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Book part
Publication date: 1 December 2009

Dumitru Matiş, Jirí Strouhal and Carmen Giorgiana Bonaci

Purpose – Focusing on reporting for financial instruments, the paper tries to capture the role that regulations play within the complex mechanism of capital markets. The outcome…

Abstract

Purpose – Focusing on reporting for financial instruments, the paper tries to capture the role that regulations play within the complex mechanism of capital markets. The outcome of financial reporting represents useful information for decision making. Meanwhile the mechanisms of the capital markets determine reactions on behalf of accounting regulatory bodies who take action through standard setting. It is these standards that will have a big influence on the aforementioned outcome of financial reporting. Beside, there are other influential factors such as accounting practices, the accounting profession, national history, culture, and economy acting at different levels. It was this reasoning that motivated this research demarche of achieving a complete diagnosis of two emergent capital markets, shaped into a SWOT analysis for financial instruments’ reporting and the current financial crisis.

Design/methodology/approach – A special emphasize is put on analyzing formal harmonization on issues related to financial instruments by performing an empirical study. Moreover, the analysis is completed by a descriptive approach of the influential factors such as economic, cultural, and political background of the two nations. The paper also comparatively positions the foresights of the national, European, and international referential. Statistical indicators help quantifying the similarity and dissimilarity degree.

Findings – In times of financial crisis, when everybody is trying to point his finger on somebody else, an empirical analysis of national accounting regulations proving a high level of formal harmonization with and among the international referential and European directives proves an interesting point. The results make us think twice before designating a scapegoat.

Research limitations/implications – The paper only creates the framework proving that individual experiences should be put into good use especially in an area that is continuously exposed to financial engineering. Further developments completing the study focusing on accounting regulations with accounting practices should indicate more precise actions to be taken.

Practical implications – Findings show a significant similarity level between the two national accounting standards, and most importantly between the international referential and the European accounting regulations, and should determine us to furthermore rationally approach the accounting regulation process instead of impulsive reacting to the current financial crisis.

Original aspects – The originality of the paper consists in offering insights on the specific case of Romania and Czech Republic, correlating the state of facts with the foresights of national accounting regulations, by reference to the international referential and the current financial crisis.

Details

Accounting in Emerging Economies
Type: Book
ISBN: 978-1-84950-626-7

Book part
Publication date: 1 March 2021

Siti Khomsatun, Hilda Rossieta, Fitriany Fitriany and Mustafa Edwin Nasution

The unique characteristic of Islamic bank leads in governance and disclosure. Using stakeholder, signaling, and market discipline theory, governance and adequate disclosure may…

Abstract

The unique characteristic of Islamic bank leads in governance and disclosure. Using stakeholder, signaling, and market discipline theory, governance and adequate disclosure may increase bank soundness. This study aims to investigate the relationship of sharia disclosure and Sharia Supervisory Board in influencing Islamic bank soundness in the different regulatory framework of the country. Using purposive sampling, the research covered 84 Islamic banks in 16 countries during the period 2013–2015 with lag data of Islamic bank soundness. The result shows sharia disclosure influences on Islamic bank soundness for management efficiency, capital adequacy ratio, asset quality, and liquidity. The results also show that sharia disclosure mediates the indirect effect of SSB on Islamic bank soundness. The regulatory framework (sharia accounting standard and SSB regulation) shows moderating effect of regulation framework proved on the association of sharia disclosure with management efficiency, capital, and liquidity. The effect is indirectly depending on the regulatory framework for proxy management efficiency, capital, and liquidity. The implication of the research suggests that sharia disclosure could increase the market discipline mechanism of Islamic bank stream. The Islamic bank can increase the transparency using sharia disclosure as a branding for increasing public trust, even though in the deficient Islamic bank regulation countries.

Details

Recent Developments in Asian Economics International Symposia in Economic Theory and Econometrics
Type: Book
ISBN: 978-1-83867-359-8

Keywords

Book part
Publication date: 2 December 2013

Cătălin Nicolae Albu, Nadia Albu and David Alexander

The purpose of this chapter is to examine the transfer of a concept issued in one culture to a different setting, featuring different characteristics from the one in which the…

Abstract

Purpose

The purpose of this chapter is to examine the transfer of a concept issued in one culture to a different setting, featuring different characteristics from the one in which the concept appeared.

Methodology/approach

Secondary data have been collected by analysing accounting regulations issued after the fall of communism with respect to true and fair view (TFV). Primary data have been collected by conducting eleven semi-structured interviews with representatives of major actors involved in the process of financial reporting. We have further developed and tested two research propositions.

Findings

We find that the perception of TFV in Romania depends firstly on the category of actors. Second, we find that merely including a rule or a concept in the regulations of a certain setting does not automatically mean that they will be applied de facto consistently with their original meaning, issued from a different setting.

Implications

We conclude that concept intertranslatability cannot be assumed under the circumstances investigated in our chapter, with immediate implications for other cases presupposing that concept transfer works, such as International Financial Reporting Standards (IFRS).

Research limitations

The small number of interviews we have conducted may be viewed as a limitation of our study; however, special care was exercised when choosing interviewees, and they are key persons within their organizations, or representative of all the interested parties in the process of financial reporting in Romania.

Originality/value

We contribute to an increasing literature on accounting harmonization and applicability of global standards and concepts in local contexts.

Details

Accounting in Central and Eastern Europe
Type: Book
ISBN: 978-1-78190-939-3

Keywords

Book part
Publication date: 23 August 2021

Mohammad Nurunnabi

The study critically evaluates the theory of International Financial Reporting Standards (IFRS) implementation in an attempt to provide directions for future research. Using the…

Abstract

The study critically evaluates the theory of International Financial Reporting Standards (IFRS) implementation in an attempt to provide directions for future research. Using the extensive structured review of literature using the Scopus database tool, the study reviewed 79 articles, and in particular the topic-related 57 articles were analysed. Nine journals contribute to 51% of articles (29 of 57 articles). In particular, the three journals published 15 articles: Critical Perspectives on Accounting (7), Accounting, Organizations and Society (4), and Journal of Applied Accounting Research (4). In total, 83% (47 of 57) of the articles were published 2009–2018. A total of 1,168 citations were found from 45 articles since 12 articles were without citations. The highest cited authors were Ball (2006) – 410 citations, Kothari, Ramanna, and Skinner (2010) – 135 citations, and Napier (1989) – 85 citations. In particular, five theories have been used widely: institutional theory (13), accounting theory (6), agency theory (3), positive accounting theory (3), and process theory (2). Future studies’ focus could be on theory implications in IFRS adoption/implementation studies in a country or a group of countries’ experience. Future studies could also focus on various theories rather depending on a single theory (i.e. institutional theory).

Details

International Financial Reporting Standards Implementation: A Global Experience
Type: Book
ISBN: 978-1-80117-440-4

Keywords

Book part
Publication date: 23 August 2021

Mohammad Nurunnabi

The purpose of this study is to review a synthesis of International Financial Reporting Standards (IFRS) implementation in developing countries in an attempt to provide directions…

Abstract

The purpose of this study is to review a synthesis of International Financial Reporting Standards (IFRS) implementation in developing countries in an attempt to provide directions for future research. The in-depth analysis was performed with the use of the data analysis tool available in the Scopus databases. The study initially reviewed 145 papers and in particular 35 papers were analysed. Fifteen articles (43%) were published in seven journals including International Journal of Accounting, Critical Perspectives on Accounting, Advances in Accounting, International Journal of Accounting and Information Management, Asian Review of Accounting, Journal of Applied Accounting Research, and Asian Journal of Business and Accounting. Specifically, 89% citations were from 14 articles, but 9 (25%) articles were without any citations. Most of the studies focus on qualitative followed by quantitative, and very few studies were based on mixed methods. Researchers should focus on few areas for future research on IFRS implementation in developing countries including theory implications, policy prescriptions, and case of particular standard.

Details

International Financial Reporting Standards Implementation: A Global Experience
Type: Book
ISBN: 978-1-80117-440-4

Keywords

Book part
Publication date: 7 January 2015

This chapter examines China’s corporate governance and accounting environment that shapes the adoption of internationally acceptable principles and standards. Specifically, it…

Abstract

This chapter examines China’s corporate governance and accounting environment that shapes the adoption of internationally acceptable principles and standards. Specifically, it examines international influences, including supranational organizations; foreign investors and international accounting firms; domestic institutional influences, including the political system, economic system, legal system, and cultural system; and accounting infrastructure. China’s convergence is driven by desired efficiency of the corporate sector and legitimacy of participating in the global market. Influenced heavily by international forces in the context of globalization, corporate governance and accounting practices are increasingly becoming in line with internationally acceptable standards and codes. While convergence assists China in obtaining legitimacy, improving efficiency is likely to be adversely affected given that corporate governance and accounting in China operate in an environment that differs considerably from those of Anglo-American countries. An examination of the corporate governance and accounting environment in China suggests heavy government involvement within underdeveloped institutions. While the Chinese government has made impressive progress in developing the corporate governance and accounting environment for the market economy, China’s unique institutional setting is likely to affect how the imported concepts are interpreted and implemented.

Details

Adoption of Anglo-American Models of Corporate Governance and Financial Reporting in China
Type: Book
ISBN: 978-1-78350-898-3

Keywords

Book part
Publication date: 18 January 2021

Serap Sebahat Yanik, Seval Kardes Selimoglu and Gul Yesilcelebi

Government accounting shows the assets and resources of the government, the changes that occur in them, to provide the necessary information to evaluate the effectiveness of the…

Abstract

Government accounting shows the assets and resources of the government, the changes that occur in them, to provide the necessary information to evaluate the effectiveness of the government in revenue and expense management, and to produce the information required by economic management. In this context, the past, present, and future of the Turkish government accounting system discussed in the theoretical framework in the study.

Book part
Publication date: 15 August 2014

John E. McEnroe and Mark Sullivan

The Dodd–Frank Wall Street Reform and Consumer Protection Act calls for substantially increased government regulation. Whether those regulations are, in some sense, appropriate is…

Abstract

The Dodd–Frank Wall Street Reform and Consumer Protection Act calls for substantially increased government regulation. Whether those regulations are, in some sense, appropriate is a function of whether the benefits of the increased regulation exceed the costs. Those costs and benefits, however, are probably impossible to measure, at least at this early stage of the implementation of the Dodd–Frank reforms. On the other hand, financial professionals who regularly deal with governmental regulations probably have a good sense of the costs and benefits based on their own experience with other similar regulations. This chapter reports the result of a survey of high-level auditors and CFOs regarding their perceptions of the costs and benefits of the main parts of the financial regulatory reform incorporated into the Dodd–Frank legislation. It concludes that there is support among these individuals for some aspects of Dodd–Frank, but no consensus.

Details

Managing Reality: Accountability and the Miasma of Private and Public Domains
Type: Book
ISBN: 978-1-78052-618-8

Keywords

Book part
Publication date: 15 October 2015

P. W. Senarath Yapa and Sarath Ukwatte

The purpose of this paper is to analyse the reasons why Sri Lanka adopted International Public Sector Accounting Standards (IPSAS) recently. Many less developed countries (LDCs…

Abstract

Purpose

The purpose of this paper is to analyse the reasons why Sri Lanka adopted International Public Sector Accounting Standards (IPSAS) recently. Many less developed countries (LDCs) have introduced IPSAS during the recent past. However, little research has been conducted to study the New Public Financial Management and accrual accounting and their impact on LDCs.

Methodology/approach

Using a qualitative approach, the methods of this paper consist of interviews, a documentary review and participatory observation in the Ministry of Finance and Planning (MOFP) and Auditor General’s Department of Sri Lanka, and present a critical interpretation supported by the perspective of globalisation.

Findings

The findings of the research indicate that the public sector reforms and the transition from cash accounting to accrual accounting in the public sector have been strongly affected by the global pressures imposed by international agencies such as International Public Sector Accounting Standards Board (IPSASB) and the World Bank (WB). Empirical evidence shows the dysfunctional impact of globalisation in the public sector accounting standards as there are major structural issues yet to resolve. There are increasing doubts over whether the change to accrual accounting is worth the costs and the additional risks involved.

Research limitations

The results of the interviews are based on the knowledge and past experiences of interviewees. What is generalisable is an understanding of the processes and mechanisms that relate to the way the public sector accounting functions.

Originality/value

This paper adds new literature on public sector accounting in LDCs, which recognises the nexus and interests of international agencies and practice of public sector accounting.

Details

The Public Sector Accounting, Accountability and Auditing in Emerging Economies
Type: Book
ISBN: 978-1-78441-662-1

Keywords

Book part
Publication date: 17 April 2018

Juliette Senn

The objective of this chapter is to analyse the impact of France’s ‘Grenelle 2’ law of 2010, which applies to environmental accounting disclosures (EADs). More specifically, it…

Abstract

Purpose

The objective of this chapter is to analyse the impact of France’s ‘Grenelle 2’ law of 2010, which applies to environmental accounting disclosures (EADs). More specifically, it seeks to observe whether the ‘Anglo-Saxon’ ‘comply or explain’ model, transposed into the French regulatory framework, influences the disclosure strategies of firms that are listed on a regulated market.

Methodology/approach

Drawing on the theoretical framework of legitimacy and the concept of normativity, an empirical study is conducted on a sample of 96 French firms listed on the SBF index between 2009 and 2014. The effect of regulation is assessed by a content analysis of EAD in annual reports, examining changes in disclosure practices and the contents of disclosures.

Findings

The main results show that explanations for the absence of EAD showed a significant increase after the introduction of the law. We also observe that the new rules had no effect on the number of firms making EADs, although the quality of the disclosures declined. Finally, the results also concern practices of non-disclosure without any accompanying explanation.

Research limitations

The limitations of this study relate to the choices underlying the classifications and observations made during the content analysis.

Practical implications

This study has social relevance in that it supplies information for assessing the transposition of European directives into French law.

Originality/value

This study extends research concerning environmental disclosures by examining a recent accounting object. It also continues the debate on normativity, with its analysis of disclosures subject to a changing regulatory framework.

Details

Sustainability Accounting
Type: Book
ISBN: 978-1-78754-889-3

Keywords

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