The relevance of IFRS to an emerging market: evidence from Greece

Apostolos A. Ballas · Despina Skoutela · Christos A. Tzovas

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Financial Reporting and XBRL

Abstract

Purpose This paper aims to examine the relevance of International Financial Reporting Standards (IFRS) in emerging markets, with special reference to the case of Greece. Design/methodology/approach This paper adopts a mixed methodology relying primarily on secondary sources such as the relevant legislation, published annual reports and reports on the effects of the application of IFRS by Greek firms as well as the results of a postal survey addressed to the finance managers of the top 100 Greek firms. For the postal survey, a modified version of the questionnaire used by Tyrall et al. was adopted. Findings Although the Greek environment was not appropriate for IFRS application, participants in the survey believe that their adoption improved the quality of financial reporting. The introduction of IFRS increased the reliability, transparency and comparability of the financial statements. Practical implications This study provides insights regarding the extent to which the introduction of IFRS influenced the accounting information supplied by firms operating within the European Union. Originality/value The paper empirically investigates the impact of the introduction of IFRS on the quality of financial statements within the context of emerging markets.

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References

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