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The perceptions of managers of Greek firms regarding the Costs and Benefits ensuing from the adoption of International Financial Reporting Standards in Greece

Author

Listed:
  • Vasilios-Christos Naoum

    (Athens University of Economics and Business, Greece)

  • Nicos Sykianakis

    (Assistant Professor, Technological Education Institute of Piraeus, Greece)

  • Christos Tzovas

    (Assistant Professor, Athens University of Economics and Business, Greece)

Abstract

The study seeks to investigate the costs and benefits resulting from the application of IFRS in Greece. A questionnaire survey was conducted in order to identify the perceptions of the financial managers of Greek listed firms regarding the benefits and the costs associated with the transition to IFRS. In addition, it was asked to indicate whether the IFRS benefits are sufficient to cover the related costs. Four types of costs appear to be prevalent: personnel training costs, consultants' fees, preparation of two sets of accounts and costs to adjust existing information systems. The findings of the analysis of the responses suggest that, although the majority of respondents believe that the introduction of IFRS improved the quality of the financial statements published by Greek firms, they have serious concerns regarding the costs related to the introduction of IFRS.

Suggested Citation

  • Vasilios-Christos Naoum & Nicos Sykianakis & Christos Tzovas, 2011. "The perceptions of managers of Greek firms regarding the Costs and Benefits ensuing from the adoption of International Financial Reporting Standards in Greece," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Democritus University of Thrace (DUTH), Kavala Campus, Greece, vol. 4(3), pages 59-74, December.
    • Handle: RePEc:tei:journl:v:4:y:2011:i:3:p:59-74
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    File URL: https://ijbesar.af.duth.gr/docs/volume4_issue3/ifr_standards_greece.pdf
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    File URL: https://ijbesar.af.duth.gr/volume4_issue3.php
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    References listed on IDEAS

    as
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    3. Annelies Renders & Ann Gaeremynck, 2007. "The Impact of Legal and Voluntary Investor Protection on the Early Adoption of International Financial Reporting Standards (IFRS)," De Economist, Springer, vol. 155(1), pages 49-72, March.
    4. Iatridis, George & Rouvolis, Sotiris, 2010. "The post-adoption effects of the implementation of International Financial Reporting Standards in Greece," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 19(1), pages 55-65.
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    6. Athanasios P. Bellas & Christos Tzovas, 2008. "The Effects of Dependency on Debt Financing On Financial Reporting Policy: The Case of Greece," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 13-30.
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    Cited by:

    1. 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.
    2. Alexios Kythreotis, 2015. "The Interrelation among Faithful Representation (Reliability), Corruption and IFRS Adoption: An Empirical Investigation," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Democritus University of Thrace (DUTH), Kavala Campus, Greece, vol. 8(1), pages 25-50, August.

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    More about this item

    Keywords

    IFRS adoption; Greece; costs; benefits;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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