The Development of Accounting and Reporting in Ghana

Assenso-Okofo, Oheneba; Ali, Muhammad Jahangir; Ahmed, Kamran

doi:10.1016/j.intacc.2011.09.010

Cited by 44 publications

(36 citation statements)

References 34 publications

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“…the same region, Islamic banks). The first group gathers studies dealing with the adoption of and compliance with IFRS (or national GAAP) disclosure requirements in Bahrain (Juhmani, 2017); Bangladesh (Akhtaruddin, 2005;Hasan, Karim, & Quayes, 2008); China (Gao & Kling, 2012;Peng, Tondkar, van der Laan Smith, & Harless, 2008;Xiao, 1999); Egypt (Abd-Elsalam & Weetman, 2003;Dahawy, Merino, & Conover, 2002;Hassan, Giorgioni, & Romilly, 2006;Hassan, Romilly, Giorgioni, & Power, 2009;Samaha & Abdallah, 2012); Ghana (Assenso-Okofo, Ali, & Ahmed, 2011); Jordan (Al-Akra, Eddie, & Ali, 2010); Kenya (Bova & Pereira, 2012); Malaysia (Abdullah, Evans, Fraser, & Tsalavoutas, 2015;Che Azmi & English, 2016); Saudi Arabia (Naser & Nuseibeh, 2003); Turkey (Çürük, 2009;Mısırlıoglu, Tucker, & Yükseltürk, 2013) and Zimbabwe (Chamisa, 2000). The second category includes studies of business combinations in China (Taplin, Zhao, & Brown 2014); financial instrument disclosures in Malaysia (Othman & Ameer, 2009), Egypt (Mokhtar & Mellett, 2013), Jordan (Tahat, Dunne, Fifield, & Power, 2016) and Malawi (Tauringana & Chithambo, 2016); presentation of financial statements (IAS 1) in Malaysia (Rahman & Hamdan 2017); income taxes in Egypt (Ebrahim & Fattah, 2015).…”

Section: Disclosure Compliance Levels -Empirical Results and Methodologymentioning

confidence: 99%

Introducing More IFRS Principles of Disclosure – Will the Poor Disclosers Improve?

Hellman

Carenys

Gutiérrez

2018

Accounting in Europe

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The current paper was prepared for the International Accounting Standards Board (IASB) Research Forum 2017 and evaluates the effects of introducing more principles of disclosure as part of the IASB Disclosure Initiative. We perform a literature review of academic research on how entities have complied with disclosure requirements in the past. The review shows high levels of noncompliance and high volatility across entities, including poor disclosers being far below the average. We find no clear pattern of higher compliance for International Financial Reporting Standards (IFRS) with more reliance on disclosure principles as compared to specific requirements (i.e. IFRS 7, IFRS 8), but note the methodological problem of measuring compliance with disclosure principles. Academic research suggests that the degree of compliance depends on entities' incentives for providing or withholding information in combination with local conditions for primary users, auditors and regulators. Based on our review, we argue that increased reliance on entities to act in 'good faith' when complying with disclosure requirements, in capital-market contexts where entities may be in highincentive situations and have low costs of non-compliance, is potentially risky in terms of how well the Standards protect primary users from poor disclosers. More emphasis is needed on ensuring that the disclosure requirements are enforceable and auditable in order to secure a certain minimum level of disclosure.

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Section: Disclosure Compliance Levels -Empirical Results and Methodologymentioning

confidence: 99%

Introducing More IFRS Principles of Disclosure – Will the Poor Disclosers Improve?

Hellman

Carenys

Gutiérrez

2018

Accounting in Europe

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“…In Ghana, for example, Assenso-Okofo et al (2011) estimate that 8,000 trained accountants were needed for IFRS adoption while only 3,000 accountants resided in-country. Inusah (2017) confirms similar resource bottlenecks for Ghana that extend to software and regulatory enforcement.…”

Section: Literature Review/backgroundmentioning

confidence: 99%

IFRS Adoption in Developing Countries: What Is the Impact?

Gingrich¹,

Kratz²,

Faraci³

2018

ijafr

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This study explores the impact of mandatory adoption of the International Financial Reporting Standards (IFRS) in developing countries on business leaders’ perceptions of the overall accounting and financial environment. The study employs survey data from the World Economic Forum’s Global Competitiveness Report to gauge business leaders’ perceptions of the accounting and financial environment. Eight countries across Latin America, Africa, and Asia comprise case studies, all of whom recently adopted mandatory IFRS use for publicly listed companies. Each survey variable is tracked over time, comparing pre and post IFRS adoption, vis-à-vis the same variable in a control country that did not adopt IFRS. IFRS adoption shows mostly positive impacts on the accounting environment in four cases. The impact of adoption in the other three countries is mostly insignificant. These results should encourage policymakers in developing countries to improve auditing and enforcement practices to increase the likelihood of positive results from IFRS adoption.

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“…It is noteworthy that a number of studies advocate the adoption of IFRS as national standards, especially, for emerging economies (Assenso-Okofo et al, 2011;Al-Akra et al, 2009;Tyrrall et al, 2007;Chamisa, 2000). Prior works reported a number of potential benefits that economies stand to gain from IFRS adoption, including a reduction in the cost of accounting standards elaboration (Madawaki, 2012;Joshi et al, 2008), international legitimacy (Irvine, 2008;Larson and Street, 2004), access to international markets (Perumpral et al, 2009;Whittington, 2005), and a growth of foreign direct investment (Madawaki, 2012;Ritsumeikan, 2012).…”

Section: Introductionmentioning

confidence: 99%

The Role of IFRS in Financial Reporting Quality: Evidence from a Panel of MENA Countries

Apergis

2015

IJEF

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This paper provides evidence on the impact of the adoption of the IFRS accounting regime on financial reporting quality a number of MENA listed firms. The financial reporting quality is examined for the period from 2002 to 2012 using the panel methodological approach of the multifactor model. The empirical results indicate that the adoption of the new IFRS regime results contributes a better financial reporting quality. The findings survive a number of robustness checks, while they show that listed firms" higher level of financial reporting quality under IFRS can be different across MENA countries, probably due to different institutional, economic and regulatory environments.

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The Development of Accounting and Reporting in Ghana

Cited by 44 publications

References 34 publications

Introducing More IFRS Principles of Disclosure – Will the Poor Disclosers Improve?

Introducing More IFRS Principles of Disclosure – Will the Poor Disclosers Improve?

IFRS Adoption in Developing Countries: What Is the Impact?

The Role of IFRS in Financial Reporting Quality: Evidence from a Panel of MENA Countries

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