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

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.

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Institutional Convergence in European Union Member States

Handbook of Research on Social and Economic Development in the European Union - Advances in Finance, Accounting, and Economics ◽

10.4018/978-1-7998-1188-6.ch018 ◽

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.

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Accounting Concepts in Company Law

European Company and Financial Law Review ◽

10.1515/ecfr-2021-0019 ◽

2021 ◽

Vol 18 (3) ◽

pp. 398-427

Author(s):

Jesper Seehausen

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Fair Value ◽

Company Law ◽

International Accounting Standards ◽

Reporting Standards ◽

Financial Reporting Standards ◽

Eu Legislation ◽

Starting Point ◽

Pros And Cons

Abstract Taking as a starting point Peter Hommelhoff’s argumentation that accounting law is, in many respects, linked to company law, the purpose of this article is to discuss one perspective of the links between accounting law and company law: accounting concepts in company law. After a brief outline of the existing EU legislation on accounting and a discussion on whether accounting law is part of company law, some examples of accounting concepts in company law – i. e. examples of accounting concepts that have been ‘implemented’ in company law – are discussed, drawing on the Consolidated Company Law Directive (CCLD) and the Shareholder Rights Directive (SRD 2) as well as the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS). These examples are related party transactions, consideration other than in cash and fair value, serious loss of the subscribed capital as well as a few other examples. It is also discussed whether accounting concepts in company law are a ‘good’ or a ‘bad’ thing. Balancing the pros and cons, in the author’s opinion, it is mostly positive that accounting concepts are used in company law in areas where this makes sense – and hence, in the author’s opinion, accounting concepts in company law are mainly a ‘good’ thing.

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International Financial Reporting Standards and Orientation of Vietnam: “Roadmap & International Experience”

Accounting and Finance Research ◽

10.5430/afr.v7n4p167 ◽

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.

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How Does Local Adoption of IFRS for Those Countries That Modified IFRS by Design, Impair Comparability with Countries That Have Not Adapted IFRS?

Journal of International Accounting Research ◽

10.2308/jiar-51807 ◽

2017 ◽

Vol 16 (3) ◽

pp. 59-90 ◽

Cited By ~ 2

Author(s):

Elizabeth Felski

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Financial Statements ◽

Financial Statement ◽

International Accounting Standards ◽

Reporting Standards ◽

Financial Reporting Standards ◽

Study Results ◽

Reporting Environment ◽

Proper Translation

ABSTRACT Global adoption of International Financial Reporting Standards (IFRS) is thought to increase financial statement reliability and comparability. Although IFRS is required or allowed in over 130 nations, some countries modify IFRS as issued by the International Accounting Standards Board (IASB). This study is designed to closely examine each country that modifies IFRS in an effort to determine whether these modifications impair financial statement comparability. First is that countries lack the resources to implement the newest version of IFRS or ensure proper translation of the standards. Second is that countries make specific changes to allow IFRS to better meet the needs of their financial reporting environment. I categorize the first set of countries as default countries and the second set as design countries. The study results in several interesting and useful contributions. First, I develop a new typology for future IFRS research that includes not only the locally adopted category, but also the default and design categories. Second, the details of how countries modify IFRS make it clear that differences can exist in financial statements prepared in different countries both using IFRS. The users must be careful to understand how comparability may be impacted by these modifications.

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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 ◽

Financial Reporting Standards ◽

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.

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IFRS Harmonization and Foreign Direct Investment

Advances in Business Strategy and Competitive Advantage - Analyzing the Relationship between Corporate Social Responsibility and Foreign Direct Investment ◽

10.4018/978-1-5225-0305-7.ch004 ◽

2016 ◽

pp. 31-48 ◽

Cited By ~ 1

Author(s):

Javier Vidal-García ◽

Marta Vidal

Keyword(s):

Foreign Direct Investment ◽

Financial Reporting ◽

Direct Investment ◽

Relevant Literature ◽

Accounting Standards ◽

Foreign Direct Investments ◽

International Accounting Standards ◽

Reporting Standards ◽

Financial Reporting Standards ◽

Cross Border

IFRS refers to International Financial Reporting Standards, which are the guidelines that provide the framework for accounting works. The principles are also known as the International Accounting Standards (IAS). This global financial concept was first introduced in 2001 to equip investors with analyzed accounting statements. In this Chapter we review the relation between IFRS and Foreign Direct Investments (FDIs). We review the relevant literature that analyses the effects on IFRS on FDIs and cross-border acquisitions. The economic literature states that the introduction of IFRS has presented an important increase in FDIs. The evidence shows that IFRS adopting countries attract investments from countries that implemented IFRS and non-IFRS implementing countries.

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IFRS Harmonization and Foreign Direct Investment

Foreign Direct Investments ◽

10.4018/978-1-7998-2448-0.ch018 ◽

2020 ◽

pp. 436-453

Author(s):

Javier Vidal-García ◽

Marta Vidal

Keyword(s):

Foreign Direct Investment ◽

Financial Reporting ◽

Direct Investment ◽

Relevant Literature ◽

Accounting Standards ◽

Foreign Direct Investments ◽

International Accounting Standards ◽

Reporting Standards ◽

Financial Reporting Standards ◽

Cross Border

IFRS refers to International Financial Reporting Standards, which are the guidelines that provide the framework for accounting works. The principles are also known as the International Accounting Standards (IAS). This global financial concept was first introduced in 2001 to equip investors with analyzed accounting statements. In this Chapter we review the relation between IFRS and Foreign Direct Investments (FDIs). We review the relevant literature that analyses the effects on IFRS on FDIs and cross-border acquisitions. The economic literature states that the introduction of IFRS has presented an important increase in FDIs. The evidence shows that IFRS adopting countries attract investments from countries that implemented IFRS and non-IFRS implementing countries.

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

المجلة العربية للعلوم ونشر الأبحاث مجلة العلوم الاقتصادية والإدارية والقانونية ◽

10.26389/ajsrp.a171218 ◽

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.

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