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The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence on Cyprus

Author

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  • Irene Karamanou
  • Anastasia Kopita
  • Lina Lemessiou

Abstract

The case of Cyprus with respect to the adoption of International Financial Reporting Standards (IFRS) is unique given the country’s strong reliance on international business and accounting-related services. As such, Cyprus has required the use of IFRS since 1981 not only for publicly listed firms but also for private companies regardless of their size. Cyprus’ reluctance to fully transpose Directive 2013/34/EU into national law cannot be unrelated to its long-standing requirement of financial statements that are not only prepared under IFRS but are also audited for all types of corporations registered in the Republic. We conclude that transposing the new Accounting Directive in its entirety into national law could have adverse effects on the Government tax revenue, the GDP of the services sector and the credibility of Cyprus as an international business and financial services center.

Suggested Citation

  • Irene Karamanou & Anastasia Kopita & Lina Lemessiou, 2017. "The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence on Cyprus," Accounting in Europe, Taylor & Francis Journals, vol. 14(1-2), pages 49-55, May.
    • Handle: RePEc:taf:acceur:v:14:y:2017:i:1-2:p:49-55
    DOI: 10.1080/17449480.2017.1299935
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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. 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.

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