Accounting in Greece

Ballas, Apostolos

doi:10.1080/09638189400000005

Cited by 58 publications

(49 citation statements)

References 1 publication

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“…All public limited companies (sociétés anonymes) and limited liability companies are obliged to submit to an auditor's control when they fulfil two of the three following criteria: (a) total revenues are over 1 billion GRD (1 euro ¼ 340.75 GRD), (b) total assets are over 500 million GRD, and (c) the average number of employees is over 50 (Ballas, 1994). Differences in the firm size could influence the analyses performed.…”

Section: Methodology Datamentioning

confidence: 99%

Detecting falsified financial statements: a comparative study using multicriteria analysis and multivariate statistical techniques

Spathis

Doumpos

Zopounidis

2002

European Accounting Review

182

133

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Falsifying financial statements involves the manipulation of financial accounts by overstating assets, sales and profit, or understating liabilities, expenses or losses. This paper explores the effectiveness of an innovative classification methodology in detecting firms that issue falsified financial statements (FFS) and the identification of the factors associated to FFS. The methodology is based on the concepts of multicriteria decision aid (MCDA) and the application of the UTADIS classification method (UTilités Additives DIScriminantes). A sample of 76 Greek firms (38 with FFS and 38 non-FFS) described over ten financial ratios is used for detecting factors associated with FFS. A jackknife procedure approach is employed for model validation and comparison with multivariate statistical techniques, namely discriminant and logit analysis. The results indicate that the proposed MCDA methodology outperforms traditional statistical techniques which are widely used for FFS detection purposes. Furthermore, the results indicate that the investigation of financial information can be helpful towards the identification of FFS and highlight the importance of financial ratios such as the total debt to total assets ratio, the inventories to sales ratio, the net profit to sales ratio and the sales to total assets ratio.

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Section: Methodology Datamentioning

confidence: 99%

Detecting falsified financial statements: a comparative study using multicriteria analysis and multivariate statistical techniques

Spathis

Doumpos

Zopounidis

2002

European Accounting Review

182

133

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“…The absence of trust has been diachronically playing a key role in the development of detailed accounting rules, which virtually hinder companies to report their fundamentals in a true and fair view for the sake of formalism: Under Greek accounting standards, companies have to follow very specific rules that leave little space for management discretion. As a corollary, Greek regulation mandates far fewer disclosures than IFRS because companies do not have to clarify how they come up with their figures; the rules are detailed and unquestionable, and the emphasis is placed on providing hard figures (Ballas, 1994).…”

Section: Implementing Ifrs In An Unfavorable Environmentmentioning

confidence: 99%

Goodwill under IFRS: Relevance and disclosures in an unfavorable environment

Baboukardos

Rimmel

2014

Accounting Forum

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The accounting treatment of purchased goodwill under IFRS has been severely criticized due to the extensive use of fair value accounting. The purpose of this study is to enrich the ongoing debate upon this issue by drawing attention to the market valuation implications of goodwill in a country outside the Anglo-Saxon accounting paradigm, where the application of fair value accounting has been seen as more problematic. The results indicate that, in the case of purchased goodwill, fair value accounting generates relevant accounting numbers but only in companies that comply highly with IFRS disclosure requirements.

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“…Additionally, various authors (Ballas, 1994;Ballas et al 1998;Baralexis, 2004) suggest that Greek firms rely on private deals to obtain funding, which reduces the informativeness of accounting reports. Tzovas (2006) states that high levels of discretion associated with a poor institutional setting and low level of monitoring creates the conditions for earnings management to materialize.…”

Section: The Greek Banking Marketmentioning

confidence: 99%

Risk Disclosure Policies: A cross-sectional analysis of the Greek Banking Industry

Anagnostopoulos¹,

Skordoulis²

2011

1st Annual International Conference on Accounting and Finance (AF 2011)

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In this paper, we examine the under-researched Greek banking market; inadequate transparency and disclosure about exposures has led to counterparty concerns and renewed strains in bank funding markets. Greek banks, now struggling with the need to increase provisions against bad debts, asset write-offs and with problems of liquidity as a result of being frozen out of the interbank lending market are completely reliant on the European Central Bank. The study examines the impact that Basel II had on the risk disclosure practices in the Greek banking sector. The disclosure practices and their potential relationship with size, risk profile and profitability of the most actively traded Greek banks are examined. In 2010, the latest wave of outcry from investors surfaced, demanding the disclosure of information showing how Greece and Greek banks used derivatives to hide their deficits when Greek banks entered into a large number of private, off-market swaps from 2001 through 2007. There is a compelling public interest in relevant information being disclosed.The results show that inadequacies still exist despite the fact that Basel II managed to raise the risk disclosing amounts in the annual reports of the Greek banks. The informational content of the disclosures is suspect, due to that little quantitative information is disclosed; favouritism towards qualitative and past related disclosures is revealed.Furthermore, no quasi-norms between the size, profitability or risk profile of the institutions and their risk disclosing quantities is revealed.Dr. Rosemary Skordoulis Principal London School of Business Management London, WC1E 7JN UK Disclosing policies and the quantity of disclosures have evolved, throughout the examined period in the Greek banking industry; yet, transparency issues and quality problems are still present owing to the high degree of secrecy of the internal Greek market.

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Accounting in Greece

Cited by 58 publications

References 1 publication

Detecting falsified financial statements: a comparative study using multicriteria analysis and multivariate statistical techniques

Detecting falsified financial statements: a comparative study using multicriteria analysis and multivariate statistical techniques

Goodwill under IFRS: Relevance and disclosures in an unfavorable environment

Risk Disclosure Policies: A cross-sectional analysis of the Greek Banking Industry

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