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Case Study Of The Origin And The Evolution Of Accounting Systems Regarding To The Harmonization Of International Financial Reporting Standards (Ifrs) In Jordan And Romania

Author

Listed:
  • Omar Alhato

    (University December 1, 1918 of Alba Iulia, Doctoral School, Faculty of Economical Science, Alba Iulia Romania)

  • Alexandra Botoş

    (University December 1, 1918 of Alba Iulia, Doctoral School, Faculty of Economical Science, Alba Iulia Romania)

Abstract

It is valuable to take note that the majority of financial reporting pundits are in agreement that the financial reporting system of a country depends on several factors that include the legal, economic, and cultural background; The development of tasks performed by accounting is persistently inspired by needs of practice. It is clear of that accounting schemes play an essential role in the market economy, particularly in face of globalization of capital markets, where increasing need for comparable, transparent financial statements for the companies. Rather, it is proposed to present information that is used in making reasoned options amongst alternative uses of limited resources in the conduct of business and economic activities. The present paper discusses the possibilities to improve the accounting policies and procedures in Jordan and other Middle East countries in accordance with commitment of the International Financial Reporting Standards (IFRS). Throughout this study we used a qualitative approach, to outline an overview of the history of financial reporting and its evolution from the origin, to the growth and development of accounting systems by studying a considerable amount of bibliographic material, using different textbooks and journals on accounting theories but also public information presented by the accounting organisations and the government of the two analysed countries. Furthermore, the paper reviewed the achievements made in the convergence of International Financial Reporting Standards (IFRS), in the Middle East countries, in Jordanian context and in the European Union, specifically the case of Romania. International financial reporting standard (IFRS) implementation in Jordan has departed through several transitional phases wile in our previous work we noticed that Romania can be considered a benchmark of high degree convergence to IFRS.

Suggested Citation

  • Omar Alhato & Alexandra Botoş, 2021. "Case Study Of The Origin And The Evolution Of Accounting Systems Regarding To The Harmonization Of International Financial Reporting Standards (Ifrs) In Jordan And Romania," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 156-163, July.
    • Handle: RePEc:ora:journl:v:1:y:2021:i:1:p:156-163
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    References listed on IDEAS

    as
    1. Mary E. Barth & Wayne R. Landsman & Mark H. Lang, 2008. "International Accounting Standards and Accounting Quality," Journal of Accounting Research, Wiley Blackwell, vol. 46(3), pages 467-498, June.
    2. Guerreiro, Marta Silva & Rodrigues, Lúcia Lima & Craig, Russell, 2008. "The preparedness of companies to adopt International Financial Reporting Standards: Portuguese evidence," Accounting forum, Elsevier, vol. 32(1), pages 75-88.
    3. Ulf Br&?ggemann & J?rg-Markus Hitz & Thorsten Sellhorn, 2013. "Intended and Unintended Consequences of Mandatory IFRS Adoption: A Review of Extant Evidence and Suggestions for Future Research," European Accounting Review, Taylor & Francis Journals, vol. 22(1), pages 1-37, May.
    4. Marta Silva Guerreiro & Lúcia Lima Rodrigues & Russell Craig, 2008. "The preparedness of companies to adopt International Financial Reporting Standards: Portuguese evidence," Accounting Forum, Taylor & Francis Journals, vol. 32(1), pages 75-88, March.
    5. Marius Deac, 2013. "Romanian Accounting - A Tale of Two Standards," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 13(1), pages 89-98.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    International Financial Reporting Standards (IFRS); Convergence; Procedures; Policies; Financial reporting quality;
    All these keywords.

    JEL classification:

    • M - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics

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