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Accounting Regulation in Malta

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  • David Alexander
  • Monique Micallef

Abstract

This paper considers the development of accounting rules in Malta, and traces the changing de jure requirement of a ‘true and fair view’ (TFV) in national legislation. This is done in three phases. The initial phase discusses financial reporting issues arising from the then ambiguous TFV wording in the Companies Act 1995. The changing TFV wording is compared to the UK Companies Act 1948 and to the European Community Directives being the basis of national company legislation. Due to the ever-increasing conflicts between IFRS and national legislation, ways how the local accounting profession has applied the TFV principle are then illustrated. The impact on the audit reports, arising from implementation of the IAS Regulation (1606/2002/EC) is discussed in the second phase. It is found that the IAS Regulation brought about a lack of clarity as to the applicable regulatory financial reporting framework for listed entities. In the third phase, the practical difficulties and issues that led to the recent development of a national financial reporting standard for smaller entities are examined in an international context. The possible implications of a second de jure imposition of a TFV, in this national standard, are put forward.

Suggested Citation

  • David Alexander & Monique Micallef, 2011. "Accounting Regulation in Malta," Accounting in Europe, Taylor & Francis Journals, vol. 8(1), pages 1-21, June.
    • Handle: RePEc:taf:acceur:v:8:y:2011:i:1:p:1-21
    DOI: 10.1080/17449480.2010.511877
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    Cited by:

    1. Roberto Aprile & Laura Bini, 2018. "The role of institutions in the process of global convergence to IFRS," FINANCIAL REPORTING, FrancoAngeli Editore, vol. 2018(2), pages 111-134.
    2. Cătălina Florentina PRICOPE, 2016. "The role of institutional pressures in developing countries. Implications for IFRS," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(2(607), S), pages 27-40, Summer.
    3. Monique Micallef, 2017. "Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from Malta," Accounting in Europe, Taylor & Francis Journals, vol. 14(1-2), pages 131-136, May.
    4. Nurunnabi, Mohammad, 2014. "‘Does accounting regulation matter?’: An experience of international financial reporting standards implementation in an emerging country," Research in Accounting Regulation, Elsevier, vol. 26(2), pages 230-238.

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