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Author: Muath Abdelqader
Publisher: Taylor & Francis
ISBN: 1000803678
Category : Business & Economics
Languages : en
Pages : 261
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Book Description
The rapid globalization of capital markets has increased attention toward examining the quality of the disclosure practices implemented by companies, as internationalization and globalization are the most important motives of the harmonization of financial statements preparation and presentation. Given the expansion of trade and the openness to foreign capital markets, investment decisions became not limited only for local users, but also international users may need to access the financial information. The issuance of International Financial Reporting Standards (IFRS) to be used throughout the world aims to improve the comparability and understandability of financial statements, and hence, to enhance investment decisions through helping investors across the borders to invest in multinational companies. Although fluid and under-developed institutional arrangements remain central features of emerging markets, ensuring effective corporate governance mechanisms would indeed support companies in complying with IFRS – the latter imposes a challenge for companies operating in emerging markets. This book evaluates the differences in the level of compliance with IFRS across the GCC states, exploring the impact of corporate governance on the level of compliance with IFRS and presenting an empirical analysis of companies across the GCC. It makes an important contribution by providing a detailed empirical analysis of the interplay between corporate governance and IFRS in emerging market setting and highlights the way for future research. It will provide international business, management, and accounting and finance students and senior practitioners with a completely new and updated guide to the work in the field of corporate governance and IFRS compliance in emerging markets.
Author: Muath Abdelqader
Publisher: Taylor & Francis
ISBN: 1000803678
Category : Business & Economics
Languages : en
Pages : 261
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Book Description
The rapid globalization of capital markets has increased attention toward examining the quality of the disclosure practices implemented by companies, as internationalization and globalization are the most important motives of the harmonization of financial statements preparation and presentation. Given the expansion of trade and the openness to foreign capital markets, investment decisions became not limited only for local users, but also international users may need to access the financial information. The issuance of International Financial Reporting Standards (IFRS) to be used throughout the world aims to improve the comparability and understandability of financial statements, and hence, to enhance investment decisions through helping investors across the borders to invest in multinational companies. Although fluid and under-developed institutional arrangements remain central features of emerging markets, ensuring effective corporate governance mechanisms would indeed support companies in complying with IFRS – the latter imposes a challenge for companies operating in emerging markets. This book evaluates the differences in the level of compliance with IFRS across the GCC states, exploring the impact of corporate governance on the level of compliance with IFRS and presenting an empirical analysis of companies across the GCC. It makes an important contribution by providing a detailed empirical analysis of the interplay between corporate governance and IFRS in emerging market setting and highlights the way for future research. It will provide international business, management, and accounting and finance students and senior practitioners with a completely new and updated guide to the work in the field of corporate governance and IFRS compliance in emerging markets.
Author: Marwa Hassaan
Publisher: Cambridge Scholars Publishing
ISBN: 1443851566
Category : Business & Economics
Languages : en
Pages : 360
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Book Description
Compliance with international best practices in emerging Middle East and North Africa (MENA) stock exchanges is a key issue which needs a comprehensive investigation to identify barriers to actual compliance with such practices. Corporate Governance and Compliance with IFRSs: MENA Evidence is a must read book that is the first to examine the influence of the introduction of corporate governance requirements for best practices on improving compliance with International Financial Reporting Standards (IFRSs) in MENA stock exchanges. Additionally, it determines obstacles and suggests the proper actions to be taken to really globalize MENA emerging stock exchanges.
Author: Marwa Hassaan
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Andreas Schutt
Publisher: GRIN Verlag
ISBN: 3638945812
Category : Business & Economics
Languages : en
Pages : 137
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Book Description
Bachelor Thesis from the year 2006 in the subject Business economics - Accounting and Taxes, grade: 1,7, University of Applied Sciences Essen, language: English, abstract: In recent years standard setting bodies as well as users such as capital markets have increased their demands for developing external reporting towards a HBR (HBR). Along with the requirement that listed companies located in Europe as of 1st January 2005 should prepare their consolidated financial statement in accordance with International Accounting Standards (IAS), more and more companies all over the world (freely or by obligation) are preparing and publishing their consolidated accounts applying International Financial Reporting Standards (IFRS). Using international accounting systems like IAS / IFRS with its central principle of "decision usefulness" makes it possible respectively obligatory to meet the information needs of a HBR by " ... reducing the information asymmetry between providers and recipients of capital ... " . "To be relevant to investors, creditors, and other for investment, credit and similar decision, [IAS / IFRS] accounting information must be capable of making difference in a decision by helping users to form predictions about the outcomes of past, present, and future events or to confirm correct expectations." By calling for "decision useful" information within IAS / IFRS accounting one could ask why the collected information is only used for external business reporting. With its holistic approach, business reporting and its underlying informative basis determined by the principles and rules from IAS / IFRS provides the opportunity to use it as an internal control system in order to support managerial decisions as well. Or, to see it from a different angle, if "decision useful" information to prepare IAS / IFRS consolidated accounts are already gathered, it is to be questioned how CG can use them within the decision-making processes. Hence, the main goal of this elabor
Author: Andreas Schutt
Publisher: GRIN Verlag
ISBN: 363805313X
Category : Business & Economics
Languages : en
Pages : 131
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Book Description
Bachelor Thesis from the year 2006 in the subject Business economics - Accounting and Taxes, grade: 1,7, University of Applied Sciences Essen, language: English, abstract: In recent years standard setting bodies as well as users such as capital markets have increased their demands for developing external reporting towards a HBR (HBR). Along with the requirement that listed companies located in Europe as of 1st January 2005 should prepare their consolidated financial statement in accordance with International Accounting Standards (IAS), more and more companies all over the world (freely or by obligation) are preparing and publishing their consolidated accounts applying International Financial Reporting Standards (IFRS). Using international accounting systems like IAS / IFRS with its central principle of “decision usefulness” makes it possible respectively obligatory to meet the information needs of a HBR by “ ... reducing the information asymmetry between providers and recipients of capital ... ” . “To be relevant to investors, creditors, and other for investment, credit and similar decision, [IAS / IFRS] accounting information must be capable of making difference in a decision by helping users to form predictions about the outcomes of past, present, and future events or to confirm correct expectations.” By calling for “decision useful” information within IAS / IFRS accounting one could ask why the collected information is only used for external business reporting. With its holistic approach, business reporting and its underlying informative basis determined by the principles and rules from IAS / IFRS provides the opportunity to use it as an internal control system in order to support managerial decisions as well. Or, to see it from a different angle, if “decision useful” information to prepare IAS / IFRS consolidated accounts are already gathered, it is to be questioned how CG can use them within the decision-making processes. Hence, the main goal of this elaboration is to figure out to what degree and how CG can benefit from “decision useful” information that holistic business reporting in accordance with IAS / IFRS holds. Therefore the present thesis, as the title already suggests, primarily deals with the analysis of (1st) what information HBR on the basis of IAS / IFRS accounting provides and (2nd) to what extent information from holistic business reporting is useful for corporate governance. Finally, this thesis will draw a conclusion on the analysis whether CG can be based on holistic business reporting in accordance with IAS / IFRS accounting and summarize its new insights in the topics of CG and HBR.
Author: Muath Bassam Khaled Abdel Qader
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Dimitris N. Chorafas
Publisher: Elsevier
ISBN: 0080461662
Category : Business & Economics
Languages : en
Pages : 497
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Book Description
Written for managers and professionals in business and industry, this book helps the reader in: * Understanding what is and is not IFRS * Learning the complexities of IFRS implementation* Appreciating the contribution of IFRS to corporate governance The changeover from the mosaic of different heterogeneous national accounting standards to the International Financial Reporting Standards has not been easy. For many companies IFRS, and most particularly the concept of fair value in IAS 39, has amounted to a phase shift – which is prerequisite to achieving compliant financial reporting. The research conducted by Dr. Chorafas for this book, documented that the process of meeting IFRS requirements presents opportunities and challenges to all enterprises. As many companies have found out, abandoning the classical accruals accounting for marking-to-market their transactions and portfolio positions, has not been easy. The conversion process has affected several functions within the organization including balance sheets, P&L statements, auditing, risk control, information systems, and management accounting. This book is in made up of four parts: * Part One focuses on business competition, standards boards, corporate accounting, and IAS 39 * The theme of Part Two, is the implementation of IFRS, exemplified through case studies on task forces and practical applications * Part Three brings together IFRS and management accounting requirements, with emphasis on fair value. * Part Four addresses itself to the contribution IFRS can make to better corporate governance, and to rebuilding the balance sheet The book has many case studies based on actual experiences. These range from the implementation of IFRS directives such as hedge accounting, to developing practices of real-time balance sheets; the help provided by sophisticated accounting solutions help in stress testing; and a comprehensive definition of the role of the audit committee.* A clear and practical view of the complexities of IFRS implementation* Includes practical case studies from real-life companies going through the process* Pays particular attention to IAS 39 on Fair Value
Author: Stella Fearnley
Publisher: John Wiley & Sons
ISBN: 1119973759
Category : Business & Economics
Languages : en
Pages : 471
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Book Description
The regulatory framework for financial reporting, auditing and governance has changed radically in recent years, as a result of problems identified from the Enron scandal and more recently from the drive to implement global standards. In a key regulatory change, a company audit committee is now expected to play a significant role in agreeing the contents of the financial statements and overseeing the activities of the auditors. Finance Directors, Audit Committee Chairs and Audit Engagement Partners are required to discuss and negotiate financial reporting and auditing issues, a significant process leading to the agreement of the published numbers and disclosures, and to the issuing of the auditor's report which accompanies them, but which is entirely unobservable by third parties. Reaching Key Financial Reporting Decisions: How Directors and Auditors Interact is a fascinating, behind-the-scenes examination of this closed process. The authors draw on the results of face to face interviews, and an extensive survey of finance directors, audit committee chairs and audit partners, and present nine company case studies highlighting the process of discussion and negotiation and the methods by which the agreed financial reporting outcome was reached. Detailed analysis of the case studies: Allows those involved in the process to benchmark their behaviours against those of others Enables a comparison between the previous and current regulatory environments to see what has changed, and sheds light on the sorts of behaviours the current regulatory framework encourages Evaluates the effectiveness of the changed regulatory regime, providing evidence relevant to current policy debates concerning the value of audit, IFRS and the relative merit of rules-based versus principles-based accounting standards in relation to professional judgement and compliance The unprecedented access and unique insights offered by this book make it invaluable for audit firm staff and partners, audit committee chairs and company directors involved in agreeing the published financial statements, as well as those who have an interest in the financial statements, but do not have access to the negotiation process.
Author: Mazni Abdullah
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 808
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Book Description
This thesis focuses on compliance with IFRS disclosure requirements in Malaysia. There are four objectives that this study attempts to achieve, namely: (1) to ascertain whether present regulatory enforcement is effective in curbing non-compliance with IFRS in Malaysia; (2) to determine whether corporate ownership structure, culture and corporate governance attributes have a significant influence on the extent of compliance with IFRS disclosure requirements; (3) to identify the factors of (non- ) compliance with IFRS from the perceptions of preparers and auditors; and (4) to explore the reasons why an unqualified audit report was issued despite non-compliance with IFRS disclosure requirements. This study employs a mixed methods approach to achieve the stated objectives, where annual reports of 225 Malaysian listed companies are examined and interviews with regulators, preparers and auditors are conducted. The following findings are documented in this study. Although compliance with accounting standards is mandated by law, this study demonstrates that no Malaysian company has fully complied with IFRS disclosure requirements. Similarly, the companies examined still receive unqualified audit reports despite significant non-compliance with IFRS disclosure requirements. This study argues that merely mandating compliance with accounting standards by law does not result in full compliance with accounting standards if sufficient or stringent enforcement is not in place. The Malaysian economy is dominated by family-owned companies and government-owned companies; however, this study finds that there was not enough evidence to support the influence of these ownership types on the extent of compliance with mandatory disclosure requirements. Despite the importance of corporate governance mechanisms in enhancing financial reporting quality, this study finds that only board meeting, audit committee size and audit committee expertise are significantly associated with the extent of compliance with IFRS disclosure requirements. However, the association direction for audit committee expertise is puzzling, because the negative coefficient suggests that mandatory disclosure decreases with the presence of audit committee experts. This study also provides evidence that culture (ethnicity) has a significant influence on the extent of compliance with IFRS disclosure requirements. This study also contributes to the extant literature by documenting the factors of (non- ) compliance with IFRS from the perceptions of preparers and auditors. These factors are the attitude of top management, problems with accounting standards, lack of enforcement, passive investors, materiality, accountants' attitude, undeveloped capital markets and political excuse. These (non- )compliance factors in fact cannot be revealed by statistical analysis. This study finds that materiality and true and fair view are the two reasons suggested by interviewees that can explain why unqualified audit opinion was expressed despite non-compliance with IFRS. Nevertheless, this study argues that materiality and true and fair view override might also be used (or misused) as an excuse by auditors for not qualifying audit reports in the case of significant non-compliance with IFRS disclosure requirements, given the subjective and vague concept of both materiality and true and fair view.
Author: Abdalmuttaleb Musleh Al-Sartawi
Publisher:
ISBN:
Category :
Languages : en
Pages : 13
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Book Description
Harmonization of financial reporting standards reduces information asymmetry and improves the confidence of users of financial information while making decisions .Similarly, corporate governance enhances the transparency of financial information through reducing agency conflicts. Moreover, in order to increase the confidence of investors, attract prospective investors and reduce conflict of interests, Bahrain encourages firms to adhere to both the International Financial Reporting Standards and Bahrain's Code of Corporate Governance. Accordingly, the purpose of this paper is to investigate the relationship between corporate governance and the level of compliance by 39 firms listed on Bahrain Bourse with International Accounting Standards (IAS-1). The results indicate that the level of corporate governance applied in Bahrain listed companies was 72.5% and it has a significant relationship with the level of compliance with IAS-1 disclosure. The findings and recommendations presented in this study might support regulatory bodies and standard setters in Bahrain to formulate strategies that would promote compliance with IFRSs by the listed firms. Additionally, the study contributes to financial reporting literature relating to the GCC countries.
