB.S project for IAS/IFRS implementation have a crucial role. By adopting the International Financial Reporting Standards - IFRSs (including International Accounting Standards - IASs), financial statements prepared in Serbia may be comparable with financial statements in other countries. Starting from this, the main goal of the research is to indicate whether the financial statements in Serbia based on the IASB project can be comparable with financial statements in other countries, and on this basis can they satisfy the needs of external users of information (investors, creditors and others). In doing so, it points to the experience in the Republic of Serbia, the accounting practice and experiences of other countries, above all members of the European Union. The results of the research show that, in addition to the IAS/IFRS, the US generally accepted accounting principles (GAAPs) and the Directive 34 of the European Union represent the key segments of professional regulation contributing to greater accounting harmonization, and on this basis, the higher quality of financial reporting. Most countries that have national accounting regulations align the accounting rules in the most important issues with those regulations.

THE ROLE OF NON-GOVERNMENTAL ORGANIZATIONS (NGOs) AS INTERMEDIARIES OF THE EUROPEAN UNION DECISION TO ADOPT INTERNATIONAL ACCOUNTING STANDARDS: 1973–2002

2016 ◽  
Vol 43 (2) ◽  
pp. 59-127 ◽  
Author(s):  
Devrimi Kaya ◽  
Robert J. Kirsch ◽  
Klaus Henselmann
Keyword(s):  
European Union ◽  
Accounting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
The European Union ◽  
Governmental Organizations ◽  
Non Governmental Organizations ◽  
History Of ◽  
The Many

This paper analyzes the role of non-governmental organizations (NGOs) as intermediaries in encouraging the European Union (EU) to adopt International Accounting Standards (IAS). Our analysis begins with the 1973 founding of the International Accounting Standards Committee (IASC), and ends with 2002 when the binding EU regulation was approved. We document the many pathways of interaction between European supranational, governmental bodies and the IASC/IASB, as well as important regional NGOs, such as the Union Européenne des Experts Comptables, Économiques et Financiers (UEC), the Groupe d'Etudes des Experts Comptables de la Communauté Économique Européenne (Groupe d'Etudes), and their successor, the Fédération des Experts Comptables Européens (FEE). This study investigates, through personal interviews of key individuals involved in making the history of the organizations studied, and an extensive set of primary sources, how NGOs filled key roles in the process of harmonization of international accounting standards.

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. 

An investigation of the level of compliance with international accounting standards (IAS 1) by listed firms in Bahrain Bourse

2016 ◽  
Vol 9 (2) ◽  
pp. 254-276 ◽  
Author(s):  
Fatema Ebrahim Alrawahi ◽  
Adel Mohammed Sarea
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Annual Reports ◽  
International Accounting ◽  
International Accounting Standards ◽  
Content Type ◽  
Listed Firms ◽  
Financial Reporting Standards ◽  
Industry Type ◽  
Regulatory Bodies

Purpose This study aims to investigate the association between seven firm-specific characteristics and the level of mandatory compliance with International Accounting Standards (IAS) 1 by firms listed on Bahrain Bourse. Design/methodology/approach A disclosure index is used to measure the extent of compliance with IAS 1. Each of the 36 sampled firms’ annual reports were examined against the index for the financial year ending December 31, 2013. Findings The results reveal an overall compliance of 83 per cent. Regression results report that only audit firm size, profitability and industry type have a positive and significant association with IAS 1 disclosure requirements. Practical implications This study should be particularly relevant to regulatory bodies in Bahrain for strategizing and encouraging compliance with IAS 1 by listed firms. Originality/value Additionally, the study contributes to financial reporting literature relating to the Gulf Cooperation Council countries, mainly Bahrain. Bahrain is a financial hub, and it is interesting to examine how it presents its financial statements to investors and the degree of its compliance with International Financial Reporting Standards since its adoption in 2007.

scholarly journals DEVELOPMENT OF INTERNATIONAL FINANCIAL FISCAL STANDARDS IN ACCORDANCE WITH THE ROLE OF IASB

2019 ◽  
Vol 3 (2) ◽  
Author(s):  
‏​‏​‏​​‏​‏​​‏​‏​‏​‏​‏​‏ Ali Murtadha Shaheen
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
International Financial Reporting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Trading Volumes ◽  
International Accounting Standards Board

The objective of the research is to demonstrate the role of International Accounting Standards Board in the development of International Financial Reporting Standards to support the efficiency of international capital markets from 1973 to 2011, and then to measure the impact of the application of IFRS in accordance with the role of the International Accounting Standards Board. There have been differences in the market, volumes of the first and second markets and in the share price index, refer to market value, trading volumes yet trading volumes appropriate according to the software over International Financial Reporting Standards between the training on monetary statements of agreement stock companies.  

scholarly journals A opinião do normatizador importa?: análise do impacto da divulgação da carta do IASB nos retornos das ações dos bancos europeus com exposição em títulos gregos

2014 ◽  
Vol 25 (64) ◽  
pp. 79-91
Author(s):  
Cristina Zardo Calvi ◽  
Fernando Caio Galdi
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
International Financial Reporting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Pooled Data ◽  
International Accounting Standards Board

Este estudo investiga se há evidências de que a carta emitida e divulgada ao mercado pelo normatizador contábil internacional, o International Accounting Standards Board (IASB), alertando sobre a inadequação da contabilização dos títulos de dívida soberanos de alto risco, apresentou conteúdo informacional e causou alterações nos preços das ações de bancos da Alemanha, Espanha, França, Itália e do Reino Unido, que possuíam títulos gregos em suas carteiras. Esta análise revela-se importante, pois esta foi a primeira vez que o IASB se posicionou sobre a adequação das demonstrações financeiras publicadas às normas internacionais de contabilidade (International Financial Reporting Standards - IFRS). Para a implementação da análise foi identificada como data do evento o dia da divulgação pública da carta pela mídia especializada. Apesar de a carta ter sido publicada em 30 de agosto, ela é datada de 04 de agosto de 2011 e, segundo o IASB, só veio a ser divulgada neste dia, pois, no dia anterior (29 de agosto de 2011), o Financial Times havia noticiado reportagens sobre as preocupações do IASB acerca das inadequações contábeis que estavam ocorrendo no mercado. Para avaliar o impacto do evento foi utilizada a medida de Retorno Ajustado pelo Mercado e, através de uma abordagem de diferença em diferença, foi possível testar o efeito da interação entre o tempo após a data do evento e o grupo de tratamento (bancos que possuíam títulos do governo grego). Para esse teste foi realizada uma regressão para cada janela de evento, sendo aplicado o método dos Mínimos Quadrados Ordinários (MQO) com dados agrupados (pooled data). Os resultados mostraram que há evidências de que a opinião do normatizador é relevante, ou seja, que a carta do IASB impactou o retorno das ações dos bancos que possuíam títulos do governo grego no período analisado.

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