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Financial Reporting Quality before and after the Greek Accounting Standards Adoption using NiCE Qualitative Characteristics Measurement Perspective of Competencies Towards Uniformity in Family Business

Author

Listed:
  • D. Balios
  • I. Basiakos
  • N. Eriotis
  • P. Kotsilaras
  • E. Thalassinos

Abstract

Purpose: During the last years an effort is made, at a European and global level in order to introduce financial reporting standards which are similar across different countries, so as to enhance the quality of financial statements and prepare reports which can be comparable and useful for all stakeholders. Under this framework, the new Greek Accounting Standards were developed and are adopted by entities, according to the Law 4308/2014 which incorporates the Directive 34/2013/EU. Design/methodology/approach: The present study uses a sample of 123 Greek companies and investigates the financial reporting quality before and after the adoption of the new standards. Findings: According to results, the quality is ameliorated in terms of relevance, faithful representation, understandability and compliance. On the other hand, timeliness was negatively affected. Practical implications: According to the Greek Law4308/2014, all entities - apart from those obliged to use IFRS - are allowed to choose between the adoption of the new Greek Accounting Standards or IFRS. The study elaborates on the positive effects of the adoption of the new Greek Accounting Standards. Originality/value: The present research is one of the few researches concerning the adoption of the new Greek Accounting Standards, while the stratification and selection process used in order to select the sample was novel regarding existing research on the subject. As a consequence a representative sample is used, in terms of geography and size, and this enhances the quality of the research results.

Suggested Citation

  • D. Balios & I. Basiakos & N. Eriotis & P. Kotsilaras & E. Thalassinos, 2021. "Financial Reporting Quality before and after the Greek Accounting Standards Adoption using NiCE Qualitative Characteristics Measurement Perspective of Competencies Towards Uniformity in Family Busines," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 11(2), pages 28-41.
    • Handle: RePEc:ers:ijfirm:v:11:y:2021:i:2:p:28-41
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    References listed on IDEAS

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    1. Wafaa Salah & Abdallah Abdel-Salam, 2019. "The Effects of International Financial Reporting Standards on Financial Reporting Quality," Athens Journal of Business & Economics, Athens Institute for Education and Research (ATINER), vol. 5(3), pages 221-242, July.
    2. Cascino, Stefano & Gassen, Joachim, 2015. "What drives the comparability effect of mandatory IFRS adoption?," LSE Research Online Documents on Economics 57682, London School of Economics and Political Science, LSE Library.
    3. Alexios KYTHREOTIS, 2014. "Measurement Of Financial Reporting Quality Based On Ifrs Conceptual Framework’S Fundamental Qualitative Characteristics," European Journal of Accounting, Finance & Business, "Stefan cel Mare" University of Suceava, Romania - Faculty of Economics and Public Administration, West University of Timisoara, Romania - Faculty of Economics and Business Administration, vol. 2(3), pages 4-29, October.
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    Cited by:

    1. Adel Necib, 2023. "Financial Performance and Social Responsibility of Mining Materials Companies Listed on the Tunis BVMT Stock Exchange," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 13(4), pages 57-72.

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    More about this item

    Keywords

    Financial Reporting; Greek Accounting Standards; IFRS; Relevance; Faithful representation; Comparability; Understandability; Timeliness.;
    All these keywords.

    JEL classification:

    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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