Accounting Regulation Changes in Lithuania: An Assessment

Legenzova, Renata

doi:10.2139/ssrn.1021192

Cited by 5 publications

(5 citation statements)

References 3 publications

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“…Before 2001, Lithuanian enterprises had used tax laws for the preparation of their financial statements. However, some larger enterprises (most often those audited by international audit firms) applied IFRS (Legenzova, 2007).…”

Section: Second Stage -Implementation Of Eu Directives and Iasmentioning

confidence: 99%

“…The adoption and revision of BAS was assigned to a professional institution, the Institute of Accounting, which has similar rights and obligations as the International Accounting Standards Board. All Lithuanian limited liability enterprises became obliged to disclose their financial statements and it was expected that the level of corporate disclosure would increase considerably (Legenzova, 2007). Legal entities, whose securities were traded on the regulated market, had to apply IFRS (Lakis, Kazlauskiene, 2008).…”

Section: Second Stage -Implementation Of Eu Directives and Iasmentioning

confidence: 99%

“…At this stage Lithuania was prepared to become a more transparent, investororiented country and due to the accounting and corporate disclosure harmonization processes it has established a strong background for better functioning and growth of its financial market (Legenzova, 2007). The first essential change -transition from an autocratic system…”

Section: T H I S C O P Y I S F O R P E R S O N a L U S E O N L Y -D Imentioning

confidence: 99%

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Transformation of accounting in Lithuania since 1990

Lakis¹,

Subačienė²

2014

ZTR

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Section: Second Stage -Implementation Of Eu Directives and Iasmentioning

confidence: 99%

Section: Second Stage -Implementation Of Eu Directives and Iasmentioning

confidence: 99%

Section: T H I S C O P Y I S F O R P E R S O N a L U S E O N L Y -D Imentioning

confidence: 99%

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Transformation of accounting in Lithuania since 1990

Lakis¹,

Subačienė²

2014

ZTR

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“…The globalization process requires that emerging market countries overhaul their accounting systems in order to better compete with one another to attract foreign investments, which should ensure the sustainability of economic growth. Globalization also encourages regulators in many countries to cooperate with one another to reduce information asymmetry and to better address the needs of investors (Legenzova 2007).…”

Section: Areas Of Accounting Regulationmentioning

confidence: 99%

Accounting Regulation, Financial Development, and Economic Growth

Akisik

2013

Emerging Markets Finance and Trade

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This paper examines the relationship between accounting regulation, financial development, and economic growth in fifty-one developed and emerging market economies over the period 1997-2009. Accounting regulation has been the center of long-lasting debates in the accounting profession. The debates came to the forefront after several spectacular financial reporting frauds and scandals in the early 2000s damaged public confidence in capital markets. Using generalized method of moments estimation techniques, this study provides evidence that accounting regulation has a strong effect on economic growth even after controlling for a number of macroeconomic and socioeconomic variables.

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“…As a member of the EU, Lithuania is in full compliance with the EU decisions in regards to accounting regulation harmonization (Legenzova, 2007. In short, under the current accounting regulation, Lithuania has three sets of accounting standards: IFRS for listed companies (enforced in 2005), Public Sector Financial accounting and Reporting Standards (PSFARS from 2010) for public sector organizations and national Business Accounting Standards (BAS from 2004) for other business organizations.…”

Section: Introductionmentioning

confidence: 99%

Do Lithuanian Higher Education Accounting Programs Reflect Accounting Harmonization in the Eu?

Kaupelytė

Legenzova

2014

CBUP

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Financial accounting is undergoing major changes in the EU and worldwide. Great efforts are placed on adoption of high quality accounting standards for listed companies, public sector organizations as well as small and medium business entities. Being a member of the EU Lithuania is in compliance with the EU incentives in de jure accounting harmonization; however de facto situation in Lithuania is not adequately assessed. One of accounting harmonization related questions is whether Lithuanian higher education provides labor market with market-needs oriented accounting professionals.The objective of this article is to assess if Lithuanian higher education programs in accounting field is in compliance with EU accounting harmonization outcomes. We analyze if graduates of Accounting programs from Lithuanian Higher Education Institutions are trained to work with different sets of accounting standards-International Financial Reporting Standards (IFRS) and Public Sector Accounting Standards that were adopted in Lithuania as a part of accounting harmonization incentives. To conduct an assessment of research methods by case analysis, comparative analysis has been deployed. We assessed programs goals, learning outcomes and course curriculum of Professional Bachelor, Bachelor and Master level programs in Lithuanian universities and colleges.

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Accounting Regulation Changes in Lithuania: An Assessment

Cited by 5 publications

References 3 publications

Transformation of accounting in Lithuania since 1990

Transformation of accounting in Lithuania since 1990

Accounting Regulation, Financial Development, and Economic Growth

Do Lithuanian Higher Education Accounting Programs Reflect Accounting Harmonization in the Eu?

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