اندازه گیری اثرات اول زمان تصویب استانداردهای بین المللی گزارشگری مالی بر عملکرد فهرست نهادهای رومانیایی
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|21503||2012||6 صفحه PDF||سفارش دهید||2340 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Procedia Economics and Finance, Volume 3, 2012, Pages 211–216
Beginning with 2005, all the entities listed on the European Union regulated markets must prepare consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS). Romanian listed entities compulsorily apply the IFRSs starting with the consolidated financial statements prepared for the financial year 2007. The main objective of this study is to identify and measure the impact of first-time adoption of IFRS on the performance of Romanian listed entities, performance being expressed by means of net income. The results suggest that no clear tendency can be identified regarding changes in net income of listed entities generated by the transition from Romanian accounting regulations to IFRS.
At European level, from 2005, all the entities listed on the European Union regulated markets must prepare consolidated financial statements according with the International Financial Reporting Standards (IFRS). In Romania, the IFRSs were adopted gradually, starting with the credit institutions, which must prepare IFRS consolidated financial statements starting with the financial year 2006. The scope of IFRS extends in the financial year 2007, when Romanian listed entities compulsorily apply the IFRSs for the preparation of consolidated financial statements. Beginning with January 1st, 2012, the credit institutions have to keep the accountancy records according to IFRSs and will publish the individual annual financial statements according to IFRS, in Romanian and national currency. Recently, IFRS became mandatory for individual financial statements of listed entities, prepared beginning with the financial year 2012. The research literature underlines the benefits of IFRS adoption, related to the increase comparability and transparency of financial reporting Haverals, 2007, the harmonization of internal and external reporting under the business Jermakowicz, 2004, the decrease of information asymmetry Djatej et al., 2009 or to the fact that IFRS adoption may improve the functioning of capital markets Schleicher et al., 2010. Also, the international standards make financial statements more credible Dumontier and Raffouriner, 1998 cited in Petreski, 2006: 4. On the other hand, the limits of IFRS implementation are also documented in the research literature. Many authors suggest that IFRSs are too complex, costly and burdensome Guerreiro et al., 2008; Callao et al., 2007;Jermakowicz and Gornik-Tomaszewski, 2006 or that IFRS have affected negatively the relevance of financial reporting Callao et al., 2010; Hung and Subramanyam, 2007 and the local comparability, as a consequence of- Street and Larson, 2004; Callao et al., 2007. Some researchers have concluded that factors unique to a certain country, such as the economy, politics,laws, regulations and culture, may influence the adoption and implementation of IFRS in that country, with effects on the comparability between countries Holm et al., 2009; Jeanjean and Stolowy, 2008; Hung and Subramanyam, 2007.Great interest is shown in the literature for the study of the effects of IFRS adoption on the financial ons is important because, while IAS adoption might lead Hung and Subramanyan, 2004 cited in Petreski, 2006: 4. Empirical research conducted in EU member states testifies that,in most cases, performance measured according to IFRS is greater that performance reported based on previous generally accepted accounting principles Finland: Adams et al., 1993; France: Marchal et al., 2007; Germany:Hung and Subramanyam, 2007; Italy: Cordazzo, 2008; Portugal: Cordeiro et al., 2009; United Kingdom:Stenka and Ormrod, 2007 and Callao et al., 2010. IFRS implementation in Romania was initially analyzed in theoretical studies, focused on the stages of Romanian accounting reform Albu et al., 2011 or on the advantages and difficulties arising from the transition to IFR .Empirical research related to IFRS adoption in Romania analysed the conformity of published financial statements with the disclosure requirements from IFRS , the disclosure practices related, the costs of IFRS implementation 2007 and its possible benefits, such as better financial communication that created the economic advantage of a lower cost of capital for Romanian listed companies find that the image of Romanian listed entities may be totally different when the IFRS referential is used, significant differences arising especially for net income and equity. Filip and Raffournier 2010 investigated the value relevance of earnings of Romanian listed companies over the years 1998 2004 and find that the association between accounting earnings and stock returns is comparable to the levels reported by studies conducted on more mature markets. Also, their results shown that the replacement, in 2001, of the former accounting system by a more market-oriented and IFRSs-based The study of the research literature revealed that the impact of IFRS on the figures reported in the financial statements of listed entities can be material. Studies that measured the impact of IFRS adoption on accounting data have been conducted in most EU countries, but we are not aware of similar studies realized for the case of Romanian entities. The purpose of our paper is to fill this gap, by measuring the impact of first-time adoption of IFRS on the performance of Romanian listed entities.Our research provides several contributions to the accounting literature and to the users of accounting information. First, it offers insight into the IFRS implementation in Romania, an emerging market, by measuring the impact that first-time adoption of IFRS has on performance reported by listed groups.Furthermore, given that Romanian listed entities will compulsorily report their first IFRS individual financial statements for the financial year 2012, our paper could be used by the stakeholders (especially investors). Our results, relative to the changes in reported performance of Romanian listed groups generated by the transition from Romanian accounting regulation to IFRS, as well as the main IFRSs that influenced performance measurement, could help stakeholders to anticipate the impact of IFRS on the first IFRS individual financial statements.
نتیجه گیری انگلیسی
Several conclusions can be drawn from the findings of our study. First, the majority (57.14%) of the studied Romanian listed groups voluntary applied the international financial reporting standards. In our opinion, for Romanian entities, the choice to adopt IFRS, previous to such a legal requirement, can be explained with reference to the stages of Romanian accounting reform, which have gradually introduced the IFRSs, or to the fact that the use of IFRS allows multinational groups to apply uniform accounting regulations, in all subsidiaries, which can optimize internal communication and quality of financial statements. Also, for international entities or entities that perform important transactions with foreign companies, adoption of IFRS provides necessary premises to ensure that published financial information are understandable and comparable.Moreover, on the markets with a competitive increasing level, IFRS application allows entities to relate to other similar entities worldwide, and on the other hand, allows investors and other stakeholders to compare financial information regarding performance, financial position and cash flows of an entity to competitors at global level.Second, the impact of first-time adoption of IFRS on performance of Romanian listed groups differs from one entity to another; the IFRSs have generated, in some cases, a slight increase or decrease of net income reported in the consolidated financial statements, but also a dramatic increase in net income for one analyzed entity. These different effects may be due to the size of the entities, to their field of activity that can "stimulate" the adoption of favorable provisions of IFRS or to the conditions of IFRS adoption mandatory or voluntary.instruments: recognition and ated substantial effect on the performance of Romanian listed groups. The most important limit of this research is the small number of observations included in the analysis.However, despite the small number of observations, we consider that the findings obtained are fundamental,given the fact that we included in the research all Romanian entities listed on Bucharest Stock Exchange,exchange segment BSE, tier I and II, that prepare consolidated financial statements. Future research could be focused on studying the impact of IFRS on performance of Romanian listed groups, subsequent to the first-time adoption. Also, given that Romanian listed entities will report their first IFRS individual financial statements for the financial year 2012, it would be interesting to measure the impact of IFRS on accounting data presented in the individual financial statements and compare the results with the findings from this research.