(Modification of Russian Accounting Techniques in the Process of Harmonization of National and International Standards of Financial Reporting)

2014 ◽  
Author(s):  
Elena Chipurenko ◽  
Irina Lisovskaya ◽  
Marina Sidorova
Keyword(s):  
Financial Reporting ◽  
International Standards

IFRS IMPLEMENTATION AS ONE OF THE FACTORS FOR IMPROVING THE INVESTMENT CLIMATE IN UKRAINE

2017 ◽  
Author(s):  
Kateryna Sova ◽  
◽  
Natalia Yatsenko ◽  
Denys Zagirniak ◽  
◽  
...  
Keyword(s):  
Financial Reporting ◽  
Direct Investment ◽  
Financial Statements ◽  
International Standards ◽  
Investment Climate ◽  
The European Union ◽  
Economic Activities ◽  
Financial Reporting Standards ◽  
Almost All ◽  
The Impact

The article is devoted to the study of the impact of the introduction of International Financial Reporting Standards (IFRS) on changes in the investment climate in Ukraine. The relevance of the topic is that improving the practice of applying IFRS as a tool for exchanging financial information is one of the key conditions for improving the investment climate in Ukraine. The authors have created the generalized scheme that illustrates the chronological list of enterprises that are required by law to prepare financial statements in accordance with IFRS. It was noted that in 2018, in accordance with Part 2 of Article 12 of the law on accounting and financial reporting in Ukraine and resolution of the Cabinet of Ministers of Ukraine No. 547 from 11.07.2018, the criteria of enterprises that are required to prepare financial statements in accordance with IFRS were updated. This step significantly increased the level of application of international standards due to the adoption of such a decision at the legislative level. The dynamics of the number of IFRS enterprises in Ukraine was analyzed. The analysis showed that over the past three years, the number of almost all enterprises that must apply international standards has been growing. The advantages of using IFRS for different users of financial statements were determined. It was determined that the priority users of IFRS financial statements are investors. At the same time, it was noted that the main advantage for other users of financial statements prepared in accordance with international standards is the improvement of the investment climate. The dynamics of the Investment Attractiveness Index of Ukraine based on the Likert scale in the period from 2016 to 2020 was analyzed. The direct investment receipts to Ukraine from the European Union countries were studied. The dynamics of direct investment in the Ukrainian economy was analyzed for two types of economic activities that should form financial statements in accordance with IFRS, namely, the extractive industry and quarrying, as well as financial and insurance activities.

Do globalisation and adoption of IFRS by banks in Africa lead to less earnings management?

2019 ◽  
Vol 17 (2) ◽  
pp. 222-248 ◽  
Author(s):  
Mohammed Amidu ◽  
Haruna Issahaku
Keyword(s):  
Financial Reporting ◽  
Design Methodology ◽  
Information Quality ◽  
Accounting Information ◽  
Financial Statements ◽  
International Standards ◽  
Content Type ◽  
Financial Reporting Standards ◽  
Accounting Information Quality ◽  
National Economies

Purpose This paper aims to analyse the implications of globalisation and the adoption of international standards (International Financial Reporting Standards [IFRS]) for accounting information quality. Design/methodology/approach This paper uses a sample of 329 banks across 29 countries leading up to and beyond the implementation of IFRS to test for related hypotheses. Findings First, banks’ financial statements are prepared on the basis of international standards as national economies are integrated when social norms are diffused. Building on these results, the second test suggests that the relatively high-quality earnings among banks in Africa during the period is attributable to the adoption of and interaction of IFRS with globalisation and the strategy of banks to diversify within and across interest and non-interest income. Originality/value The authors investigate how globalisation and the adoption of IFRS affect accounting information quality.

COMPARATIVE ANALYSIS OF INTERNATIONAL STANDARDS IN THE FIELD OF NON-FINANCIAL REPORTING AND THE PRACTICE OF THEIR APPLICATION

2021 ◽  
Vol 2 (4) ◽  
pp. 146-152
Author(s):  
E. V. ANDRIANOVA ◽  
◽  
P. S. SHCHERBACHENKO ◽  
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Business Environment ◽  
International Standards ◽  
Positive Trend ◽  
Financial Indicators ◽  
Additional Tool ◽  
Foreign Companies ◽  
High Level ◽  
Source Of Information

This article discusses and analyzes the most popular standards of non-financial reporting, which has a significant impact on the transformation of the business environment. Already, domestic and foreign companies with a high level of responsibility are beginning to publish non-financial statements in addition to financial statements, which is an additional tool for communication with stakeholders and a new source of information about their activities. To date, reports of this type are clearly unregulated, there are no verification standards, however, there is already a positive trend and the active introduction of non-financial indicators in the regular reporting of companies.

scholarly journals The Determinants of Audit Expectation Gap: An Empirical Study from Kingdom of Bahrain

2018 ◽  
Vol 7 (3) ◽  
pp. 54 ◽  
Author(s):  
Sayed Ali Ahmed Alawi ◽  
Rami Mohammad Abu Wadi ◽  
Gagan Kukreja
Keyword(s):  
Financial Reporting ◽  
Quantitative Research ◽  
Financial Statements ◽  
International Standards ◽  
Kingdom Of Saudi Arabia ◽  
The Public ◽  
Financial Reporting Standards ◽  
Expectation Gap ◽  
Audit Firms ◽  
National Bank

The research aims at identifying the determinants of audit expectation gap between the auditors and the users of financial statements in the Kingdom of Bahrain. This issue is noticed in many frauds or errors or illegal matters by the general public after every scam whether Enron and WorldCom from United States or Satyam and Punjab National Bank from India or Tesco and BHS from United Kingdom or Mobily from Kingdom of Saudi Arabia. As per International Standards on Auditing (ISAs), auditors are not responsible to detect each and every fraud or error or illegal act as it is the responsibility of management. However, auditors are expected to assess the possibility of an error or fraud to occur and assess risks of material misstatement due to error or fraud and they are supposed to express their independent and objective opinion on financial statements whether financial statements are prepared in accordance to suitable criteria (International Financial Reporting Standards in the case of Bahrain).This quantitative research and its descriptive design aims empirically to analyze determinants that may impact the audit expectation gap in the Kingdom of Bahrain. The study used a detailed questionnaire as a measuring instrument across the sample group to measure 4 determinants that are expected to have a significant impact on the level of the audit expectation gap. Those determinants are the efforts of auditors, the skills of auditors, the knowledge of the public about the audit profession and the users’ needs from auditors. The research inferred that identified factors found to have a significant impact on the level of audit expectation gap. It is recommended that audit firms should provide training to the audit staff that how to utilize the required efforts in conducting an audit engagement and go extra miles to fill the gap. Furthermore, the auditors should keep themselves updated about the latest frauds and the best audit practices. 

scholarly journals Fair Value Accounting: Implementation Challenges Facing Small and Medium-Sized Entities in the Agricultural Sector

2018 ◽  
Vol 8 (4) ◽  
pp. 60
Author(s):  
Joseph Kwasi Agyemang ◽  
Owusu Acheampong ◽  
Wiafe Nti Akenten
Keyword(s):  
Financial Reporting ◽  
Agricultural Sector ◽  
Fair Value ◽  
International Standards ◽  
Reporting Standards ◽  
Fair Value Accounting ◽  
Implementation Challenges ◽  
Financial Reporting Standards ◽  
Regulatory Bodies ◽  
Value Reporting

Nowadays, the relevance of fair value in financial reporting is gaining impetus and recent discussions are moving in the trend of full fair value reporting. Small and medium-sized entities are not ignored in this instance. The move to new reporting standards results in various challenges for different interest groups such as auditors, preparers and regulators. The main objective of the study was to establish the fair value implementation challenges facing SMEs in the agricultural sector with evidence from regulatory bodies in Ghana. The study established that there is lack of methodological relationship between existing local laws and IFRS and absence of involvement of regulatory bodies in financial reporting standards setting. In light of these challenges, the study recommends involvement of regulatory bodies in standard setting and consideration should also be given to local laws when setting international standards.

scholarly journals The effect of governance system and degree of convergence to IFRs on the quality of financial reporting: Evidence from Asia

2015 ◽  
Vol 12 (4) ◽  
pp. 409-423
Author(s):  
Ratna Wardhani ◽  
Sidharta Utama ◽  
Hilda Rossieta
Keyword(s):  
Corporate Governance ◽  
Financial Reporting ◽  
Reporting Quality ◽  
International Standards ◽  
Financial Reporting Quality ◽  
Governance System ◽  
Governance Practice ◽  
Corporate Governance Practice ◽  
Degree Of Convergence

This research investigates the effect of governance system and degree of convergence to IFRS on financial reporting quality. With sample of Asian countries, this study concludes that country level and firm level governance systems, both at, and the degree of convergence have positive influence on financial reporting quality.The effect of degree of convergence of local GAAP to IFRS and corporate governance practice to financial reporting quality will be stronger for companies in countries with weak investor protection. Also, we find that in company with weak corporate governance practice, the adoption of international standards will increase the quality of financial reporting.The results indicate that the adoption of international accounting standard become more important in the countries and companies with weak governance system.

scholarly journals Financial statements as the main source of information on the enterprise activity

2021 ◽  
Vol 11/1 (-) ◽  
pp. 27-30
Author(s):  
Nina OVSIUK ◽  
Zhanna SHALIIEVSKA ◽  
Kateryna HULKO
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
International Standards ◽  
Foreign Banks ◽  
Practical Implementation ◽  
Economic Activities ◽  
Management Decisions ◽  
Economic Relations ◽  
Intelligent Technology ◽  
Transparency And Disclosure

The essence of effective management of each business entity depends primarily on transparency and disclosure of information about its financial and economic activities. The financial report itself covers all important information about the state of the enterprise and provides an opportunity to obtain financial status with it by the interested user for further analysis and decision-making on further activities. As a rule, investors of creditors, state bodies, representatives who are preparing in construction with the business entity are interested in financial reporting. In order to provide more detailed and informative financial reporting to users, it is necessary to compile it with international standards, which act as tools for globalization of the economy and contribute to the development of global economic relations. During 2020–2021, the activities of enterprises took place in extremely difficult conditions, which is why the pandemic significantly affected the financial reporting indicators. Today, there is an appropriate use of intelligent technology and computer technology in the formation of financial statements. Financial statements based on taxonomies of financial statements for IFRS are prepared and presented in a single electronic format using Extensible Business Reporting Language (XBRL). XBRL is a generally accepted international standard for presenting financial statements in accordance with IFRS in electronic form. With the help of IFRS, Ukrainian companies have more effectively solved the following tasks: attracting investments and loans from the world's largest companies and banks, the ability to service financing from foreign banks and other organizations; placement of shares on international stock exchanges; providing the company's management with reliable information for making management decisions, as well as evaluating their adoption. Thus, today the economy of Ukraine depends on the choice of IFRS as a conceptual basis for accounting and its practical implementation. After all, the financial statements are fully open to internal and external users to make informed management decisions regarding cooperation with the relevant entity.

scholarly journals Selected issues of using international standards of auditing when assessing the application of the going concern basis by management personnel of a company

2018 ◽  
pp. 96-100
Author(s):  
S. V. Selishchev
Keyword(s):  
Financial Reporting ◽  
Methodological Approach ◽  
International Standards ◽  
Audit Process ◽  
Investment Activity ◽  
Going Concern ◽  
Financial Reporting Standards ◽  
Management Personnel ◽  
Business Entities ◽  
Audit Reports

The article deals with selected issues of the application of international standards of audit in domestic practice. The source of the main problem, which hinders the development of a unified methodological approach to the application of international standards, is determined, and proposals for its solution are provided. Particular attention is paid to the methodological recommendations for reflecting the requirements of international standards in the auditor’s working papers. The investment activity of foreign partners in Ukraine is conditional on the financial statement clarity for domestic business entities and their trust in them. While the former can achieved by the application of International Financial Reporting Standards, the latter is dependent on the application of International Standards of Auditing (ISA). The purpose of the article is to develop a methodological approach to the application of ISA, based on clarification of their essence and nature. The study of audit practice and opinions of users of audit reports shows that one of the key issues is compliance with the going concern basis of accounting by management personnel in preparing financial statements. It can be concluded from the study that ISA do not conform to the definition of “standards”, being more similar with some kind of “rules”. It means that ISA constitute the rules for performing audit by focusing the auditor attention on a specific set of issues and objects. This approach allows for a certain extent of control over the completeness the audit process and for assuring selected aspects of quality.

scholarly journals MAIN ASPECTS OF THE ORGANIZATION OF ACCOUNTING AND ANALYTICAL SUPPORT AND COST MANAGEMENT OF THE ENTERPRISE

2021 ◽  
Author(s):  
Antonina Kosiak ◽  
Olena Lytovchenko
Keyword(s):  
Financial Reporting ◽  
Cost Management ◽  
International Standards ◽  
Production Costs ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Support Organization ◽  
The Right

One of the most important indicators of production and economic activity of enterprises, which has a direct impact on financial performance is costs. The article defines the economic meaning of the concept of "costs", "production costs". Features of accounting and analytical support, organization of accounting and cost management, cost classification are considered. Classification is one of the methods of cognition and study of phenomena, processes, objects, which consists in their division into classes on the basis of certain features, properties and patterns of relations between them. The classification of costs helps to assess the costs incurred, to find possible features to increase cost efficiency and make the right decisions about their management. Classification of costs is the basis of their accounting, analysis and planning in the enterprise. Cost management takes into account such components as rationing, planning, cost accounting, deviation control and cost analysis, cost management and decision making. The problem of cost management is quite relevant for Ukrainian enterprises. Today, all businesses face the problem of applying International Financial Reporting Standards. The peculiarities of cost reflection according to International Financial Reporting Standards and National Accounting Standards (standards) are studied and analyzed. Achieving a high or sufficient level of each of the production or management processes of financial activities of economic entities must be accompanied by certain costs, the economic content of which will vary depending on the object. However, the owners (managers) of the enterprise or its individual structural unit must be clearly aware of what exactly the costs contribute to the creation and maintenance of the organization and their timely optimization. The Conceptual Basis of Preparation and Submission of Financial Statements means true presentation, prevalence of substance over form, prudence, completeness. These requirements formed the basis for the formation of accounting principles in International Standards and, accordingly, in Ukraine.

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