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The perceptions of managers of Greek firms regarding the Costs and Benefits ensuing from the adoption of International Financial Reporting Standards in Greece

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Author Info

  • Vasilios-Christos Naoum

    (Athens University of Economics and Business, Greece)

  • Nicos Sykianakis

    (Assistant Professor, Technological Education Institute of Piraeus, Greece)

  • Christos Tzovas

    (Assistant Professor, Athens University of Economics and Business, Greece)

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    Abstract

    The study seeks to investigate the costs and benefits resulting from the application of IFRS in Greece. A questionnaire survey was conducted in order to identify the perceptions of the financial managers of Greek listed firms regarding the benefits and the costs associated with the transition to IFRS. In addition, it was asked to indicate whether the IFRS benefits are sufficient to cover the related costs. Four types of costs appear to be prevalent: personnel training costs, consultants' fees, preparation of two sets of accounts and costs to adjust existing information systems. The findings of the analysis of the responses suggest that, although the majority of respondents believe that the introduction of IFRS improved the quality of the financial statements published by Greek firms, they have serious concerns regarding the costs related to the introduction of IFRS.

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    File URL: http://www.ijesar.org/docs/volume4_issue3/ifr_standards_greece.pdf
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    File URL: http://www.ijesar.org/volume4_issue3.php
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    Bibliographic Info

    Article provided by Technological Educational Institute (TEI) of Kavala, Greece in its journal International Journal of Economic Sciences and Applied Research (IJESAR).

    Volume (Year): 4 (2011)
    Issue (Month): 3 (December)
    Pages: 59-74

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    Handle: RePEc:tei:journl:v:4:y:2011:i:3:p:59-74

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    Related research

    Keywords: IFRS adoption; Greece; costs; benefits;

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    1. Bhattacharya, Utpal & Daouk, Hazem & Welker, Michael, 2003. "The World Price of Earnings Opacity," Working Papers 127185, Cornell University, Department of Applied Economics and Management.
    2. Apostolos A. Ballas & Despina Skoutela & Christos A. Tzovas, 2010. "The relevance of IFRS to an emerging market: evidence from Greece," Managerial Finance, Emerald Group Publishing, vol. 36(11), pages 931-948, November.
    3. Christian Leuz, 2003. "IAS Versus U.S. GAAP: Information Asymmetry-Based Evidence from Germany's New Market," Journal of Accounting Research, Wiley Blackwell, vol. 41(3), pages 445-472, 06.
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