By Cătălin Albu,Răzvan V. Mustaţă,Shahzad Uddin
Countries in relevant and jap Europe (CEE), such a lot of them former elements of the communist bloc, have suffered various impacts over the years. traditionally, the appearance of communism within the Fifties has stopped the industrial and political improvement of those international locations. Its fall throughout the past due Eighties and early Nineties caused critical adjustments within the fiscal and social atmosphere, with profound results at the nations' accounting and company versions. The accounting regulatory technique of those nations has more often than not been a public one, even supposing a few nations additionally concerned inner most area our bodies. With monetary and political reforms those international locations at the moment are reforming their accounting structures with for instance the adoption of overseas Accounting Standards/International monetary Reporting criteria (IFRS). also, the CEE nations' political will to affix the eu Union pressured the regulators to make sure a excessive point of harmonization with the European...
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Additional resources for Accounting in Central and Eastern Europe
Moreover, in 2004, financial statements were adjusted for high inflation rates. Thus, to avoid estimation errors, we define pre-IFRS period as 1998–2002, and post-IFRS period as 2005 onward. To compare the loss avoidance practices of listed firms prior to and after mandatory IFRS adoption, we follow Burgstahler and Dichev (1997) and Degeorge et al. (1999), which investigate the behavior of earnings based on the prospect theory (Kahneman & Tversky, 1979). Prospect theory implies that agents feel losses more deeply than gains of the same value, thus the tendency toward loss aversion leads to the argument that “the largest gains in utility, and hence the largest incentives to manage earnings, occur when moving from a relative or absolute loss to a gain” (Burgstahler & Dichev, 1997).
Bingley, UK: Emerald. , Groff, M. , & Štumberger, N. (2013). Does professional accounting qualification matter for the provision of accounting services? In and C. N. Albu & R. V. ), Accounting in Central Eastern Europe. Bingley, UK: Emerald. , & Balsari, K. (2013). The adoption of international financial reporting standards (IFRS) and loss avoidance in Turkey. In and C. N. Albu & R. V. ), Accounting in Central Eastern Europe. Bingley, UK: Emerald. THE ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) AND LOSS AVOIDANCE IN TURKEY Secil Varan and Cagnur Kaytmaz Balsari ABSTRACT Purpose – The purpose of the study is to present evidence on the International Financial Reporting Standards (IFRS) adoption and earnings quality relationship on an emerging country context focusing on firm characteristics.
Leuz et al. (2003) found that European and Asian firms exhibit a higher degree of earnings management measured by loss avoidance than Anglo-American firms. Therefore, we use loss avoidance in this study as an incentive-based earnings management measure following Burgstahler and Dichev (1997). One other reason to use this methodology is the study of Jeanjean and Stolowy (2008) which uses the loss avoidance measure of EM in a three country study to investigate the impact of IFRS adoption. Jeanjean and Stolowy (2008) consider the firm level differences in their research design, and build an aggregate measure instead of analyzing different firm characteristics separately.