The Unintended Consequences of Applying IFRS Standards: Regulators’ Perceptions
This study focuses on the application of International Financial Reporting Standards (IFRS) on financial reporting of two countries (South Korea and Kenya). We investigate whether there are unintended consequences of applying mandatory accounting standards across countries. We adopted a cross-sectio...
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| Language: | English |
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Korean Accounting Review
2021
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| Online Access: | https://repository.daystar.ac.ke/handle/123456789/3623 |
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| author | Soon, Lee Jang Jong, Sun Eun Muthoka, Dorothy Mutanu |
| author_facet | Soon, Lee Jang Jong, Sun Eun Muthoka, Dorothy Mutanu |
| author_sort | Soon, Lee Jang |
| collection | DSpace |
| description | This study focuses on the application of International Financial Reporting Standards (IFRS) on financial reporting of two countries (South Korea and Kenya). We investigate whether there are unintended consequences of applying mandatory accounting standards across countries. We adopted a cross-sectional research design using hand collected data for examining the Regulation’s accounting objectives of transparency and comparability. The Korean Accounting Standards Board (KASB), the Institute of Certified Public Accountants in Kenya (ICPAK) and the International Accounting Standard Board (IASB) Regulators were chosen for the study. The results show that there are unintended consequences especially with the way the IASB Regulator that has given discretion to national Regulators in the application of the IFRS Standards. Further, due to lack of vigorous IASB Regulator’s enforcement the application of mandatory accounting standards has brought about ‘small differences’ that can impair reported performances hence impeding the need of comparability and transparency. We give a specific recommendation that the Regulators need to debate further on the better ways of applying IFRS Standards. |
| format | Article |
| id | oai:repository.daystar.ac.ke:123456789-3623 |
| institution | Daystar University |
| language | English |
| publishDate | 2021 |
| publisher | Korean Accounting Review |
| record_format | dspace |
| spelling | oai:repository.daystar.ac.ke:123456789-36232024-02-21T16:21:14Z The Unintended Consequences of Applying IFRS Standards: Regulators’ Perceptions Soon, Lee Jang Jong, Sun Eun Muthoka, Dorothy Mutanu Unintended consequences International Financial Reporting Standards Korean Accounting Standards Board Institute of Certified Public Accountants in Kenya International Accounting Standard Board Regulators This study focuses on the application of International Financial Reporting Standards (IFRS) on financial reporting of two countries (South Korea and Kenya). We investigate whether there are unintended consequences of applying mandatory accounting standards across countries. We adopted a cross-sectional research design using hand collected data for examining the Regulation’s accounting objectives of transparency and comparability. The Korean Accounting Standards Board (KASB), the Institute of Certified Public Accountants in Kenya (ICPAK) and the International Accounting Standard Board (IASB) Regulators were chosen for the study. The results show that there are unintended consequences especially with the way the IASB Regulator that has given discretion to national Regulators in the application of the IFRS Standards. Further, due to lack of vigorous IASB Regulator’s enforcement the application of mandatory accounting standards has brought about ‘small differences’ that can impair reported performances hence impeding the need of comparability and transparency. We give a specific recommendation that the Regulators need to debate further on the better ways of applying IFRS Standards. 2021-06-25T10:34:21Z 2021-06-25T10:34:21Z 2016 Article Muthoka, D. M. Lee, J. S. & Sun E. J. (2016). The unintended consequences of applying IFRS standards: Regulators' opinion. Korean Accounting Review, 41(3), 31-60. http://www.papersearch.net/thesis/article.asp?key=3443099. https://repository.daystar.ac.ke/handle/123456789/3623 en application/msword Korean Accounting Review |
| spellingShingle | Unintended consequences International Financial Reporting Standards Korean Accounting Standards Board Institute of Certified Public Accountants in Kenya International Accounting Standard Board Regulators Soon, Lee Jang Jong, Sun Eun Muthoka, Dorothy Mutanu The Unintended Consequences of Applying IFRS Standards: Regulators’ Perceptions |
| title | The Unintended Consequences of Applying IFRS Standards: Regulators’ Perceptions |
| title_full | The Unintended Consequences of Applying IFRS Standards: Regulators’ Perceptions |
| title_fullStr | The Unintended Consequences of Applying IFRS Standards: Regulators’ Perceptions |
| title_full_unstemmed | The Unintended Consequences of Applying IFRS Standards: Regulators’ Perceptions |
| title_short | The Unintended Consequences of Applying IFRS Standards: Regulators’ Perceptions |
| title_sort | unintended consequences of applying ifrs standards: regulators’ perceptions |
| topic | Unintended consequences International Financial Reporting Standards Korean Accounting Standards Board Institute of Certified Public Accountants in Kenya International Accounting Standard Board Regulators |
| url | https://repository.daystar.ac.ke/handle/123456789/3623 |
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Financial reporting and global capital markets a history of the International Accounting Standards Committee, 1973-2000 /