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The Role and Current Status of IFRS in the Completion of National Rules – Evidence from Greece

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  • Ioannis Tsalavoutas

Abstract

Law 4308/2014 is the main regulation that transposed Accounting Directive 2013/34 of the EU into national law in Greece. This short paper summarises the underlying background and the process followed up to the issuance of this Law. It also outlines the key accounting principles introduced with this Law and how they compare with IFRS. This brief analysis indicates that, to a large extent, Greek accounting standards have now been aligned with IFRS. Given the preceding substantial differences between Greek accounting Laws and IFRS, this Law introduced significant changes to the accounting environment for non-listed companies in Greece, aiming at improving accounting quality and enhancing accounting comparability between listed and non-listed companies.

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  • Ioannis Tsalavoutas, 2017. "The Role and Current Status of IFRS in the Completion of National Rules – Evidence from Greece," Accounting in Europe, Taylor & Francis Journals, vol. 14(1-2), pages 102-112, May.
    • Handle: RePEc:taf:acceur:v:14:y:2017:i:1-2:p:102-112
    DOI: 10.1080/17449480.2017.1298140
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    References listed on IDEAS

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    1. Tsalavoutas, Ioannis & André, Paul & Evans, Lisa, 2012. "The transition to IFRS and the value relevance of financial statements in Greece," The British Accounting Review, Elsevier, vol. 44(4), pages 262-277.
    2. Ioannis Tsalavoutas & Lisa Evans, 2010. "Transition to IFRS in Greece: financial statement effects and auditor size," Managerial Auditing Journal, Emerald Group Publishing, vol. 25(8), pages 814-842, September.
    3. Apostolos Ballas, 1994. "Accounting in Greece," European Accounting Review, Taylor & Francis Journals, vol. 3(1), pages 107-121.
    4. Caramanis, Constantinos & Dedoulis, Emmanouil & Leventis, Stergios, 2015. "Transplanting Anglo-American accounting oversight boards to a diverse institutional context," Accounting, Organizations and Society, Elsevier, vol. 42(C), pages 12-31.
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    1. Lucie Brabcová, 2020. "Requirements for cash flows reporting in the Czech legislation and their development in time [Požadavky na vykazování informací o peněžních tocích v české legislativě a jejich vývoj v čase]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2020(3-4), pages 5-23.
    2. Lucie Brabcová, 2020. "Requirements for cash flows reporting in the Czech legislation and their development in time [Požadavky na vykazování informací o peněžních tocích v české legislativě a jejich vývoj v čase]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2020(3-4).
    3. Mantzari, Elisavet & Georgiou, Omiros, 2019. "Ideological hegemony and consent to IFRS: Insights from practitioners in Greece," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 59(C), pages 70-93.

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