Please use this identifier to cite or link to this item:
https://hdl.handle.net/20.500.14279/23738
Title: | The Role and Current Status of IFRS in the Completion of National Accounting Rules–Evidence on Cyprus | Authors: | Karamanou, Irene Kopita, Anastasia Lemessiou, Lina |
Major Field of Science: | Social Sciences | Field Category: | Economics and Business | Keywords: | IFRS;Cyprus;European Union;Accounting Directive 2013/34/EU | Issue Date: | 24-May-2017 | Source: | Accounting in Europe, 2017, vol.14, no. 1-2, pp.49-55 | Volume: | 14 | Issue: | 1-2 | Start page: | 49 | End page: | 55 | Journal: | Accounting in Europe | 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. | URI: | https://hdl.handle.net/20.500.14279/23738 | ISSN: | 17449480 | DOI: | 10.1080/17449480.2017.1299935 | Rights: | Attribution-NonCommercial-NoDerivatives 4.0 International | Type: | Article | Affiliation : | University of Cyprus University of Essex |
Publication Type: | Peer Reviewed |
Appears in Collections: | Άρθρα/Articles |
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The Role and Current Status of IFRS.pdf | 347.89 kB | Adobe PDF | View/Open |
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