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The relevance of IFRS to an emerging market: evidence from Greece

Author

Listed:
  • Apostolos A. Ballas
  • Despina Skoutela
  • Christos A. Tzovas

Abstract

Purpose - This paper aims to examine the relevance of International Financial Reporting Standards (IFRS) in emerging markets, with special reference to the case of Greece. Design/methodology/approach - This paper adopts a mixed methodology relying primarily on secondary sources such as the relevant legislation, published annual reports and reports on the effects of the application of IFRS by Greek firms as well as the results of a postal survey addressed to the finance managers of the top 100 Greek firms. For the postal survey, a modified version of the questionnaire used by Tyrall Findings - Although the Greek environment was not appropriate for IFRS application, participants in the survey believe that their adoption improved the quality of financial reporting. The introduction of IFRS increased the reliability, transparency and comparability of the financial statements. Practical implications - This study provides insights regarding the extent to which the introduction of IFRS influenced the accounting information supplied by firms operating within the European Union. Originality/value - The paper empirically investigates the impact of the introduction of IFRS on the quality of financial statements within the context of emerging markets.

Suggested Citation

  • 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, September.
  • Handle: RePEc:eme:mfipps:v:36:y:2010:i:11:p:931-948
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    References listed on IDEAS

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    1. Holger Daske & Günther Gebhardt, 2006. "International financial reporting standards and experts' perceptions of disclosure quality," Abacus, Accounting Foundation, University of Sydney, vol. 42(3-4), pages 461-498.
    2. Apostolos Ballas, 1994. "Accounting in Greece," European Accounting Review, Taylor & Francis Journals, vol. 3(1), pages 107-121.
    3. Pascale Delvaille & Gabi Ebbers & Chiara Saccon, 2005. "International Financial Reporting Convergence: Evidence from Three Continental European Countries," Accounting in Europe, Taylor & Francis Journals, vol. 2(1), pages 137-164, January.
    4. Ioannis Anagnostopoulos & Roger Buckland, 2007. "Bank accounting and bank value: harmonising (d)effects of a common accounting culture?," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 15(4), pages 360-380, November.
    5. Baker, C. Richard & Barbu, Elena M., 2007. "Trends in research on international accounting harmonization," The International Journal of Accounting, Elsevier, vol. 42(3), pages 272-304.
    6. Tyrrall, David & Woodward, David & Rakhimbekova, Almagoul, 2007. "The relevance of International Financial Reporting Standards to a developing country: Evidence from Kazakhstan," The International Journal of Accounting, Elsevier, vol. 42(1), pages 82-110.
    7. E. Barbu & C. R. Baker, 2007. "Trends in research on international accounting harmonization," Post-Print halshs-00325849, HAL.
    8. Charalambos Spathis & Eleftheria Georgakopoulou, 2007. "The adoption of IFRS in South Eastern Europe: the case of Greece," International Journal of Financial Services Management, Inderscience Enterprises Ltd, vol. 2(1/2), pages 50-63.
    9. Jeanjean, Thomas & Stolowy, Hervé, 2008. "Do accounting standards matter? An exploratory analysis of earnings management before and after IFRS adoption," Journal of Accounting and Public Policy, Elsevier, vol. 27(6), pages 480-494.
    10. Peter Standish, 2003. "Evaluating National Capacity for Direct Participation in International Accounting Harmonization: France as a Test Case," Abacus, Accounting Foundation, University of Sydney, vol. 39(2), pages 186-210.
    11. Muhammad Jahangir Ali, 2006. "Disclosure harmonization of accounting practices: the case for South Asia," Asian Review of Accounting, Emerald Group Publishing, vol. 14(1), pages 168-186, July.
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    13. Apostolos Ballas & Dimosthenis Hevas & David Neal, 1998. "The State of Accounting and the State of the State," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 2(3), pages 267-285, September.
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    Cited by:

    1. repec:eee:advacc:v:29:y:2013:i:1:p:108-123 is not listed on IDEAS
    2. Vasilios-Christos Naoum & Nicos Sykianakis & Christos Tzovas, 2011. "The perceptions of managers of Greek firms regarding the Costs and Benefits ensuing from the adoption of International Financial Reporting Standards in Greece," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Eastern Macedonia and Thrace Institute of Technology (EMATTECH), Kavala, Greece, vol. 4(3), pages 59-74, December.
    3. repec:eee:accfor:v:38:y:2014:i:1:p:38-54 is not listed on IDEAS
    4. Raluca Valeria RATIU, 2012. "Accounting Regulations for Goodwill at a National, European and International Level," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 60(4), pages 249-258, November.
    5. repec:eee:accfor:v:38:y:2014:i:1:p:1-17 is not listed on IDEAS
    6. repec:eee:advacc:v:35:y:2016:i:c:p:1-7 is not listed on IDEAS
    7. Andreea Paula Dumitru, 2014. "Perceptions Of Professional Accountants On The Costs And Benefits Of Implementing Ias/Ifrs In Romania," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences;Institute for World Economy of the Romanian Academy, vol. 2(2), pages 66-75, November.

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    Keywords

    Financial reporting; Emerging markets; Greece;

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