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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

Author

Listed:
  • 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)

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.

Suggested Citation

  • 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.
  • Handle: RePEc:tei:journl:v:4:y:2011:i:3:p:59-74
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    File URL: http://ijbesar.teiemt.gr/docs/volume4_issue3/ifr_standards_greece.pdf
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    File URL: http://ijbesar.teiemt.gr/volume4_issue3.php
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    References listed on IDEAS

    as
    1. Ion Ionas¸cu & Mihaela Ionas¸cu & Lavinia Olimid & Daniela Artemisa Calu, 2007. "An Empirical Evaluation of the Costs of Harmonizing Romanian Accounting with International Regulations (EU Directives and IAS/IFRS)," Accounting in Europe, Taylor & Francis Journals, vol. 4(2), pages 169-206, December.
    2. Annelies Renders & Ann Gaeremynck, 2007. "The Impact of Legal and Voluntary Investor Protection on the Early Adoption of International Financial Reporting Standards (IFRS)," De Economist, Springer, vol. 155(1), pages 49-72, March.
    3. 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.
    4. repec:eee:jiaata:v:19:y:2010:i:1:p:55-65 is not listed on IDEAS
    5. Bhattacharya, Utpal & Daouk, Hazem & Welker, Michael, 2003. "The World Price of Earnings Opacity," Working Papers 127185, Cornell University, Department of Applied Economics and Management.
    6. repec:bla:joares:v:31:y:1993:i:2:p:246-271 is not listed on IDEAS
    7. 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, June.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Alexios Kythreotis, 2015. "The Interrelation among Faithful Representation (Reliability), Corruption and IFRS Adoption: An Empirical Investigation," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Eastern Macedonia and Thrace Institute of Technology (EMATTECH), Kavala, Greece, vol. 8(1), pages 25-50, August.

    More about this item

    Keywords

    IFRS adoption; Greece; costs; benefits;

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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