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Accounting harmonization in the BRIC countries: A common path?

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  • Alessandro Ghio
  • Roberto Verona

Abstract

•The aim of this study is to examine the adoption of the IAS/IFRS by the BRICs.•We develop a three-dimensional framework (political, economic and cultural dimensions) to investigate the different accounting harmonization processes.•We find that China and India issue national accounting standards based on the IAS/IFRS (‘translation/editing’), whereas Brazil and Russia fully adopt the IAS/IFRS (‘imitation’).•The political dimension, supported by the national culture and ‘community’, drives the decision process, even if the three dimensions are strictly interconnected.•National interests, as the highlighted ‘varieties of capitalism’ show, are currently limiting the standardization process and more broadly, the globalization.The aim of this paper is to understand the similarities and differences in the accounting convergence process of the BRIC countries. The study examines the evolution of these countries’ accounting systems by developing a three-dimensional framework based on the political, economic and cultural elements. Brazil and Russia merely imitate, whereas China and India edit and translate the international standards (‘informed divergence’). The political aspect, supported by the national culture and ‘community’, represents the main driver, even if the three dimensions are closely interconnected and overall, we show the current emergence of limits of the implementation of the dominant market model.

Suggested Citation

  • Alessandro Ghio & Roberto Verona, 2015. "Accounting harmonization in the BRIC countries: A common path?," Accounting Forum, Taylor & Francis Journals, vol. 39(2), pages 121-139, June.
    • Handle: RePEc:taf:accfor:v:39:y:2015:i:2:p:121-139
    DOI: 10.1016/j.accfor.2015.02.001
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    Cited by:

    1. Hedi Baazaoui, 2020. "For A New Method Of Calculating The Disclosure Index," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 9(2), pages 9-24.
    2. Kristýna Havlová, 2016. "IFRS vs. CAL: summary of practical knowledge and identification of research questions," Ekonomika a Management, Prague University of Economics and Business, vol. 2016(2).
    3. Ana Paula Silva & Alexandra Fontes & Carlos Menezes & Tânia Menezes Montenegro, 2023. "Transitioning to an IFRS-Based Accounting System: Longitudinal Insights from Practitioners in Portugal," Sustainability, MDPI, vol. 15(20), pages 1-21, October.
    4. Figlioli, Bruno & Lemes, Sirlei & Lima, Fabiano Guasti, 2020. "In search for good news: The relationship between accounting information, bounded rationality and hard-to-value stocks," Emerging Markets Review, Elsevier, vol. 44(C).
    5. Paula Silva, Ana & Fontes, Alexandra & Martins, Adelaide, 2021. "Perceptions regarding the implementation of International Financial Reporting Standards in Portugal and Brazil," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 44(C).

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