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The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from Belgium

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  • Ann Jorissen

Abstract

We study the incorporation of EU Directive 2013/34/EU on financial reporting into Belgian legislation. By analyzing the forces that shape the transposition of this Directive, we examine opportunities and obstacles in the Belgian institutional environment that hinder or stimulate the possibilities for the International Financial Reporting Standards (IFRS) to influence financial reporting by private firms in Belgium. As a result of several national forces, the Belgian legislature did not use all opportunities available to modernize financial reporting for private entities when transposing this Directive. We further discuss existing differences between Belgian National Accounting Rules for private enterprises and the IFRS and observe that the influence of the latter on financial reporting regulation for private enterprises in Belgium remains rather limited.

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  • Ann Jorissen, 2017. "The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from Belgium," Accounting in Europe, Taylor & Francis Journals, vol. 14(1-2), pages 29-39, May.
    • Handle: RePEc:taf:acceur:v:14:y:2017:i:1-2:p:29-39
    DOI: 10.1080/17449480.2017.1300676
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    References listed on IDEAS

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    1. Ann Jorissen & Luc Maes, 1996. "The principle of fiscal neutrality: the cornerstone of the relationship between financial reporting and taxation in Belgium," European Accounting Review, Taylor & Francis Journals, vol. 5(1), pages 915-931.
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    Cited by:

    1. Lucie Brabcová, 2020. "Requirements for cash flows reporting in the Czech legislation and their development in time [Požadavky na vykazování informací o peněžních tocích v české legislativě a jejich vývoj v čase]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2020(3-4).
    2. Ildiko Orban & Oday Tamimi, 2020. "Accounting Model for Impairment under IFRS 9 and its Impact on Loss Allowance," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 1259-1277.
    3. Lucie Brabcová, 2020. "Requirements for cash flows reporting in the Czech legislation and their development in time [Požadavky na vykazování informací o peněžních tocích v české legislativě a jejich vývoj v čase]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2020(3-4), pages 5-23.
    4. Farah Saerens & Stefanie Ceustermans, 2021. "Abbreviated or Micro-Entity Accounts? Effect of Financial Reporting Format on the Availability of Trade Credit," Sustainability, MDPI, vol. 13(15), pages 1-18, July.

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