ФОРМУВАННЯ НОВИХ ПОКАЗНИКІВ ФІНАНСОВОЇ ЗВІТНОСТІ ПРО РОЗРАХУНКОВІ ОПЕРАЦІЇ – ЗАПОРУКА ЕФЕКТИВНОСТІ УПРАВЛІНСЬКИХ РІШЕНЬ

Book Reviews

IFRS Adoption and Financial Results of EU Companies: The Challenge of Nomenclature - Evidence from the UK, France and Germany

Heavy transforming of the financial view in Egypt with the adoption of International Financial Reporting Standards (IFRS) 7 and IFRS 9 has occurred. These standards aim for greater transparency and comparability in financial reporting among the Egyptian banks through a standard disclosure and better measuring of financial instruments. The study has been directed towards evaluating the already perceived impact of adopting IFRS 7 and IFRS 9 on the transparency and comparability of financial statements among Egyptian banks. To achieve this, the study employed multiple regression analysis through survey data acquired from 120 banking professionals to study the relationship between compliance levels, implementation challenges and quality of financial report generation.The results strongly support the study’s hypotheses. Survey findings reveal that 78% of respondents believe IFRS 7 significantly improves transparency, while 65% agree that IFRS 9 enhances comparability across banks. Multiple regression analysis confirms that compliance with IFRS 7 and IFRS 9 positively impacts transparency (β = 0.45, p < 0.05) and comparability (β = 0.30, p < 0.05). However, 42% of participants identified implementation challenges, such as high compliance costs, which negatively impact the standards’ effectiveness (β = -0.20, p < 0.05). Cronbach’s Alpha demonstrated good reliability for survey scales, reinforcing the validity of the findings. The study concludes that while IFRS adoption brings significant benefits to financial reporting in Egyptian banks, addressing implementation barriers is essential to fully realize these standards' potential. Recommendations include enhancing staff training and providing more support for implementation to improve financial reporting practicesCopyright © 20xx by the authors. This article is an open access article distributed under the terms and conditions Creative Commons Attribution-Share Alike 4.0 International Public License (CC BY-SA 4.0)

Orientation: The International Financial Reporting Standards (IFRS) for small and medium-sized entities (SMEs) was adopted in South Africa in 2009 to reduce the complex burden of financial reporting for SMEs. Research purpose: The purpose of the article is to explore the insights of accounting practitioners a decade after introducing the IFRS for SMEs. Motivation for the study: The article increases the body of research into decision usefulness in relation to IFRS for SMEs, drawing attention to the possible benefits and challenges of the practical use of the IFRS for SMEs as an acceptable reporting framework. Research approach, design and method: The article uses prior literature on the application of IFRS for SMEs in South Africa to construct a structured questionnaire which was completed by 103 qualified accounting practitioners operating in South Africa. Main findings: Overall, the insights of accounting practitioners demonstrated reduced scepticism, as compared to previous research, concerning the extent to which the IFRS relieve the burden of financial reporting in the SME sector. Practical/managerial implications: The design of an accounting framework affects its use by accounting practitioners. Decisions usefulness theory demonstrates that standard setters should familiarise themselves with the challenges faced by accounting user groups to improve the relevance and reliability of financial statements. Contribution/value-add: This article will be useful to policymakers in debates regarding the appropriateness of IFRS for SMEs as a reporting framework and whether amendments are required. More specifically, whether amendments are required in relation to reducing the burden of financial reporting even further for smaller-scale SMEs.

IFRS 9 for Banking Industry the Case for IFRS and FINREP Taxonomies, Critical Asessment (Abstimmbarkeit von Anhangangaben nach IFRS 9 und 7 mit dem Meldewesen: Perspektive der IFRS-Taxonomie)

Global adoption of International Financial Reporting Standards (IFRS) is thought to increase financial statement reliability and comparability. Although IFRS is required or allowed in over 130 nations, some countries modify IFRS as issued by the International Accounting Standards Board (IASB). This study is designed to closely examine each country that modifies IFRS in an effort to determine whether these modifications impair financial statement comparability. First is that countries lack the resources to implement the newest version of IFRS or ensure proper translation of the standards. Second is that countries make specific changes to allow IFRS to better meet the needs of their financial reporting environment. I categorize the first set of countries as default countries and the second set as design countries. The study results in several interesting and useful contributions. First, I develop a new typology for future IFRS research that includes not only the locally adopted category, but also the default and design categories. Second, the details of how countries modify IFRS make it clear that differences can exist in financial statements prepared in different countries both using IFRS. The users must be careful to understand how comparability may be impacted by these modifications.

A huge number of stakeholders rely on the bank's financial statements. Such financial accounts must be of the highest caliber, particularly in light of the emergence of globalization. The International Financial Reporting Standards (IFRSs) were created to provide high-quality financial reporting in addition to universal standards. Over the past 10 years, Nigerian banks' financial statements have been called into question to the point where several of these banks failed. The purpose of this study is to investigate how IFRSs have affected Nigerian banks' financial statements quality, with a focus on the relevance, comparability, and clarity of their goals. The study's conclusions were reached using a case study methodology. There is a survey involving various stakeholders, both internal and external, through the use of a questionnaire. To analyze the data, the Chi-Square method was used. The X2-calculated value of 14.96 is more than the X2-critical/table value of 5.99 at 0.05 LOS, indicating a substantial association between the adoption of IFRS and the comparability objectives of Nigerian banks, according to the results. Further research revealed that the adoption of IFRS has a significant impact on relevancy quality, as the X2-calculated value of 14.0 is higher at 0.05 LOS than the X2-critical/table value at 5.99. The implementation of IFRS has also been proven to have a considerable impact on Nigerian banks' clarity objectives, as evidenced by the fact that the X2-calculated value of 25.4 is more than the X2-critical/table value of 5.99 at 0.05 LOS. It was determined that the implementation of IFRS has an important influence on the standard of Nigerian banks' financial statements. Enforcing the use of IFRS in the preparation and publication of financial statements is advised. If the accounts meet the standards' requirements, the auditors should state so

The academic literature on financial reporting and accounting is limited in the football industry compared with other sectors of the economy. The purpose of this paper is to critically analyze the financial communications of football clubs with reference to the impairment test for football players. According to the International Financial Reporting Standards (IFRS), an impairment test measures whether a balance sheet item is actually worth the amount stated on the balance sheet. The balance sheet amount should be reduced if the impairment test indicates a lower value. At the end of each reporting period, a football club is required to assess whether there is any indication that a footballer may be impaired. The paper aims to show that the financial communications and reporting disclosed by football clubs about the impairment test procedure is poor and inadequate. It is argued that the UEFA regulations have gaps that ought to be filled and that IFRS are not perfectly suitable for companies operating in specific business sectors such as the football industry. The study is based on an extensive literature review and an analysis of previous academic studies. In addition, this study investigates the best practices reported in the footnotes of the financial statements of several football clubs in Italy, England and Scotland. These clubs operate and play in different jurisdictions and so also adopt different accounting standards. The research study reveals that only a few of the clubs studied give information about the impairment test in the footnotes to financial statements. This confirms that the financial communications of football clubs are limited. Secondly, only one club studied (Rangers F.C.) acknowledges that a possible external indication for performing an impairment test might be the failure to achieve the sporting goals fixed at the beginning of the sporting season. Our findings suggest that UEFA, FIFA and local football associations should promote new regulations aimed to improve the accuracy of the financial disclosure of football clubs. They should also introduce as an important external indicator to perform the impairment. This kind of failure has a negative impact on football clubs’ revenues. These findings may also have interesting implications for other sporting organisations. This article is published as part of a collection on corporate governance, the sports industry and intellectual capital.

A Perspective on the SEC's Proposal to Accept Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) Without Reconciliation to U.S. GAAP

This paper aims to analyze the value relevance of financial statements prepared according to International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS). The study focuses on two of the different sets of accounts presented by companies: the parent company financial statement and the consolidated version. We have developed a panel data from a sample of Italian listed companies by collecting accounting figures from consolidated and separate financial statements, since Italy mandates listed companies to prepare both reports according to IAS/IFRS. Using an Ohlson price model, we have tested our hypotheses, performing regressions of share price or market capitalization on book value and earning. Firstly, we compared the consolidated financial reports’ value relevance with that of the separate financial statements. The evidence suggests that, although the separate reports also have a high value relevance, this does not provide investors with additional information. Secondly, we investigated the value relevance of the consolidated financial statements alone, by focusing on the specific nature of the group’s equity book value and net income. Both are made up of two components: one referring to the parent company and the other attributable to non-controlling interests (NCI) as a consequence of the presence of minority shareholders within the group. We analyzed the value relevance of group financial statements, taking into account the presence/absence of minority shareholders and their portion of equity and net income. By dividing groups with minority shareholders from groups without these, we verified whether the presence of non-controlling interests can affect the value relevance of consolidated reports, and whether NCI equity and net income are value-relevant. In fact, all modes used to test value relevance are based only on the parent company equity and net income, leaving aside that group equity and net income are divided into two parts. The evidence suggests that NCI financial values slightly increase the fit of the model, and that NCI equity and net income are statistically significant in affecting the market capitalization of companies. Key words: International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS), value relevance, equity, accounting.

Abbas A. M., Graham J. H. &amp; Magnus O. (2006) International Financial Reporting Standards workbook and guide. Adzongo, A. A., &amp; Agbo, H. E. (2020). Financial Reporting and Accountability in Public Tertiary Institutions in Benue State, Nigeria. Journal of Accounting and Financial Management, 6(1), 1-12. Agada, J. O. (2020). Financial Reporting and Accountability in Public Tertiary Institutions in Benue State, Nigeria (Ph.D. Thesis). Benue State University. Akiga, P. A., &amp; Ochai, A. O. (2020). Financial Reporting and Accountability in Public Tertiary Institutions in Benue State, Nigeria. Proceedings of the 14th International Conference on Accounting and Finance, 12-14. Beest, F. V., Braam, G. &amp; Boelens, S. (2009). Quality of Financial Reporting: measuring qualitative characteristics, Accessed online on http://www.ru.nl/nice/workingpapers on 12/6/2017. Bizavings, (2016). Importance of Transparency in Financial reporting. Retrieved from:http://www.streetdirectory.com/travel_guide/29036/business_and_finance/the_Impo rtance_of_transparency_in_financial_reporting.html Edeh, C. I., Akinola, R., &amp; Uzoh, M. (2023). Financial accountability and transparency in Nigeria University: Challenges and prospects. African Journal of Educational Management, 18(1), 43-56. Iorliam, A. M., &amp; Okolo, J. U. (2019). The Impact of Financial Reporting on Transparency and Accountability in Nigerian Public Universities: A Study of Benue State University. Proceedings of the 13th International Conference on Financial Management, 20-22. Ikyo, P. O., &amp; Ochai, A. O. (2019). The Impact of Financial Reporting on Transparency and Accountability in Nigerian Public Universities: A Study of Benue State University. International Journal of Financial Research, 10(3), 148-158. Igba, P. O. (2019). The Impact of Financial Reporting on Transparency and Accountability in Public Universities in Benue State, Nigeria ((link unavailable) Thesis). University of Agriculture, Makurdi. Ode, E. J., &amp; Okolo, J. U. (2018). Financial Reporting Quality and Accountability in Public Institutions in Nigeria: Evidence from Benue State. Journal of Financial Reporting and Accounting, 16(1), 55-70. Ogundipe, O., &amp; Olufemi, A. (2021). Policy reforms and the role of financial reporting in enhancing transparency in Nigerian higher education. Policy and Governance Review, 5(4), 112-124. Ogunleye, J. A., Sanni, B., &amp; Adeyemi, T. (2020). Financial reporting quality and accountability in Public tertiary institutions in Benue State. Journal of African Studies in Education, 5(2), 55-70. Olayemi, K. (2022). Financial disclosure and accountability in Public tertiary institutions in Benue State. West African Journal of Business and Management, 14(1), 32-45. Onalo, U., LIzam, M., &amp; Kaseri, A., (2014). International Financial Reporting Standards and the Quality of Banks Financial Statement Information: Evidence from an Emerging Market- Nigeria, European Journal of Business and Social Sciences, 3, (8):243-255. Nwafor, A., &amp; Onah, G. (2021). Financial reporting and accountability in Nigerian public universities. International Journal of Management Studies, 9(2), 68-85. Stainbank, L. J. (2014). Factors Influencing the Adoption of International Financial Reporting Standards by African Countries, South African Journal of Accounting Research, 28 (1): 79-95.

The paper present exploratory research on application programming interface (API), management of accounting information system, security of transaction processing system, general ledger and financial reporting system. An application programming interface, or API, enables businesses to make the data and functionality of their applications available to external third-party developers, commercial partners, and internal departments inside their own organizations. Using a defined interface enables services and products to interact with one another and benefit from each other's information and features. The interface is used by developers to interact with other software and services; they are not required to understand how an API is developed, and neither are the software’s end-users. In short, an API is a contract between pieces of applications serving the main software once integrated into the source code of the main application. These pieces of applications communicate with each other in the language they both understand and over a network if needed. As the name implies, APIs serve as interfaces between programs. The interface is usually between a software developer and software developer’s application. Basically, the API allows one software to access some functionalities of another software. In its development, information systems develop and run well using a web-base so that it can be reached via an online computer network. Web applications have become complex and important for many companies, especially when combined with areas such as AIS. All AIS transaction data will be stored in the database management system and will be used if there is a query data request. Based on the IFRS (International Financial Reporting Standard) document, a proper accounting system must at least include the following aspects (IFRS Standard Requirements): Financial position statement, cash flows statement. Web-based AIS application for recording, grouping, processing

PurposeThis paper aims to investigate financial statement comparability in the extractive industry. This paper focuses on the extractive industry because International Financial Reporting Standards (IFRS) contain limited guidance on the accounting treatment for exploration and evaluation (E&amp;E) costs and IFRS 6 – Exploration for and Evaluation of Mineral Resources allowed firms to continue with existing divergent accounting treatment of E&amp;E costs.Design/methodology/approachThe authors use data from Australia, a country that adopted IFRS in 2005 with a large extractive industry. They also compare changes in cross-country comparability around the IFRS adoption date between Australian firms and adopters relative to Australian firms and non-adopters to better isolate changes in comparability that are attributable to the adoption of IFRS from other sources that are not related to the adoption of IFRS. The authors measure comparability consistent with De Franco et al. (2011) where financial statements are comparable when two firms produce similar accounting amounts for similar economic events.FindingsFor non-extractive industry firms, the authors find the comparability of financial statements of Australian firms increased with other adopters and that this increase was relatively greater than the increase with non-adopter firms. This evidence is consistent with comparability benefits associated with the adoption of IFRS. However, for extractive industry firms, the authors do not find a significantly greater increase in the comparability of financial statements of Australian firms with adopters relative to the increase with non-adopters, suggesting that the increase is likely not associated with the adoption of IFRS. In additional analysis, they find that following IFRS adoption non-extractive Australian firms have greater within-country comparability relative to extractive Australian firms, while there was no difference in the pre-adoption period.Originality/valueThe evidence suggests that the divergent practices for E&amp;E costs under IFRS 6 and the lack of an accounting standard that deals with matters relating to the extractive industry hinder the comparability of financial statements in this industry.

The impact of mandatory adoption of IFRS in Saudi Arabia

Firm-Specific Factors Influencing the Selection of Accounting Options Provided by the IFRS: Empirical Evidence from Spanish Market