Exploratory Evidence for the Adoption of the Ias 7 in Turkey
This paper examines the adoption of the International Accounting Standard No 7 (IAS 7) “Cash Flow Statements (CFS)” of the International Accounting Standards Board (IASB) by the listed companies in the Istanbul Stock Exchange (ISE) in Turkey. The purpose of this study is to provide brief information about the history and background of the adoption or harmonization of the global financial reporting standards, to explore the degree of homogeneity in choosing among different options permitted by the IAS 7 and the degree of compliance with it. In order to achieve this purpose, an exploratory study was developed and conducted by analyzing financial statements of 17 non-financial firms of ISE top 30 from the year of 2007 to 2009. The findings of the study have shown a significant heterogeneity and non-compliance in applying the IAS 7 in Turkey. The high degree of heterogeneity may dismiss the comparability of financial statements across entities, requiring further efforts by the IASB to reduce options permitted in its standards. The high degree of non-compliance may create the risk of misleading financial information users who might have expected that the audited financial statements they have been prepared according to the IASB standards.
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- Wallace, R. S. Olusegun & Choudhury, Mohammed S. I. & Pendlebury, Maurice, 1997. "Cash flow statements: An international comparison of regulatory positions," The International Journal of Accounting, Elsevier, vol. 32(1), pages 1-22.
- Street, Donna L. & Gray, Sidney J. & Bryant, Stephanie M., 1999. "Acceptance and Observance of International Accounting Standards: An Empirical Study of Companies Claiming to Comply with IASs," The International Journal of Accounting, Elsevier, vol. 34(1), pages 11-48.
- Wallace, R. S. Olusegun & Choudhury, Mohammed S. I. & Adhikari, Ajay, 1999. "The Comprehensiveness of Cash Flow Reporting in the United Kingdom: Some Characteristics and Firm-specific Determinants," The International Journal of Accounting, Elsevier, vol. 34(3), pages 311-347, August.
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