IDEAS home Printed from https://ideas.repec.org/a/bla/ausact/v28y2018i1p48-60.html
   My bibliography  Save this article

Application of International Financial Reporting Standards in the Transition Economy of Serbia

Author

Listed:
  • Vladimir Obradović
  • Milan ÄŒupić
  • Dragomir Dimitrijević

Abstract

This paper explores the attitudes of the preparers of financial statements in the emerging economy of Serbia towards International Financial Reporting Standards (IFRS). Our research shows that preparers are mainly satisfied with the quality of IFRS and the environment for IFRS application in Serbia and that they generally support the process of global convergence of financial reporting standards. Nevertheless, we find that there is a need to improve the environment for IFRS application in Serbia, and we identify areas that financial reporting regulators in emerging economies should address when attempting to improve the environment for IFRS application. Our research also shows that perceived IFRS quality is dependent on the preparer's experience in applying IFRS and his or her perceptions of the environment in which IFRS are applied. Perceived IFRS quality and attitudes towards the compatibility between IFRS and the environment for application of IFRS affect the level of support for the global convergence of financial reporting standards.

Suggested Citation

  • Vladimir Obradović & Milan ÄŒupić & Dragomir Dimitrijević, 2018. "Application of International Financial Reporting Standards in the Transition Economy of Serbia," Australian Accounting Review, CPA Australia, vol. 28(1), pages 48-60, March.
    • Handle: RePEc:bla:ausact:v:28:y:2018:i:1:p:48-60
    DOI: 10.1111/auar.12187
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/auar.12187
    Download Restriction: no
    File URL: https://libkey.io/10.1111/auar.12187?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Irvine, Helen, 2008. "The global institutionalization of financial reporting: The case of the United Arab Emirates," Accounting forum, Elsevier, vol. 32(2), pages 125-142.
    2. Jones, Stewart & Finley, Aimee, 2011. "Have IFRS made a difference to intra-country financial reporting diversity?," The British Accounting Review, Elsevier, vol. 43(1), pages 22-38.
    3. Ann Jorissen & Nadine Lybaert & Raf Orens & Leo Van Der Tas, 2012. "Formal Participation in the IASB's Due Process of Standard Setting: A Multi-issue/Multi-period Analysis," European Accounting Review, Taylor & Francis Journals, vol. 21(4), pages 693-729, December.
    4. Warren McGregor, 2012. "Personal Reflections on Ten Years of the IASB," Australian Accounting Review, CPA Australia, vol. 22(3), pages 225-238, September.
    5. Helen Irvine, 2008. "The global institutionalization of financial reporting: The case of the United Arab Emirates," Accounting Forum, Taylor & Francis Journals, vol. 32(2), pages 125-142, June.
    6. Philip Brown & Ann Tarca, 2012. "Ten Years of IFRS: Practitioners’ Comments and Suggestions for Research," Australian Accounting Review, CPA Australia, vol. 22(4), pages 319-330, December.
    7. Mary E. Barth & Wayne R. Landsman & Mark H. Lang, 2008. "International Accounting Standards and Accounting Quality," Journal of Accounting Research, Wiley Blackwell, vol. 46(3), pages 467-498, June.
    8. Holger Daske & Günther Gebhardt, 2006. "International financial reporting standards and experts’ perceptions of disclosure quality," Abacus, Accounting Foundation, University of Sydney, vol. 42(3‐4), pages 461-498, September.
    9. Parmod Chand & Arvind Patel & Michael White, 2015. "Adopting International Financial Reporting Standards for Small and Medium-sized Enterprises," Australian Accounting Review, CPA Australia, vol. 25(2), pages 139-154, June.
    10. Stephen A. Zeff & Christopher W. Nobes, 2010. "Commentary: Has Australia (or Any Other Jurisdiction) ‘Adopted’ IFRS?," Australian Accounting Review, CPA Australia, vol. 20(2), pages 178-184, June.
    11. Zeff, Stephen A., 2007. "Some obstacles to global financial reporting comparability and convergence at a high level of quality," The British Accounting Review, Elsevier, vol. 39(4), pages 290-302.
    12. Christopher Nobes & Jordi Perramon, 2013. "Firm Size and National Profiles of IFRS Policy Choice," Australian Accounting Review, CPA Australia, vol. 23(3), pages 208-215, September.
    13. Ana Isabel Morais & José Dias Curto, 2009. "Mandatory Adoption of IASB Standards: Value Relevance and Country-Specific Factors," Australian Accounting Review, CPA Australia, vol. 19(2), pages 128-143, June.
    14. Perera, Dinuja & Chand, Parmod, 2015. "Issues in the adoption of international financial reporting standards (IFRS) for small and medium-sized enterprises (SMES)," Advances in accounting, Elsevier, vol. 31(1), pages 165-178.
    15. Erlend Kvaal & Christopher Nobes, 2012. "IFRS Policy Changes and the Continuation of National Patterns of IFRS Practice," European Accounting Review, Taylor & Francis Journals, vol. 21(2), pages 343-371, August.
    16. Wehrfritz, Martin & Haller, Axel, 2014. "National influence on the application of IFRS: Interpretations and accounting estimates by German and British accountants," Advances in accounting, Elsevier, vol. 30(1), pages 196-208.
    17. Aminah Abdullah & Iqbal Khadaroo & Nurlan Zhameshov, 2014. "The relevance of International Financial Reporting Standards to Kazakhstan: perception of auditors," International Journal of Accounting and Finance, Inderscience Enterprises Ltd, vol. 4(3), pages 305-322.
    18. Carmona, Salvador & Trombetta, Marco, 2008. "On the global acceptance of IAS/IFRS accounting standards: The logic and implications of the principles-based system," Journal of Accounting and Public Policy, Elsevier, vol. 27(6), pages 455-461.
    19. Holger Daske & Luzi Hail & Christian Leuz & Rodrigo Verdi, 2008. "Mandatory IFRS Reporting around the World: Early Evidence on the Economic Consequences," Journal of Accounting Research, Wiley Blackwell, vol. 46(5), pages 1085-1142, December.
    20. Erlend Kvaal & Christopher Nobes, 2010. "International differences in IFRS policy choice: A research note," Accounting and Business Research, Taylor & Francis Journals, vol. 40(2), pages 173-187.
    21. Beverley Jackling & Bryan Howieson & Riccardo Natoli, 2012. "Some Implications of IFRS Adoption for Accounting Education," Australian Accounting Review, CPA Australia, vol. 22(4), pages 331-340, December.
    22. Anh Tuan Nguyen & Guangming Gong, 2014. "Measurement of Formal Convergence of Vietnamese Accounting Standards with IFRS," Australian Accounting Review, CPA Australia, vol. 24(2), pages 182-197, June.
    23. Aldys Tan & Bikram Chatterjee & Victoria Wise & Mahmud Hossain, 2016. "An Investigation into the Potential Adoption of International Financial Reporting Standards in the United States: Implications and Implementation," Australian Accounting Review, CPA Australia, vol. 26(1), pages 45-65, March.
    24. Bozkurt, Orhan & İslamoğlu, Mehmet & Öz, Yaşar, 2013. "Perceptions of professionals interested in accounting and auditing about acceptance and adaptation of global financial reporting standards," Journal of Economics, Finance and Administrative Science, Universidad ESAN, vol. 18(34), pages 16-23.
    25. Konstantinos P. Papadatos & Athanasios P. Bellas, 2011. "Applying IFRS Mandatory: Evidence from Greek Listed Companies," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 71-96.
    26. Nadia Albu & Cătălin Nicolae Albu, 2012. "International Financial Reporting Standards in an Emerging Economy: Lessons from Romania," Australian Accounting Review, CPA Australia, vol. 22(4), pages 341-352, December.
    27. Anna-Maija Lantto, 2014. "Business Involvement in Accounting: A Case Study of International Financial Reporting Standards Adoption and the Work of Accountants," European Accounting Review, Taylor & Francis Journals, vol. 23(2), pages 335-356, June.
    28. Jiao, Tao & Koning, Miriam & Mertens, Gerard & Roosenboom, Peter, 2012. "Mandatory IFRS adoption and its impact on analysts' forecasts," International Review of Financial Analysis, Elsevier, vol. 21(C), pages 56-63.
    29. Martin Hoogendoorn, 2006. "International Accounting Regulation and IFRS Implementation in Europe and Beyond -- Experiences with First-time Adoption in Europe," Accounting in Europe, Taylor & Francis Journals, vol. 3(1), pages 23-26, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Helen Hong Yang & Colin Clark & Changyu Wu & Alan Farley, 2018. "Insights from Accounting Practitioners on China's Convergence with IFRS," Australian Accounting Review, CPA Australia, vol. 28(1), pages 14-27, March.
    2. Khaldoon Al†Htaybat, 2018. "IFRS Adoption in Emerging Markets: The Case of Jordan," Australian Accounting Review, CPA Australia, vol. 28(1), pages 28-47, March.
    3. Walid Guermazi, 2023. "International financial reporting standards adoption in the European Union and earnings conservatism: a review of empirical research," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 20(2), pages 200-211, June.
    4. Martina K. Linnenluecke & Jacqueline Birt & Xiaoyan Chen & Xin Ling & Tom Smith, 2017. "Accounting Research in Abacus, A&F, AAR, and AJM from 2008–2015: A Review and Research Agenda," Abacus, Accounting Foundation, University of Sydney, vol. 53(2), pages 159-179, June.
    5. Palea, Vera, 2013. "IAS/IFRS and Financial Reporting Quality: Lessons from the European Experience," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201330, University of Turin.
    6. Philip Brown, 2013. "Some Observations on Research on the Benefits to Nations of Adopting IFRS," The Japanese Accounting Review, Research Institute for Economics & Business Administration, Kobe University, vol. 3, pages 1-19, December.
    7. Christian Gross, 2016. "The Effect of the German Accounting Law Modernization Act on the Comparability of Private Local GAAP and IFRS Firms," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 17(3), pages 423-460, December.
    8. Roberto Aprile & Laura Bini, 2018. "The role of institutions in the process of global convergence to IFRS," FINANCIAL REPORTING, FrancoAngeli Editore, vol. 2018(2), pages 111-134.
    9. Mantzari, Elisavet & Georgiou, Omiros, 2019. "Ideological hegemony and consent to IFRS: Insights from practitioners in Greece," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 59(C), pages 70-93.
    10. Klimczak Katarzyna, 2017. "Cross-country Differences in Reporting Practices – the Case of Provisions for Liabilities," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 25(3), pages 20-33, September.
    11. Marco Fasan & Carlo Marcon, 2018. "Accounting Choice under IFRS: The Role of Accounting Tradition and Managerial Opportunism," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 8(3), pages 209-223, July.
    12. Ru Gao & Baljit K. Sidhu, 2018. "The Impact of Mandatory International Financial Reporting Standards Adoption on Investment Efficiency: Standards, Enforcement, and Reporting Incentives," Abacus, Accounting Foundation, University of Sydney, vol. 54(3), pages 277-318, September.
    13. Petaibanlue, Jirada & Walker, Martin & Lee, Edward, 2015. "When did analyst forecast accuracy benefit from increased cross-border comparability following IFRS adoption in the EU?," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 278-291.
    14. Iain Clacher & Alan Duboisée Ricquebourg & Allan Hodgson, 2013. "The Value Relevance of Direct Cash Flows under International Financial Reporting Standards," Abacus, Accounting Foundation, University of Sydney, vol. 49(3), pages 367-395, September.
    15. Kim, Jong-Hoon & Fujiyama, Keishi & Koga, Yuya, 2024. "The effect of voluntary international financial reporting standards adoption on information asymmetry in the stock market: Evidence from Japan," Research in International Business and Finance, Elsevier, vol. 69(C).
    16. In Tae Hwang & Kang Sung Hur & Sun Min Kang, 2018. "Does the IFRS Effect Continue? An International Comparison," Sustainability, MDPI, vol. 10(12), pages 1-20, December.
    17. Macías, Marta & Muiño, Flora, 2011. "Examining dual accounting systems in Europe," The International Journal of Accounting, Elsevier, vol. 46(1), pages 51-78, March.
    18. Lueg, Rainer & Punda, Pawel & Burkert, Michael, 2014. "Does transition to IFRS substantially affect key financial ratios in shareholder-oriented common law regimes? Evidence from the UK," Advances in accounting, Elsevier, vol. 30(1), pages 241-250.
    19. Marco Fasan & Carlo Marcon, 2014. "Accounting Tradition and other drivers of the Fair Value choice: An Opportunistic Management perspective," Working Papers 13, Venice School of Management - Department of Management, Università Ca' Foscari Venezia.
    20. Ahmed, Kamran & Chalmers, Keryn & Khlif, Hichem, 2013. "A Meta-analysis of IFRS Adoption Effects," The International Journal of Accounting, Elsevier, vol. 48(2), pages 173-217.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ausact:v:28:y:2018:i:1:p:48-60. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=1035-6908 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.