Business Involvement in Accounting: A Case Study of International Financial Reporting Standards Adoption and the Work of Accountants

Lantto, Anna-Maija

doi:10.1080/09638180.2013.833411

Cited by 21 publications

(34 citation statements)

References 35 publications

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“…They further comment that the transition from rules based to principles based accounting that accompanies a move to IFRS is challenging to those accountants trained in certain continental Europe traditions (Carmona & Trombetta, 2008). Lantto (2014) found similar evidence in her Finnish case study company, where accountants described as 'black spots' the instances where personal interpretation was required. The evidence confirms Hoogendoorn's (2006, p.24) observation that 'there is an area of tension between a principles-based interpretation of IFRS and a rules-based interpretation'.…”

Section: Lack Of Knowledge and Experience With Ifrsmentioning

confidence: 89%

“…It is clear, however, that a key issue remaining under-researched within the literature is that of how organisations respond to the challenge of implementing IFRS. Lantto (2014) argues that 'there is little, if any, empirical evidence as to whetherand if yes how -IFRS adoption will change reporting practices and what implications IFRS adoption will have on an organisational level in a continental European context', and that '[the] actual preparation of reporting information (i.e. practices and mechanisms used) has received little attention' (Lantto, 2014, p. 336).…”

Section: Literature Reviewmentioning

confidence: 99%

“…In cases where the breadth of IFRS knowledge is relatively thin, there is not just the risk of potential errors in interpretation, as suggested in the quote above, but also a possible threat that the IFRS language fails to permeate the wider business. Lantto (2014) notes the benefits of thinking and talking the IFRS language even amongst divisional accountants.…”

Section: Lack Of Knowledge and Experience With Ifrsmentioning

confidence: 99%

“…The study did not, however, analyse the challenges at the individual organisational level. Using a case study method, Lantto studied the implications of IFRS adoption for the work of the management accountant in a business but her focus was on changing accounting roles rather than the wider discussion of challenges caused by transition (Lantto, 2014). We would therefore suggest that there remains a gap in knowledge and understanding of how individual companies manage the operational challenges of IFRS transition, and it is this gap that our paper seeks to directly address.…”

Section: Introductionmentioning

confidence: 99%

“…We focus on the problems faced during transition, including staff training, access to resources, and the wider impact of the transition on non-accounting business functions, as well as the significance of the 'tone at the top'. Whilst all of these issues were mentioned by Jermakowicz and Gornik-Tomaszewski (2006) and Lantto (2014), we discuss them in more depth and provide illustrative examples.…”

Section: Introductionmentioning

confidence: 99%

See 4 more Smart Citations

The Challenges Faced by Reporting Entities on Their Transition to International Financial Reporting Standards: A Qualitative Study

Weaver

Woods

2015

Accounting in Europe

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This study explores the challenges of implementing International Financial Reporting Standards (IFRS) at the organisational level. Based on interviews with experts with aggregated experience relating to the transition projects of over 170 reporting entities, this paper highlights the main challenges in delivering a successful implementation of IFRS. The findings show that the problems faced in implementation include lack of education and training, securing executive level support, identifying and responding to the wider business-related implications of the transition, and issues with capturing the necessary information for reporting under IFRS. This paper complements the existing literature and offers a qualitative alternative to considering the transition to IFRS, offering insight into the organisational context of IFRS implementation. These insights are useful not only from a historic perspective, but also for organisations and regulators in the many jurisdictions where IFRS is permitted but not required, where more reporting entities will voluntarily move to IFRS based reporting in the future. More broadly, they are also applicable to the challenges faced in implementing new and significantly revised IFRSs.

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Section: Lack Of Knowledge and Experience With Ifrsmentioning

confidence: 89%

Section: Literature Reviewmentioning

confidence: 99%

Section: Lack Of Knowledge and Experience With Ifrsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

The Challenges Faced by Reporting Entities on Their Transition to International Financial Reporting Standards: A Qualitative Study

Weaver

Woods

2015

Accounting in Europe

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International financial reporting standards convergence in the Indian context: Insights from practitioners

Uzma

2023

Journal of Public Affairs

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Financial Reporting Standards (IFRS) thereon cited as Ind-AS. The study considers exploratory research design and uses an in-depth interview approach, a qualitative research method of 32 practitioners in India from a heterogeneous group of 6 regulating institutions, 8 conglomerate companies and 18 audit firms including the Big four.The preparedness of the Ind-AS transition was studied from the perspective of accounting practitioners interviewed revealing three critical perspectives. First, the respondents believed that a greater understanding of the benefits of IFRS convergence can be built by professional education and proper training. Second, the main challenges reflected by the respondents on the implementation of Ind-AS can be summarised in two key areas: the complexity and interpretation of the accounting standards, since there are fundamental differences between IFRS and the converged Ind-AS. Third, by strengthening the regulatory framework for monitoring, enforcing accounting and auditing requirements concerning listed companies.

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Non-financial Disclosure and Materiality: Exploring the Role of CFOs

Cisi

Baldo

Marelli

et al. 2022

SIDREA Series in Accounting and Business Administration

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This is the official book series of SIDREA -the Italian Society of Accounting and Business Administration. This book series is provided with a wide Scientific Committee composed of Academics by SIDREA. It publishes contributions (monographs, edited volumes and proceedings) as a result of the double blind review process by the SIDREA's thematic research groups, operating at the national and international levels. Particularly, the series aims to disseminate specialized findings on several topicsclassical and cutting-edge alikethat are currently being discussed by the accounting and business administration communities. The series authors are respected researchers and professors in the fields of business valuation; governance and internal control; financial accounting; public accounting; management control; gender; turnaround predictive models; non-financial disclosure; intellectual capital, smart technologies, and digitalization; and university governance and

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Business Involvement in Accounting: A Case Study of International Financial Reporting Standards Adoption and the Work of Accountants

Cited by 21 publications

References 35 publications

The Challenges Faced by Reporting Entities on Their Transition to International Financial Reporting Standards: A Qualitative Study

The Challenges Faced by Reporting Entities on Their Transition to International Financial Reporting Standards: A Qualitative Study

International financial reporting standards convergence in the Indian context: Insights from practitioners

Non-financial Disclosure and Materiality: Exploring the Role of CFOs

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