The Effectiveness of International Financial Reporting Standard on the European Union
The objective of mandatory adoption of IFRS is to enhance the quality of accounting information in worldwide. However, this effort made challenged for European Union as a supranational body to achieve similar advantages of converged the IFRS standards. This study examines the effectiveness of IFRS...
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| Format: | Article |
| Language: | English |
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Tishk International University
2017-01-01
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| Series: | International Journal of Social Sciences & Educational Studies |
| Subjects: | |
| Online Access: | http://ijsses.org/wp-content/uploads/2017/03/73-80.pdf |
| _version_ | 1797641772368658432 |
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| author | Sarhad Hamza Khdir |
| author_facet | Sarhad Hamza Khdir |
| author_sort | Sarhad Hamza Khdir |
| collection | DOAJ |
| description | The objective of mandatory adoption of IFRS is to enhance the quality of accounting information
in worldwide. However, this effort made challenged for European Union as a supranational body to achieve
similar advantages of converged the IFRS standards. This study examines the effectiveness of IFRS on the
European Union as a supranational body and whether the EU has successfully converged to the IFRS
standards. The paper will also analyze if there are any difficulties with switching to the IFRS standards
versus the traditional local accounting practices in EU. The results obtained show that the first application
of IFRS has adopted among EU countries and the results indicate that the adoption of IFRS leads to
improvement in value relevance. The results also imply that the IFRS adoption for EU does not ensure
better quality of accounting information and standardized IFRS is not effective to implement for all EU
because there is a lot of misperception in terms of these guidelines for preparing financial statement. The
culture difference among EU shows that IFRS is not fits size standard for all EU that can lead EU to
conform at the same time. The conclusion of this report will provide the answer whether it is or not effective
for the EU to fully converge to the IFRS standards as a whole. |
| first_indexed | 2024-03-11T13:50:27Z |
| format | Article |
| id | doaj.art-b144f54dad3b4f78acd448515e2736ff |
| institution | Directory Open Access Journal |
| issn | 2409-1294 2409-1294 |
| language | English |
| last_indexed | 2024-03-11T13:50:27Z |
| publishDate | 2017-01-01 |
| publisher | Tishk International University |
| record_format | Article |
| series | International Journal of Social Sciences & Educational Studies |
| spelling | doaj.art-b144f54dad3b4f78acd448515e2736ff2023-11-02T09:10:56ZengTishk International UniversityInternational Journal of Social Sciences & Educational Studies2409-12942409-12942017-01-01327380The Effectiveness of International Financial Reporting Standard on the European UnionSarhad Hamza KhdirThe objective of mandatory adoption of IFRS is to enhance the quality of accounting information in worldwide. However, this effort made challenged for European Union as a supranational body to achieve similar advantages of converged the IFRS standards. This study examines the effectiveness of IFRS on the European Union as a supranational body and whether the EU has successfully converged to the IFRS standards. The paper will also analyze if there are any difficulties with switching to the IFRS standards versus the traditional local accounting practices in EU. The results obtained show that the first application of IFRS has adopted among EU countries and the results indicate that the adoption of IFRS leads to improvement in value relevance. The results also imply that the IFRS adoption for EU does not ensure better quality of accounting information and standardized IFRS is not effective to implement for all EU because there is a lot of misperception in terms of these guidelines for preparing financial statement. The culture difference among EU shows that IFRS is not fits size standard for all EU that can lead EU to conform at the same time. The conclusion of this report will provide the answer whether it is or not effective for the EU to fully converge to the IFRS standards as a whole.http://ijsses.org/wp-content/uploads/2017/03/73-80.pdfAccountingEuropean UnionFinancial AccountingConverged IFRS |
| spellingShingle | Sarhad Hamza Khdir The Effectiveness of International Financial Reporting Standard on the European Union International Journal of Social Sciences & Educational Studies Accounting European Union Financial Accounting Converged IFRS |
| title | The Effectiveness of International Financial Reporting Standard on the European Union |
| title_full | The Effectiveness of International Financial Reporting Standard on the European Union |
| title_fullStr | The Effectiveness of International Financial Reporting Standard on the European Union |
| title_full_unstemmed | The Effectiveness of International Financial Reporting Standard on the European Union |
| title_short | The Effectiveness of International Financial Reporting Standard on the European Union |
| title_sort | effectiveness of international financial reporting standard on the european union |
| topic | Accounting European Union Financial Accounting Converged IFRS |
| url | http://ijsses.org/wp-content/uploads/2017/03/73-80.pdf |
| work_keys_str_mv | AT sarhadhamzakhdir theeffectivenessofinternationalfinancialreportingstandardontheeuropeanunion AT sarhadhamzakhdir effectivenessofinternationalfinancialreportingstandardontheeuropeanunion |