Accounting development in Pakistan

Ashraf, Junaid; Ghani, Waqar I.

doi:10.1016/j.intacc.2005.01.010

Cited by 110 publications

(91 citation statements)

References 16 publications

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“…(2007) argue that the single set of accounting Standards allows the positive movement of capital across borders and also reduces the preparation cost of financial statements. Ashraf and Ghani (2005) point out that adopting the IFRS in the developing countries will improve the quality of standards as well as reduce the expense and time of preparing the financial statements. They also argue that adopting the international standards will increase the efficiency of financial statements in the stock markets which would become more understandable.…”

Section: Developed Economies and Ifrssmentioning

confidence: 99%

The Advantages and the Challenges of Adopting IFRS into UAE Stock Market

Alsaqqa¹,

Sawan²

2013

IJBM

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This paper aims to assess the benefits gained and the challenges experienced by companies listed on the UAE stock market following the introduction of IFRS. Since the announcement by the European Union to adopt IFRS by listed companies, many countries have followed suit, hoping to gain competitive edge in attracting the Foreign Direct Investment to boost their economic growth. This study focuses on examining the advantages and challenges faced by companies listed on the UAE stock market listed companies as a result of adopting IFRS. The framework used in this analysis will be based on the identification and assessment of key drivers influencing companies listed on the UAE stock market. To what extent are these factors internal or external to the financial sector, but which have a direct bearing on the overall economic environment? The views and perceptions of the Chief Financial Officers' (CFOs) for Dubai and Abu Dhabi listed companies, financial analysts of the financial statements in the two listed companies and auditors will be analysed. Methodology:Questionnaires were used as the main method of data collection. Questionnaire were distributed in both Dubai and Abu Dhabi markets, The data obtained through the questionnaires have been imported into software for analysis, namely, the Statistical Package for the Social Sciences (SPSS). Findings:The results clearly show that the benefits of adopting IFRSs in UAE inevitably far outweigh the difficulties and costs. The findings also reveal that adoption of IFRSs in UAE stock markets has improved the overall standard of the quality of financial reporting, which help in attracting investors to invest in the UAE stock markets. However, many respondents were still apprehensive that effective and professional financial reporting decisions will be affected by the level of education of accounting users, the methods provided by some IFRSs, and the inadequate enforcement mechanisms.

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Section: Developed Economies and Ifrssmentioning

confidence: 99%

The Advantages and the Challenges of Adopting IFRS into UAE Stock Market

Alsaqqa¹,

Sawan²

2013

IJBM

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“…Researchers have also proposed that the level of enforcement has an impact on the economic consequences resulting from IFRS adoption (Ashraf & Ghani, 2005;Mir & Rahaman, 2005;Ball, 2006;Daske, Hail, Leuz, & Verdi, 2008;Armstrong, Barth, Jagolinzer, & Riedl, 2008). However, the impact of enforcement when IFRS are adopted has not been empirically tested.…”

Section: Introductionmentioning

confidence: 99%

“…The International Organization of Securities Commissions (IOSCO), which not only develops but also promotes securities regulation standards, advises member countries to adopt IFRS; however, it also lacks the authority to enforce them (Ball, 2006 (Ball, 2006). For instance, Pakistan adopted IAS in 1985; however, IAS adoption did not improve the quality of financial reporting because enforcement mechanisms were not in place (Ashraf & Ghani, 2005). Enforcement mechanisms related to financial reporting include auditing and disciplinary procedures for non-compliance (Mir & Rahaman, 2005).…”

Section: Introductionmentioning

confidence: 99%

“…Only countries with strict enforcement mechanisms can experience capital market benefits (Daske et al, 2008). Ashraf and Ghani (2005), Mir and Rahaman (2005), Ball (2006), Daske et al (2008), and Armstrong et al (2008) suggest that the level of enforcement of adopting countries has a significant impact on the economic consequences of IFRS adoption. However, this relationship has not been empirically tested.…”

Section: Introductionmentioning

confidence: 99%

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IFRS Adoption and Enforcement as Antecedents of Economic Growth

Zaidi

2014

ijafr

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This paper assesses the impact of IFRS adoption on the economic growth of adopting countries taking into consideration the level of enforcement of the adopting countries. We hypothesize that the adoption of IFRS increases the economic growth of the adopting countries. This effect is to be moderated by the level of enforcement. That is, we hypothesize a positive interaction between enforcement level and IFRS adoption on the economic growth rate of a country. Using several statistical procedures and models to estimate regression, we find partial support for our hypotheses.

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“…These studies include those of Samuels and Oliga (1982) on the Egyptian case, Al-Rai and Dahmash (1998) in Jordan, Chamisa (2000) in Zimbabwe, Jaruga (1993) in Poland, Ashraf and Ghani (2005) in Pakistan, Tyrrall, Woodward, and Rakhimbekova (2007) in Kazakhstan, and Chouchane (2005) and Trabelsi (2010;2013) in Tunisia. These studies have attempted to examine the specific economic and cultural environment in each country to determine the relevance of international accounting standards for each case.…”

Section: Ifrs Would Be Hard/easy To Implement According To the Naturementioning

confidence: 99%

Are IFRS Harder to Implement for Emerging Economies Compared to Developed Countries? A Literature Review

Trabelsi¹

2016

JMAA

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In practice, the international accounting harmonization process faces cultural resistance in the concrete situations of accounting reforms. We often tend to believe that this resistance is felt more in the so-called emerging countries, rather than the developed ones. It is precisely this idea that the paper attempts to analyze, based on a literature review. The literature shows that emerging countries do not have the infrastructure or the real needs justifying a reform of international harmonization, except the need to display an IFRS label (Daske, Hail, Leuz, & Verdi, 2007), to facilitate the access of firms from emerging economies to developed financial markets. Moreover, the Anglo-American culture attached to IFRS leads to a difficulty in adopting those standards by any country whose original accounting system is continental. Indeed, for these countries, the process of international harmonization begins with an adaptation to the Anglo-Saxon accounting culture, the latter being different from the continental accounting culture at several levels.

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Accounting development in Pakistan

Cited by 110 publications

References 16 publications

The Advantages and the Challenges of Adopting IFRS into UAE Stock Market

The Advantages and the Challenges of Adopting IFRS into UAE Stock Market

IFRS Adoption and Enforcement as Antecedents of Economic Growth

Are IFRS Harder to Implement for Emerging Economies Compared to Developed Countries? A Literature Review

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